Hardware News

Avalon parent company plans IPO in Hong Kong

Canaan Creative is looking (again) to raise funds through IPO share sales, as reported by the South China Morning Post.  Canaan Creative is China’s second largest ASIC manufacturer second only to Bitmain.  The Post reports that the company has attempted to enter the Chinese markets twice before, failing to appease regulators on their first attempt and not completing the process for undisclosed reasons the second time.  The company increased earning 600% in 2017 over previous years thanks to strong demand for ASIC mining equipment.

An successful entry into the Honk Kong market could value the company at US$1 Billion and could pave the way for further expansion of it’s manufacturing operations.  The company currently sells it’s Avalon 8 series BTC mining ASICs wholesale and has distributors in the US and Europe.

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