Author | Qin Xiaofeng
Produced | Odaily
Author | Qin Xiaofeng
Produced | Odaily
At 23:30 on the 21st, Beijing time, Canaan, the world's second largest mining machine manufacturer, was officially listed on NASDAQ in the United States, with the stock code "CAN", and the opening price was US$12.6, a 40% increase from the IPO issue price of US$9; The price fell back to around the issue price, currently at $9.37, with a circulating market value of about $93.7 million and a total market value of $1.482 billion.
Zhang Nangeng, founder of Canaan Zhizhi, said: "Today we stand here together to experience this glorious moment, but going public is not the ultimate goal, but our new beginning. In the next second, we will continue to devote ourselves to new battlefields and continue to develop our business."
Guosheng Securities Blockchain Research Institute believes that Canaan’s listing represents the recognition of emerging technology industries by the “traditional” financial market and “Old Money”. Whether it is for Canaan itself or the blockchain industry, it has a positive effect.
Xu Kun, chief strategy officer of OKEx, told Odaily:
Canaan Creative is the first stock in the blockchain in the true sense, and has played an effective role in connecting the traditional capital market and the digital asset market, which is beneficial to the positive development of the blockchain industry. The digital economy in the future must be jointly driven by a variety of information technologies. Canaan not only has years of accumulation in the blockchain industry, but also continues to invest in the research and development of AI chips to build the "silicon base" of the digital economy with chips. Supporting the development of digital commerce, the market space is very large and the prospect is promising.
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106% annual revenue growthAccording to Frost & Sullivan, as of the first half of 2019, Canaan was the second-largest designer and manufacturer of bitcoin mining machines in the world; 21.9% of the total computing power.On October 28 this year, Canaan Zhizhi officially submitted to the US Securities and Exchange Commission (SEC)
IPO prospectus
. The listing was led by Tiger Securities, Citigroup, and CMB International Capital.
According to the prospectus, in the 30 months from the beginning of 2017 to June 30, 2019, Canaan produced a total of more than 130 million ASICs.In terms of revenue, Canaan’s total revenue increased from 1.3081 billion yuan in 2017 to 2.7053 billion yuan (US$394.1 million) in 2018, an increase of 106.8%. Moreover, in the first nine months of this year, Canaan's total revenue reached 959.4 million yuan.November 14,
, the company expects to issue 10,000,000 ADSs at a unit price of US$9 to US$11 per share, and the estimated fundraising amount is US$90 million to US$110 million. According to sources close to Canaan Zhizhi Investment Bank, the company’s first-day roadshow on November 15 exceeded expectations, and the oversubscription was nearly three times, and investors were active.
Before the IPO, Li Jiaxuan held 16.2%, Zhang Nangeng held 16%, Kong Jianping held 12.1%, and Sun Qifeng held 5.8%. After the IPO, Li Jiaxuan holds 15.2% of the shares and has 4.9% of the voting rights; Zhang Nangeng holds 15% of the shares and has 72.6% of the voting rights; Kong Jianping holds 11.3% of the shares and has 3.6% of the voting rights; Sun Qifeng holds 5.5% of the shares and has 1.8% of the voting rights. Voting rights.
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Affiliated companies share price performance is average
On the day when the news was announced, the A-share market opened for one hour, and Hanye shares (600226) and Keda shares (600986) both rose by the limit within one hour of opening.
However, one hour before the close of the day, the stock prices of some affiliated companies of Canaan Zhizhi fell in a waterfall. In the end, Hanye shares (600226) closed up 1.87%, Keda shares (600986) closed down 3.57%, Gaosheng Holdings (000971) closed down 1.06%, Futong Xinmao (000836) closed down 2.97%, Tech-Long (002209 ) closed down 2.21%.
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(The relationship between each company and Canaan Intellectual Property)
Regarding this phenomenon, Xu Kun explained to Odaily:
Recommended reading:
"Special Topic | "The First Stock in the Blockchain" Canaan Zhizhi Road to Listing"
