CAN - Canaan Inc.
| Previous Close | 5.71 |
| Open | 5.50 |
| Bid | 0.00 x 800 |
| Ask | 0.00 x 800 |
| Day's Range | 5.14 - 5.65 |
| 52 Week Range | 4.31 - 13.00 |
| Volume | 745,259 |
| Avg. Volume | 634,396 |
| Market Cap | 841.347M |
| Beta (5Y Monthly) | N/A |
| PE Ratio (TTM) | N/A |
| EPS (TTM) | N/A |
| Earnings Date | N/A |
| Forward Dividend & Yield | N/A (N/A) |
| Ex-Dividend Date | N/A |
| 1y Target Est | N/A |
- Bloomberg
Credit Suisse Halts Work on Chinese Gay Dating App IPO
(Bloomberg) -- Credit Suisse Group AG has stopped working on the upcoming U.S. initial public offering of Chinese gay dating app Blued, according to people familiar with the matter.Credit Suisse joins other investment firms, including Citigroup Inc. and Bank of America Corp., that in recent months have dropped off the U.S. debuts of high-profile Chinese companies. The Swiss bank has halted work on a number of U.S. listings by Chinese companies, as concerns grow about a potential sector downturn and level of investor demand. Since the summer, Credit Suisse’s name has vanished from the listing documents of podcast app Lizhi Inc., bitcoin mining machine maker Canaan Inc. and drone company EHang Holdings Ltd., the filings show.It wasn't clear why Credit Suisse dropped off Blued’s IPO, but it did so before the company filed publicly, as opposed to Lizhi, Canaan and EHang. Blued founder Geng Le didn’t immediately respond to an email query during non-business hours. A spokeswoman for Credit Suisse declined to comment.Read more: Gay Dating App Blued Said to Plan U.S. IPO at $1 Billion ValueFounded in 2012 by former policeman Geng, Blued has become an icon for the Chinese LGBTQ community and attracted more than $130 million in venture capital as of March last year. Besides providing dating services to 40 million users, the app also offers live streaming and connects men who want to become parents with overseas surrogates. The services are part of Blued’s larger strategy to diversify its business and generate revenue.Blued has said it’s eyeing an IPO ideally in the U.S., which offers a simpler process and deeper capital markets. The trick for Geng will be convincing investors he can expand his operations in a country where gay people have few legal protections and every new service pushes the frontiers of government tolerance and social acceptance.Read more: The App That’s Helping Gay Couples Have Kids in ChinaCitigroup and Bank of America stopped working last year on the listing of Ucommune Group Holdings Ltd., the largest rival to WeWork in China.U.S. listings by Chinese companies in 2019 were plagued by poor performance and pared-down fundraising targets, which in turn has dented investor demand already weakened by U.S.-Chinese trade tensions. Shrunken deal sizes mean the fee pool also gets smaller, making deals less attractive to banks.The 33 Chinese companies that listed in the U.S. last year have dropped by an average 13% from their IPO price, and only 9 of them have risen since their floats, according to data compiled by Bloomberg.To contact the reporters on this story: Julia Fioretti in Hong Kong at jfioretti4@bloomberg.net;Lulu Yilun Chen in Hong Kong at ychen447@bloomberg.netTo contact the editors responsible for this story: Lianting Tu at ltu4@bloomberg.net, Edwin Chan, Colum MurphyFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
- Bloomberg
Ousted Bitmain Co-Founder Wages Battle for Control in Court
(Bloomberg) -- Ousted Bitmain Technologies Ltd. co-founder Micree Zhan Ketuan has initiated a legal case to try to regain his position, escalating a battle for control of the world’s biggest miner of cryptocurrency.Great Simplicity Investment Corporation, owned by the engineering whiz-turned-entrepreneur, filed a summons in December in which he asked a Cayman Islands court to reverse a shareholder decision that cost him voting control of the crypto-miner. In the summons -- a notice served to defendant Bitmain -- Zhan asked the court to invalidate a vote at a November extraordinary general meeting that curtailed his rights. Shareholders voted then to convert Bitmain’s Class B shares to one vote per share, versus 10 votes previously -- effectively slashing Zhan’s influence, according to the summons obtained by Bloomberg.It’s the latest salvo in a conflict that erupted into the public eye after Bitmain stripped Zhan of his titles in October. Billionaire Chief Executive Officer Wu Jihan is now back in the driver’s seat, hosting public events to tout new sales initiatives and attract clients. He had earlier warned employees against taking further instructions from Zhan or attending any meetings he convenes, threatening staff with dismissal or criminal charges.Zhan, for his part, wrote in a letter published November on his WeChat social media account that he’ll return to Bitmain and “restore order” as soon as possible, legally. “If someone wants war, we’ll give them war,” he posted on his feed. The co-founder held close to 4 million B shares according to a 2018 IPO prospectus, almost double that of Wu, the only other holder of the special stock. It’s unclear whether that balance has shifted since.Nishant Sharma, a Bitmain spokesman, declined to comment when contacted by Bloomberg. Calls and messages to Micree Zhan’s personal mobile went unanswered. A representative for Conyers Dill & Pearman, the attorneys for the plaintiff, didn’t comment when contacted.The internal squabble complicates the prospects of a company grappling with intensifying competition from smaller rivals such as U.S.-listed Canaan Inc. and MicroBT. Bitmain, valued at about $15 billion in a private funding round in 2018, revived plans for a U.S. listing last year after a failed attempt in less crypto-friendly Hong Kong in 2018, but that didn’t come to fruition either.The two co-founders had long served as co-CEOs but were replaced in March by Zhan’s pick, Wang Haichao, as the company struggled with layoffs and a cash crunch triggered by Bitcoin’s price plunge. Wang is still employed by the company.Bitmain’s market lead remains under attack. Canaan had a 22% market share of Bitcoin mining machines in terms of computing power sold in 2019’s first half, up from 15% for the same period the previous year, according Frost & Sullivan figures cited in Canaan’s IPO prospectus. While Bitmain and its major rivals produce machines with similar specifications and prices, they live and die competing against each other -- and smartphone makers -- for tight chip supplies from foundries operated by the likes of Taiwan Semiconductor Manufacturing Co. and Samsung Electronics Co.To contact the reporters on this story: Zheping Huang in Hong Kong at zhuang245@bloomberg.net;Benjamin Robertson in london at brobertson29@bloomberg.netTo contact the editors responsible for this story: Edwin Chan at echan273@bloomberg.net, Joanna OssingerFor more articles like this, please visit us at bloomberg.com©2020 Bloomberg L.P.
