On October 10, a screenshot of a new treasure app posted on the Internet showed that Canaan Creative, the world's top mining machine manufacturer, will be listed in the United States in mid-November. It plans to issue 126 million new shares with a valuation of 1.5 billion US dollars. In the previous two weeks, Odaily also learned from sources that "Jianan Zhizhi has indeed completed the listing process." However, another source close to Canaan Zhizhi said that Canaan Zhizhi’s valuation is tentatively set at 2 billion to 3 billion US dollars, not the 1.5 billion US dollars that the APP said.
On July 31, according to the early news of the IPO, Canaan has secretly submitted a listing application to the US Securities and Exchange Commission (SEC), raising funds of 200 million US dollars, becoming the first mining machine manufacturer to go to the US IPO (with similar plans) The manufacturers also include Bitmain and Yibang International). According to Tencent news "First Line", Canaan plans to choose the New York Stock Exchange as the listing place.
Just two weeks ago, Kong Jianping, co-director of Canaan Zhizhi, also talked about the SEC’s attitude towards the blockchain industry in an interview with the media. He said that the U.S. SEC actually understands digital currency and blockchain very well, and listing in the U.S. needs to comply with its rules. As long as compliant companies are listed in the U.S., it is possible.
Perhaps, after Canaan Zhizhi, we will soon see Bitmain and Ebang International in the US stock market.
With the three-fold increase of Bitcoin in the Q2 quarter of this year, Bitcoin mining machines have also entered a state of out-of-stock, which has caused many mining machine manufacturers to recover significantly. Canaan’s current mining machines are mainly 8nm and 16nm Avalon A11, A10 and A9.
For the industry's next-generation "core technology" 7nm mining machine, Canaan was the first to release it in September last year, but it has not yet mass-produced it. In this regard, Kong Jianping told the media in September, “We will mass-produce some 7nm mining machines this year, but it will not be until next year for the large-scale market.”
In addition to mining machines, another major business of Canaan Zhizhi is AI chips.
Regarding this income, Kong Jianping said, "We just launched it last year and only sold it for 100,000 yuan. Because we don't know much about this environment, and AI chips have a cycle, unlike mining machines, you can connect them to the electricity. Running, it needs to continuously adjust the algorithm model on the small chip, the general cycle is 6 to 12 months, and then go to mass production of these devices. By this year (AI chips) there will be tens of millions of orders. Some orders to be finalized may reach hundreds of millions of shipments once signed."
Since 2016, Canaan Zhizhi has gone from A-shares, NEEQ to Hong Kong stocks, to the Science and Technology Innovation Board, and today’s U.S. stocks. It is well known in the industry that Canaan Zhizhi has searched up and down for listing. If the news is confirmed, the three-year listing road of this big miner will come to a successful conclusion.
