Chinese crypto-currency mining company plans to file IPO outside of China

Beijing. April 10. Silkroadnews - Canaan Creative, one of the world’s leading cryptocurrency mining equipment manufacturer is planning to launch an IPO, Bitcoinist, a specialized Internet portal, reports.
Despite the situation with regulation of cryptocurrency, the interest in cryptocurrencies continue to grow. As a result, GPU and ASIC equipment manufacturers reported a sharp increase in demand. Following this trend, Hangzhou-based cryptocurrency mining equipment manufacturer Canaan Creative reported a surge in 2017 for their products, the report reads.
Even when the global crypto-currency market experienced a crisis, most of those dealing with crypto-currency mining are still optimistic about the future of the market. Canaan is one of the leading manufacturers of cryptocurrency mining equipment, that currently supplies around a quarter of ASIC miners. At present, the Chinese company plans to launch an IPO, but what really surprised some observers was the company’s plans to file outside of China.
In 2016, the company tried to get into the Chinese listing with $485 million, but has not succeeded because of regulatory problems. Currently, the company plans to launch an IPO outside of mainland China, and considers Hong Kong and the United States as possible options.
According to the company, the decision to launch an IPO outside of China has nothing to do with the country’s recent bans on crypto-currency mining and trading, but rather because the listing process takes too long.
It is worth noting that, despite the fact that Canaan faces fierce competition from the US-based Bitfury, and Beijing-based Bitmain company, the company reported a revenue of more than 1 billion yuan in 2017. The company also plans to diversify its product line and start offering household appliances that are controlled by blockchain computing power that can passively mine cryptocurrencies. The manufacturer is planning to create its own AI chips and specific mining equipment that mines altcoins like Litecoin, the publication says.