Canaan, the second largest Bitcoin Mining manufacturer in China, is reported to have been going public by the initial public offerings, which happens to be the norm in the United States. That is why they are doing so in that country itself, and would mark an important measure that can provide some sort of resolution to the burgeoning question about their apparent problems, that not only concern themselves but the entire Bitcoin cryptocurrency market as a whole. The news came in the wake of the company deciding not to go public in spite of initial planning for it in the Hong Kong stock exchange only a few months before.
The company had essentially decided to let their application of going public in Hong Kong run its course, effectively not responding to any measures or decisions by the board committee over a period of six months. It is pretty evident that they decided so because the market for Bitcoin was at an absolutely horrendous state by all measures in particular. Bitcoin’s value dropped by a historically 80% in just over a year from an initial value of $20,000 to just $4,000, the latter being the present stabilized value all over the world. Although there might be a veritable chance for Canaan to participate, and effectively establish and stabilize themselves in the market, the decision can go south at any moment due to any possible circumstances.
Similar is the condition for Bitmain too, which is unequivocally the largest manufacturing entity of Bitcoin in China. They are decidedly concentrated about going public in Hong Kong itself, but there has been no confirmation as to whether they are going to reject it, or ultimately move forward with the same. Canaan is at a position whereupon they need to quickly establish themselves in regards to stabilizing all of their financial needs. But, this factor can result in complete failure if investors are not willing to invest in a company operating in such a volatile market environment. However, if the company arrives at decision, it shall do so sooner than later, somewhere in the vicinity of the first half in 2019.