Canaan Creative's application for an initial public offering (IPO) may be in doubt as the Chinese bitcoin mining maker's filing with the Hong Kong Stock Exchange (HKEX) has now lapsed.
According to an update at the HKEX's database on Thursday, Canaan's IPO application has now exceeded its lifespan of six months since it was first submitted. The company had apparently been seeking to raise up to $2 billion, but a report from Reuters said Canaan has now scaled down the plan and is targeting about $400 million.
Based on listing rules and guidance provided by the HKEX, an IPO issuer can apply to reactive a filing after the initial time period is up, should it decide to. But if there is a delay of three months or more after expiration, the firm has to submit a new application and the previous filing would be considered as "outdated."