Source: Canaan Creative will have "no major problems" passing SEC review

Domestic mining machine manufacturers have made new progress in listing in the United States. On July 31, according to IPO Early News, Canaan Creative has secretly submitted an application for listing to the US Securities and Exchange Commission (SEC). Canaan Creative is the world's second largest mining machine manufacturer. Its founder Zhang Nangeng developed the world's first Bitcoin mining machine, Avalon, as early as 2013.

People close to Canaan Creative told Tencent News "First Line" that Canaan Creative turned its focus to the US stock market after its failed IPO in Hong Kong in late 2018. Compared with the Hong Kong Stock Exchange, the US Securities and Exchange Commission (SEC) is relatively tolerant of cryptocurrency and mining business, and does not have biased regulatory requirements. But to be on the safe side, Canaan Creative's listing in the US, from initiation to communication, to the current secret submission of the application, is all done by a small team, which is relatively low-key.

Tencent News "First Line" exclusively learned that if Canaan Creative passes the SEC review, it may choose the New York Stock Exchange as its listing location. Sources revealed that based on Canaan Creative's previous communication with the SEC, this review "will not be a big problem."

This also means that the mining machine manufacturers that were previously rejected by the Hong Kong Stock Exchange due to "listing adaptability" have opened up a gap in the US stock market, which may have a demonstration effect. Tencent's "First Line" exclusively learned that Bitmain, which started its US listing later than Canaan Creative, is also currently communicating with the SEC, but unlike Canaan Creative, Bitmain prefers to list on Nasdaq.

In early July, Bitmain completed a new round of option incentive plan. A Bitmain mid-level manager revealed to Tencent's "frontline" that when Bitmain rushed to IPO in Hong Kong in the last round, those who received equity were all early employees of the company, but after experiencing the great turmoil at the end of last year and the beginning of this year, many key members who received options have already left the company. Therefore, this time the option incentive plan includes a wider range, in order to stabilize the new team after suffering a huge impact last year, and to do a good job in the bull market. It is reported that after Bitcoin and other cryptocurrencies entered the bull market again in 2019, Bitmain has already made up for the losses caused by the bear market last year in its main businesses such as mining farms, mining machines, and mining pools.