Canaan Creative and Zhejiang Ebang Communication are seeking $1 billion each for an undertaking that will see them launch the largest IPOs in the world. The valuation of Canaan IPO is not yet set due to lack of companies to compare with and the fluctuating crypto prices.
Canaan Creative and Zhejiang Ebang Communication are set to launch the world’s largest IPOs, with the former having applied to the Hong Kong stock exchange for an IPO and the latter working with advisers on a float.
The two are set to contribute $1 billion each for the same operation. This is even as Beijing tightened grip on cryptocurrency trading, mining, exchanges and equipment.
Reuters reported that Canaan supplies world’s bitcoin blockchain computing power. This was according to an interview with chairman Jianping Kong last month. The company expected to grow propelled by China’s demand for domestic chip industry. It was valued at $500 million as at mid-2017.
However, the valuation of its IPO is not set yet due to lack of companies. It can be compared with and due to the fluctuating prices of cryptocurrencies. The company’s float is sponsored by Credit Suisse, CMB International, Deutsche Bank and Morgan Stanley.
On its part, Ebang delisted from the China’s National Equities Exchange and Quotations, also known as the New Third Board in readiness for Hong Kong listing.
Many companies seek public listing in a variety of ways in many countries. This include mergers, take-overs and acquisitions. Miners Hong Kong-based Genesis Mining have partnered with other companies to see these mergers list. Genesis Mining partnered with Leeta Gold, a mineral exploration company based in Canada and the latter was renamed to Hive Blockchain.
Australia-based DigitalBTC went public after a merger with Macro Energy, and thus listed on the public exchange. However, the company renamed to DigitalX later on and switched from Bitcoin to fintech software.