Bitmain, Canaan, and Ebang International Prepare for Hong Kong IPOs

Three Bitcoin mining machine manufacturers intend to list in Hong Kong. According to Reuters, Canaan plans to raise at least $400 million USD through IPO, less than the previous target of $2 billion USD; Ebang International Holdings plans to raise as much as $1 billion USD.

Sources pointed out that Canaan and Ebang submitted their IPO plans in May and June respectively, while another manufacturer, Bitmain, will submit documents next month.

According to the report, it is expected that Ebang will face the listing committee review next month, and Canaan’s listing plan will take longer. According to sources, since Canaan is still clarifying the issue of due diligence on the prospectus of the HKEx, the date of attending the Listing Committee has not yet been set. 

We reached out to representatives at Bitmain, Canaan, and Ebang, but did not get a response. The HKEx spokesperson declined to comment.

In addition, according to the Bernstein analysts, Bitmain has a 75% share of the mining wafer market last year, and the second-ranked Canaan accounted for 14%.