Canaan Considering IPO in Hong Kong or The US Markets

Canaan Creative, known simply as Canaan, is a computer hardware manufacturer with specific integrated circuit design skills based in Beijing, China behind the Avalon lineup of hardware equipment which produces ASIC mining chips and rigs.

The company is considering launching an initial public offering (IPO) in Hong Kong or the US markets.

The company has been having a rather tough time in its home country for quite a long time now. The stocks haven’t been listed on the mainland Chinese market place and the company believes it would take along time to do so. Waiting would actually kill the plan. Co-chairman Jianping Kong, said, “We prefer listing outside mainland China as we are in a global business.” 

However the company clarifies that it has nothing to do with the Chinese government cracking down on the use of cryptocurrency.

Also read : China Makes Another Move to Clampdown Cryptocurrencies

Canaan’s Plans Ahead

Canaan employs around 200 in Beijing and Hangzhou, mostly in R&D, and is looking to hire more.

Canaan has been planning to launch an unexpected new lineup of products using its chip development know-how.

• These can include home appliances such television sets that mine cryptocurrencies while you literally go off to sleep.
• Other developments include chips to power artificial intelligence (AI) applications and of course new hardware for mining other cryptocurrencies such as litecoin.

Chinese government’s initiative to promote local technology companies may be a huge incentive to this company. The motive is to get rid its economy of its dependence on foreign suppliers at a time of growing international tensions.

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