China’s bitcoin miner Canaan Creative files for $400 million IPO on Nasdaq

BEIJING (Reuters) - Canaan Creative, one of China’s biggest bitcoin mining hardware makers, filed to publicly list on the Nasdaq on Monday to raise $400 million, marking at least its third attempt to do so after previous failed tries in mainland China and Hong Kong. The Hangzhou-based company, which describes itself as the world’s second largest bitcoin mining machine designer and maker in its prospectus, said it wanted to use the cash to fund research into artificial intelligence and blockchain research, as well as pay off debts. It did not say why it had decided to try again for another initial public offering at this time. It tried to list itself in China three years ago through a reverse merger by buying a Shandong-based electric equipment maker and then again filed for a Hong Kong float last year, however both plans fell through as regulators had doubts about its business…

Read the original article here