Canaan’s IPO Less Probable after HKEX Application Lapses

Canaan Inc, one of the world’s largest manufacturers of crypto mining equipment, let its application for a Hong Kong stock exchange (HKEX) initial public offering (IPO) lapse, as its six-month lifespan expired as of Thursday, November 15. Canaan is not the only mining equipment maker that is planning to go public in Hong Kong. Elsewhere, Bitmain is even undergoing major board shifts to support a potential IPO. However, the Canaan case created a precedent that makes the situation with other pending applications unclear.

Canaan aimed for a $400 million IPO, down from the initial figure at $2 billion. The target was first

This article appeared first on Cryptovest

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