Chinese Bitcoin Mining Hardware Manufacturers Seek Hong Kong Stock Exchange Listing ByJP BuntinxPRO INVESTOR Updated: 05 August 2021 Bitcoin mining manufacturers have seen a lot of success over the past few years. Thanks to solid Bitcoin price increases, the demand for such hardware is accelerating. Two specific firms are both looking to get listed on the Hong Kong Stock Exchange. Both Canaan Creative and Zhejiang Ebang Communication hope these listings will push their individual valuation to $1bn respectively. The Lesser Known Chinese Mining Manufacturers In the world of Bitcoin mining hardware, the name Bitmain is well-known. However, other big players have come to market in the past two years. While Canaan Creative and Zhejiang Ebang Communication may not be household names, they shouldn’t be overlooked. Both companies have filed a listing application to the Hong Kong Stock Exchange. If successful, both companies aim to prop up their respective valuation to $1 billion later this year. It is worth noting Zhejiang Ebang Communication was previously listed on the China National Equities Exchange and Quotations. The firm was delisted in March of 2018. That decision is a direct result of seeking a Hong Kong listing in favor of being traded over-the-counter in China. It seems China is not a favorable market for these particular companies. Hong Kong is a bit more open-minded toward cryptocurrencies at this stage. Whether or not this venture will play out for Ebang, remains to be seen. Its listing request has yet to be approved by the Hong Kong Stock Exchange. Chinese Bitcoin hardware manufacturers show an appetite for additional capital. They all want to keep growing and further solidify its position on the market. Competing with the likes of Bitmain will not be easy, but with enough funding, it may become a legitimate “arms race”. The Hong Kong Stock Exchange is Appealing Canaan, the vendor of Avalon mining units, has netted a significant revenue throughout 2017. A net revenue of 1 billion yuan is rather significant for this company. It also shows the demand for the company’s dedicated Bitcoin mining hardware is on the rise. A listing on the Hong Kong Stock Exchange will only increase the company’s exposure in this regard. It seems this particular company already has significant support. Local sources report how Deutsche Bank, Morgan Stanley, and Credit Suisse are all in favor of seeing Canaan valued at $1 billion when it goes live on the Hong Kong Stock Exchange. This further confirms major companies are paying close attention to the cryptocurrency industry as well. It is unclear if these companies plan to invest in Canaan if the listing gets approved. The big question is how the volatility of cryptocurrencies affects both companies’ chances. More specifically, valuing a company at $1bn when the Bitcoin price has dropped significantly makes little sense. Even so, it is possible both companies will have their requests approved in the coming weeks. More exposure for Bitcoin-related firms will have a positive impact on the cryptocurrency industry as a whole. Image from Shutterstock The post Chinese Bitcoin Mining Hardware Manufacturers Seek Hong Kong Stock Exchange Listing appeared first on NewsBTC.