March 21 2018, it was reported that, Canaan Creative, the China-based bitcoin mining chip maker, ranks only second to Bitmain, has given up its debut on China’s National Equities Exchange and Quotation (NEEQ), also known as the “new third board”. Canaan Creative, known simply as Canaan, is the world’s second largest mining giant. It provides ASIC microprocessor solutions and is also the architect of the Avalon miners. The company received a Series A of 300 million RMB ($43 million USD) in May 2017, 3 months later, Canaan Creative stated to apply for listing on NEEQ. After the ￥300 million of fund-raising, Canaan worth 3.3 billion CNY.

According to the public transfer statement, Canaan has sold about 160,000 Avalon mining machines by the end of April 2017, with a total computing power of 817,000T and accounted for 22% of the global bitcoin computing power.

The firm submitted its application for listing its shares on NEEQ in August 2017, in order to achieve further development goals. According to the previous progress, it should be successfully listed in about 3 months, however, Canaan haven’t been listed until now.

The latest data shows that, the number of enterprises that queued up for NEEQ is less than 200, and most of them could be examined immediately. However, since November of last year, Canaan has been put in the state of ‘waiting for feedback’, and they have given up listing its shares on NEEQ recently.

It was reported that, Canaan was on the waiting list published on February 23 but disappears from the list published on 9th of March. The NEEQ department also confirmed that Canaan has retreat from listing on NEEQ.

In addition, according to the latest record from Chinese business data platform Tianyancha, the corporation type of Canaan has been changed from a corporation limited company to a limited liability company on 6th of February.

Canaan Creative was found by Zhang Nangeng (N.G Zhang) in 2013. Canaan’s annual net profit was 2.24 million and increases 125 times in two years. In 2017, the firm’s annual sales exceeded 120 million and the annual net profit was 30 million.

However, although many people believes that, Canaan could be one of the most potential digital currency stocks in the world, the NEEQ department has asked the firm to provide relevant interpretation for 3 times due to the regulatory risk and related effects on its sustained business capability.

Nevertheless, Canaan is not the only mining giant that retreated from listing in NEEQ. The world’s 3rd bitcoin miner producer Ebang, producer of Ebit miner, has listed on NEEQ since August 2015. However, this firm announced that it intended to list overseas and would retreat from listing on the NEEQ due to its business strategy.