Canaan Creative has managed to attract “more than a hundred million dollars” in the new round of funding, announced by the Chinese edition of financial news Securities Times.
The exact amount of attracted investments is unknown, since the representatives of Canaan refused to comment on the amount and name of the investors participating in this round. The news comes a few months after the removal of the application of the company for holding (IPO) and listing on the Hong Kong stock exchange. In January it was reported that the firm now plans a public offering of application for IPO in new York.
Funding problems from other manufacturers
The financing was conducted on the background of the fall of the stock market, which continued in 2018, which affected many of the manufacturers of the crypto equipment, sales of which fell sharply.
Our major competitors Canaan, Bitmain and Ebang, the situation is quite pitiable. By submitting the application for IPO in September and June 2018, respectively, they report that they have “a significant decline in revenue and gross profit”, which makes them little attractive for investors.
Bitmain said the loss of $500 million in its latest financial statement submitted to participate in the IPO. If the company will not receive approval for listing by March 26, six months after the initial filing, the lifetime of the application for the IPO will expire.
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Tags: Canaan Creative