The second largest manufacturer of mining equipment in China, Canaan Creative plans to place its shares on the Hong Kong Stock Exchange. It will be the first case in the history when mining manufacturer attracts financing via traditional initial  public offering.

During the IPO, the company intends to raise up to $1 billion, the Chinese newspaper South China Morning Post reports. The company has been choosing Chinese and US stock exchanges for its shares listing since 2016. The choice of Canaan Creative was made in favor of the Hong Kong Stock Exchange (SEHK).

The company was founded in 2013 in Hangzhou, eastern Zhejiang Province. The main brand of Canaan Creative is Avalon. Under this brand a variety of equipment for mining is being produced. Canaan Creative's market share is estimated at 20% of mining equipment market. 

The headquarters of the company is located in Beijing. The number of employees amounts to about 100 persons.

In January 2018, it was announced that Canaan Creative's net annual revenue for 2017 was about 410 million yuan ($64 million), showing an increase of 600% compared to 2016. In the future, the company plans to expand the scope of its activities and also start producing special software.

In 2016, Canaan Creative was acquired by electronics manufacturer Shandong Luyitong (LYT) for a reportedly princely sum of ¥3.06bn, approximately $466 million.