Canaan Creative

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Canaan Creative
Canaan Creative logo.jpg
Founded 2013
Headquarters Hangzhou, China
Key People N.G. Zhang, Chairman and CEO
Employees 300
Products Application-specific integrated circuits for blockchain and artificial intelligence application
Twitter @canaanio
Facebook Canaan-Inc-888877487972587
Website Canaan Creative Home

Beijing-based Canaan Creative is the second largest producer of application-specific integrated circuits (ASICs) for blockchain applications in the world.

Overview

Canaan Creative says that Frost & Sullivan, an independent market research firm, places Canaan Creative as second in the share of hashing power in 2019 attributable to bitcoin miners it has produced. Its main brand of miner is "Avalon." Canaan Creative is behind Bitmain in Frost and Sullivan's ranking. Also according to Frost and Sullivan as reported by Canaan Creative, the company has been a leader in developing artificial intelligence technologies with regard to "Risc-V architecture" which Canaan Crative claims "is suitable for IoT (Internet of things) hardware adoption due to its flexibility and open-source characteristics."[1]

Nasdaq Listing

Canaan Creative filed a draft F-1 under its official name, Canaan Inc., with the U.S. Securities and Exchange Commission (SEC) to register its initial public offering (IPO), a proposed issuance of American Depository Shares, on July 23, 2019.[2] The final F-1 was published by the SEC on October 28, 2019. Canaan Creative sought to raise $400 million in a fourth quarter 2019 offering of 126 million shares. Its shares will trade on Nasdaq stock exchange in the U.S.[3]

While Chinese media report that the company has a valuation of between $2 and $3 billion, the company reported a loss of $45.8 for the first half of 2019 after full year profit of $8.3 million in 2018.

The company said that it plans to use the proceeds from the issuance for the following purposes: research and development of ASICs for artificial intelligence as well as blockchain applications, international expansion, and optimization of the company's supply chain.[4]

Between its registration announcement on October 29 and its IPO, Canaan Creative had lost its lead underwriter, Credit Suisse Group AG, due to concerns that the offering would meet with disappointing sales.[5] Canaan Creative sold $90 million worth of American Depository Shares in a scaled down IPO on November 20, 2019. Each share was offered at $9, the bottom of Canaan Creative's previously indicated range of $9 to $11.[6]

References

  1. F-1. U.S. Securities and Exchange Commission.
  2. Draft F-1. U.S. Securities and Exchange Commission.
  3. Avalon Bitcoin Miner Maker Canaan Officially Files for $400 Million US IPO. CoinDesk.
  4. F-1. U.S. Securities and Exchange Commission.
  5. Bitcoin Firm Canaan Loses Credit Suisse as Lead in Smaller IPO. Bloomberg.
  6. Bitcoin Mining Company Canaan Raises $90 Million in U.S. IPO. CoinDesk.