Company News

Huatai Financial Assists Canaan Inc listing on the NASDAQ

Canaan Inc. (Nasdaq: CAN), a world-leading supercomputing solution provider through its proprietary high-performance computing ASICs, successfully listed on the Nasdaq Global Market on Nov 21st, 2019

Canaan issued 10 million ADSs worldwide at an issue price of US$9.00. Huatai Financial acted as the Joint Bookrunner of the deal and helped Canaan raised US$90 million before the exercise of the over-allotment option.

As the underwriting entity, Huatai Financial Holdings (Hong Kong) Limited helped Canaan create investment stories and introduced different types of investors to subscribe the deal. Including long/hedge fund and high net worth investors.

Canaan initially dedicated its research and development efforts to ASIC applications for Bitcoin mining, which rapidly built up its know-how of ASIC design. According to the industry report, Canaan was the second largest designer and manufacturer of Bitcoin mining machines globally in terms of computing power sold in the six months ended June 30, 2019. During the same period, Canaan’s Bitcoin mining machines sold accounted for 21.9% of the combined computing power of all the Bitcoin mining machines sold globally.