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China’s manufacturers of bitcoin mining devices look to raise $1 billion from Hong Kong listings

China’s two producers of bitcoin mining hardware aim to attract $1 bln each from Hong Kong listings in 2018, on solid global enthusiasm in relation to virtual currencies, IFR said today, quoting sources close to the project. Yesterday Canaan Creative sent a listing to the HKSE, according to the data by Thomson Reuters.

IFR’s information also says that Zhejiang Ebang Communication has begun discussing with experts Hong Kong float of up to $1 billon as well. Ebang’s listing on the country’s National Equities Exchange and Quotations took place in 2015, but in March it was removed from it as the company expressed readiness to work with a Hong Kong listing.

China’s manufacturers of bitcoin mining hardware are starving for funds that could boost their expansion considering growth of demand for such equipment at the time of soaring interest for cryptocurrencies.

Canaan’s profits last year made up over 1 bln yuan, the company is known for selling “Avalon” mining system equipped with extremely fast ASIC chips. And though mining can be done with standard computers but specially designed hardware provides better performance and subsequently bigger profits.

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