Canaan Creative's application for an initial public offering (IPO) now looms as the Chinese bitcoin mining maker's filing status at the Hong Kong Stock Exchange (HKEX) has become inactive.
According to an update at the HKEX's database on Thursday, the status of Canaan's IPO application is now marked as "lapsed," six months after it first submitted the filing. The company was reportedly seeking to raise $1 billion but a report from Reuters said Canaan has hence scaled down the plan to raise about $400 million.
Based on listing rules and guidance provided by the HKEX, an IPO issuer can apply to reactive the filing after the status becomes inactive should it decide to. But if the reactivation is launched after three months since it has become lapsed, the firm has to submit a new application and the previous filing would be considered as outdated.