- Bloomberg
Bitmain Chief Plots Crypto Comeback After Co-Founder Ouster
(Bloomberg) -- Bitmain Technologies Ltd.’s billionaire Chief Executive Officer Wu Jihan is back in the driver’s seat following the ouster of his co-founder, touting new sales initiatives to attract clients as the company fends off rivals.Wu hosted a client meeting on Saturday, according to attendees who asked not to be identified because the event was private. It was his first public appearance since a power struggle six weeks ago when he announced as founder and chairman that his co-founder Micree Zhan Ketuan was no longer with the company. It also marked Wu’s re-emergence as the company’s CEO following his loss of control to Zhan, who had held de facto leadership from March until his resignation.Wu and other Bitmain executives announced at the event new sales initiatives to lure customers, including a promise to seek deposits as low as 20% for those who buy its Bitcoin mining rigs in large bulk, the attendees said. Usually, such deposits are 50% or full payment in advance is required. The latest models from Bitmain cost between $1,000 to $2,000. “The Bitmain you are familiar with is back,” read a presentation slide from the gathering, which took place in southwestern China’s Chengdu city, a hub for local miners. Nishant Sharma, a Bitmain spokesman, declined to comment.Bitmain revived plans for a U.S. listing earlier this year after its failed attempt in less crypto-friendly Hong Kong in 2018. The company, which was valued at about $15 billion in a private funding round last year, is grappling with intensifying competition from smaller rivals U.S.-listed Canaan Inc. and MicroBT.Canaan had a 22% market share of Bitcoin mining machines in terms of computing power sold in 2019’s first half, up from 15% for the same period last year, according Frost & Sullivan figures cited in Canaan’s IPO prospectus. While Bitmain and its major rivals produce machines with similar specs and prices, they live and die competing against each other -- and smartphone makers -- for tight chip supplies from foundries operated by Taiwan Semiconductor Manufacturing Co. and Samsung Electronics Co.Bitmain’s two co-founders had long served as co-CEOs but they had been replaced this March by Zhan’s pick, Wang Haichao, as the company was grappling with lay-offs and a cash crunch triggered by Bitcoin’s price plunge. Wang is still employed by the company.In October, Wu announced Zhan’s resignation in a memo, warning employees against taking further instructions from Zhan or attending any meetings he convened. The two had started the mining gear company together six years ago.Saturday’s event reaffirms Wu’s control of the company. Fan Xiaojun, a long-time Bitmain sales chief who had been demoted by Zhan, showed up at the meeting and had regained his position, said the attendees. Bitmain also promoted Wu’s new crypto financial startup Matrixport at the event, they said. Right after Wu’s note about Zhan’s departure, Wu also announced his pick for the company’s head of human resources to replace Zhan’s appointee, according to a memo viewed by Bloomberg News.To contact the reporter on this story: Zheping Huang in Hong Kong at zhuang245@bloomberg.netTo contact the editors responsible for this story: Peter Elstrom at pelstrom@bloomberg.net, Colum MurphyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- PR Newswire
Canaan Inc. Announces Pricing of Initial Public Offering
HANGZHOU, China, Nov. 21, 2019 /PRNewswire/ -- Canaan Inc. (Nasdaq: CAN) ("Canaan" or the "Company"), a leading high-performance computing solution provider, today announced the pricing of an underwritten public offering of 10,000,000 American Depositary Shares ("ADSs"), each representing 15 Class A ordinary shares, at US$9.0 per share for a total offering size of US$90,000,000, assuming the underwriters do not exercise their option to purchase additional ADSs. The ADSs have been approved for listing on the NASDAQ Global Market and are expected to begin trading today under the ticker symbol "CAN." The underwriters have been granted an option, exercisable within 30 days from the date of the final prospectus, to purchase up to an additional 1,500,000 ADSs at the initial public offering price less the underwriting discounts and commissions.
- Yahoo Finance Video
Why fewer Chinese companies went public in U.S. markets in 2019
In 2019, 25 Chinese companies went public on U.S. markets, which was less than those that listed in 2018. Baker McKenzie Attorney Mark Mandel and Yahoo FInance’s Krystal Hu join On the Move to discuss.
