On the evening of May 15, Canaan, the second largest manufacturer of bitcoin mining machines in China, submitted an IPO application on the Hong Kong Stock Exchange.If the IPO in Hong Kong is successful this time, the company will be the first listed company in Hong Kong with blockchain business as its main business.
Jianan Zhizhi was established in Beijing in April 2013. The company specializes in the design and sales of high-performance integrated circuit boards, and is also the manufacturer of the Avalon series of cryptocurrency mining machines. In 2017, Jianan Zhizhi completed the shareholding reform and mass-produced 16nm artificial intelligence chips. It is understood thatCanaan has sold a total of 28nm and 16nm process chip equipment, accounting for 50% of the global market share, and has sold about 160,000 Avalon series mining machines, accounting for 22% of the global cryptocurrency computing power market。
According to the prospectus, Jianan Zhizhi’s operating income in 2017 reached 1.308 billion yuan, a year-on-year increase of more than 4 times, and its net profit in 2017 was 360 million yuan, a year-on-year increase of 6.9 times. Some media previously predicted that its net profit in 2018 may exceed 3 billion yuan, with an average annual compound growth rate of nearly 10 times. From this, it is speculated that the valuation of the Hong Kong stock IPO is expected to reach more than 100 billion yuan. Canaan’s IPO raised $1 billion, according to IFR, a subsidiary of Reuters.
From 2015 to 2017, Canaan’s net profit margins were 3.2%, 16.6%, and 27.6%, respectively, with a compound annual growth rate of 1445.4% in the past three years.
In fact, before going public in Hong Kong this time, Canaan Creative once tried to "backdoor listing" in the A-share market. Let's take a look at what happened during the period from Canaan's backdoor listing to its listing in Hong Kong.
On June 8, 2016, the listed company Luyitong announced that it planned to acquire Jianan Zhizhi for 3.06 billion yuan.
At the Lujiazui Forum on June 12, 2016, Jiang Yang, vice chairman of the China Securities Regulatory Commission, said, "Strengthen the supervision of fraudulent reorganizations and follow-up reorganizations, guide listed companies to operate in a standardized manner, and do a good job in their main business honestly. The strength of returning investors with great value promotes the formation of long-term investment and value investment concepts in the market.”
On September 1, 2016, the 10th Chairman's Working Meeting of the China Securities Regulatory Commission in 2016 reviewed and approved the "Decision on Amending the "Administrative Measures for Major Asset Restructuring of Listed Companies".
On September 29, 2016, Luyitong decided to terminate the transaction. Luyitong announced that due to recent changes in the domestic securities market environment, regulatory policies and other objective conditions, especially the revised "Major Assets Restructuring Management Measures for Listed Companies" The introduction of the Circular will make the company face major uncertainties in continuing to promote this major asset reorganization. After careful study, in order to effectively protect the interests of investors and all parties, the company decided to terminate this major asset reorganization.
We believe that,
We believe that,Prospectus。
fromProspectusSome clues can also be seen in it, such as the risk factors disclosed by it, including: the development of blockchain technology is still in its early stage; it is affected by the legal, political or other environment and conditions related to the holding, use or mining of Bitcoin. risk; single product line; the impact of China's regulatory environment, etc.
From an industry perspective, Bitmain CEO Wu Jihan said in an interview with US media in August last year that the company is considering an initial public offering (IPO), and its valuation should be at least "billions of dollars." Yesterday, Reuters reported that Yibit, a subsidiary of Yibang Technology, was seeking opportunities to land in the Hong Kong stock market.
I am Qi Ming from Odaily, exploring the real blockchain, please add WeChat qingmoruoshui for communication, please note your name, company, and position.
I am Qi Ming from Odaily, exploring the real blockchain, please add WeChat qingmoruoshui for communication, please note your name, company, and position.
