Hangzhou blockchain enterprise lists on NASDAQ

2019-11-26 16:48:15 source: Zhejiang News app


On November 21st, the unicorn enterprise from Qiantang Smart City, Jiangtang District - Hangzhou Canaan Creative Information Technology Co., Ltd. was successfully listed on NASDAQ in the United States. It became the “first stock in the global blockchain business”, with the stock code of “CAN”.


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As the world’s second-largest bitcoin mining machine manufacturer, the IPO of Canaan Creative raised a total of 0.9~1.1 billion US dollars, and the price is 9 to 11 US dollars per share. The funds raised will be used for the research and development of the company’s artificial intelligence and blockchain business.


Since its establishment in 2015, sales of mining rigs have always been the pillar business of Canaan Creative. According to public reports, in 2017, 2018 and the first nine months of 2019, Canaan Creative’s sales of bitcoin mining rigs and other mining parts accounted for 99.6%, 99.7% and 98.3% of its total revenue, respectively.


According to the 2019 Hurun Report released by Hurun Research Institute in October 2019, in the field of blockchain, the three founders of Canaan Creative were on the list. Among them, Liu Xiangfu and Zhang Nangeng were both worth 3.9 billion yuan, while Li Jiaxuan was worth 3.8 billion yuan.


Although the mining rigs business accounts for the vast majority of the revenue, Canaan Creative does not want to be limited to the title of “bitcoin mining giant”. In the latest prospectus, Canaan Creative identifies itself as a “semiconductor company” focusing on AI chip R&D production and “leading supercomputing solution provider”.


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Since the beginning of the business, Canaan Creative has always attached importance to the research and development of chip technology. Since June 2015, Canaan Creative has successfully produced seven types of chips for 28nm, 16nm and 7nm. Especially, the 7nm chip has the characteristics of densest computing power, lower cost and greater capacity in the industry.





Executive Editor: Wu Ziyi

Translation: Wu Ziyi, Chen Wenjing

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