Canaan Listing in the US is Estimated Between $2 Billion and $3 Billion

The world’s second-largest cryptocurrency mining manufacturer, Jianan Zhizhi, also known as Canaan, has made a comeback this year after failing to list in Hong Kong last year. The company is preparing for a roadshow in the US this month and is expected to be officially listed on the NASDAQ exchange in November with valuations similar to those previously reported, ranging from $2 billion to $3 billion.

According to China’s blockchain media Golden Finance, also known as Jinse, Canaan will announce the prospectus in the next two weeks and will open a roadshow at the end of October. It is expected to be listed on the exchange from the beginning of November to the end of November. The report quoted sources as saying that Canaan’s estimated price-to-earnings ratio is 8 to 10 times. If the company is successfully listed, it will be the first among the three largest mining companies in China, while the other two are Bitmain and Ebang International.

The volatility of the cryptocurrency market has affected the assets and profits of the mining companies. This is also the reason why the HKEx refused to list the mining companies. In order to hedge the relevant market risks, Canaan will also increase the proportion of artificial intelligence chip business in the future.

ASIC chips have been developed since 2016, and 7nm wafers were developed in August last year. The 5nm chips have also entered the R&D schedule. In September of this year, the company also established the Shanghai Institute of Artificial Intelligence with Shanghai Haier Zhigu and Haiyun Technology. In the future, artificial intelligence and blockchain will be the focus of business development.