Canaan Applied for IPO
Representatives of one of the largest Chinese network equipment manufacturers Canaan Creative officially announced their intention to enter the US stock market. Their application was published on the SEC official website just recently. It tells that the company intends to place its securities on the largest NASDAQ exchange and raise about $400 million investments. Following the rules, the company showed its financial results for 2018:
- Net income - $8.3 million
- Revenues - $394 million
Besides, due to the fall in the value of the cryptocurrency market in the second half of last year, Canaan suffered a loss of $16.7 million. Note that the first rumors that the company is going to carry an initial public offering of securities went online at the beginning of 2019. Institutional investors estimate Canaan at about $2–$3 billion.