Chinese bitcoin mining rig makers eye record $1bn IPO

Purvai Dua

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Two Chinese bitcoin mining equipment makers are set to raise as much as $1bn each - in what is said to be the world’s largest bitcoin-focused floats to date.

Canaan Creative, the world’s second-biggest maker of bitcoin mining hardware, has already applied to the Hong Kong stock exchange for an IPO and aims to start trading as soon as July, according to latest reports.

According to Bloomberg, Canaan sells computer equipment under the “Avalon” brand with fast customized chips that win digital coins by solving complex math problems.

Meanwhile, Zhejiang Ebang Communication has started working with advisers on a Hong Kong float, according to a Thomson Reuters publication.

While Canaan Creative declined to comment to Reuters, Ebang could not be immediately reached for comment.

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