Canaan is making new plans to go public following previous unsuccessful IPO attempt

China's second-biggest mining chip miner Canaan is said to be thinking about trying to go public again, CoinDesk reports. Canaan’s Hong Kong Stock Exchange application lapsed in November; it was reported that the company had been considering a U.S. initial public offering. It is not yet clear whether Canaan is going to go public in China or the U.S. as the company is reportedly considering its options; the company should make its plan public by the end of the year.


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However, CoinDesk’s sources said Canaan’s shareholders are considering listing the company on Science and Technology (Sci-Tech) Innovation Board that’s been recently set up within the Shanghai Stock Exchange.

The company recently raised “hundreds of millions of dollars,” bringing Canaan’s valuation at over $1 billion. The funding round brought no new investors though, as all the funds came from old shareholders, according to CoinDesk. The funding round might have been connected to the Shanghai exchange’s listing rules published just before the new valuation—without additional funding, Canaan might not been able to apply for the listing.