The China-based firm, Canaan, has filed for a US initial public offering
(IPO). In its filing with the United States Securities and Exchange Commission, the bitcoin mining machine maker, which is the second-largest in the world, pitched the US $400 million as its offering size.
Canaan aims to raise nearly $1 billion in the public offering. In 2018, the Hongzhou company strived a Hong Kong listing. However, in contrast to the firm’s efforts, the city’s exchange and regulators recognize the cryptocurrency companies as “premature,” reports The South China Morning Post.
Renowned firms, including Credit Suisse Group, Citigroup, China Renaissance Holdings, and CMB International Capital, will lead the share sale. Canaan is intriguing to record its shares on the Nasdaq Global Market under the symbol CA. The company recorded a loss of US$48.2 million in the six months, as opposed to a profit of 216.8 million yuan (US$30.6 million) through the same time last year, ending on June 30.