Bitcoin Mining Gear Makers Set Sights On IPOs

Two mainland bitcoin mining equipment makers are set to test international investor appetite for cryptocurrencies with plans to raise as much as US$1 billion each - in what are expected to be the world’s largest bitcoin-focused floats to date.

Canaan Creative has applied to the Hong Kong stock exchange for an IPO while Zhejiang Ebang Communication has started working with advisers on a Hong Kong float.

While the price of bitcoin has tumbled, equipment makers are still hungry for capital to fund growth and to meet still robust demand for their machines.

Canaan estimates it supplies a quarter of the world’s bitcoin blockchain computing power, according to co-chairman Jianping Kong, who also expects China’s push to promote its domestic chip industry to help drive growth for the company.

Ebang delisted from China’s National Equities Exchange and Quotations, also known as the New Third Board, this year after announcing in January that it would seek a Hong Kong listing. (Reuters)