Caixin Global – Latest China News & Headlines

Home >


CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

Trending in China: Outrage Ensues as Updated U.S. Student Visa Policies Force International Students into a Dilemma
Tencent’s PUBG Mobile Game Hits $3 Billion Milestone
Luckin Coffee Shareholders Vote to Remove Chairman, Bloomberg Reports
France Won’t Ban But Will Discourage Use of Huawei 5G Equipment, Official Says
Trending in China: ‘Lipstick King’ Li Jiaqi Settles in Shanghai, Prompting a Rethink of ‘Talent’
Tencent Plays in U.S. With California Game Studio Launch
Trending in China: Shenzhen Thinks Only Children Should Get Paid Leave to Look After Their Parents - Cue Heated Debate
German Drugmaker BI Launches Shanghai Center to Harness Chinese Expertise
Chinese Self-Driving Truck Firm Aims to Cover Most of U.S. by 2024
Trending in China: Chinese Netizens Tell Indian Prime Minister Modi To ‘Shut The Door On The Way Out’ As He Quits Weibo
Trending in China: If You Can’t Beat Them, Join Them – Why Tencent is Laughing At Itself
Meituan Eyes Robot-Enabled Deliveries with $14 Million Investment in PuduTech
India Ban Could Hit TikTok’s Parent Company to the Tune of $6 Billion
Sina Weibo to Issue $750 Million in Bonds
Embattled Leshi Forced to Sell Smart TV, Livestreaming Trademarks and Swiss Cleaning Carmaker Launch Driverless Street Sweeper
Trending in China: How an ‘Old Godmother’ Took on China’s Internet Giant and Won
China’s IT Spending Expected to Hit $297 Billion: IDC
TikTok Moves Data Protection of European Users from U.S. to U.K. and Ireland
Trending in China: Dazed and Confused – China’s Elderly in Online Pandemic World
Canaan Shares Up and Down on First Trading Day After U.S. IPO

By Ding Yi / Nov 22, 2019 05:46 PM / Finance

Shares of bitcoin-mining machine manufacturer Canaan went through a rollercoaster ride during their New York stock market debut Thursday, soaring nearly 40% in the first hours of trading before closing down at $8.99 per share, a penny below the offer price of $9.

The Hangzhou-based company raised $90 million in its initial public offering (IPO) by selling 10 million American depositary shares. Its successful listing on Nasdaq came after several failed attempts to go public on the Chinese mainland and in Hong Kong.

Canaan claims to be the world’s second-largest designer and manufacturer of bitcoin-mining machines with a 21.9% global market share, according to the company’s IPO filing. The company’s total revenues rose by 106.8% year-on-year to $394.1 million in 2018, while net income fell by 67.4% to $17.8 million, the filing shows.

On Friday, the price of bitcoin plunged to around $7,500 each bitcoin, posing a growing threat to bitcoin mining machine makers whose businesses are largely affected by the fluctuations of bitcoin price.

Contact reporter Ding Yi (

Share this article
Open WeChat and scan the QR code