Stock Archives -
U.S. and global stock markets were mostly higher Tuesday as investors worked through the outcome of the meeting between President Trump and North Korean leader Kim Jong Un.
KEEPING SCORE: The Dow Jones industrial average was down 23 points, or 0.1%, to 25,299 as of 9:50 a.m. Eastern. The Standard…
On paper, Autodesk Inc. is a bit of a mess. It’s been losing money for almost three years, and its book value — what’s left if you sell off the assets and repay debt — is negative. Yet over the last year, the stock has gained 23%, almost double the S&P 500.
With its sky-high valuation, the software…
Regulators warn traders if they place sell orders that are too big, especially at politically sensitive times. This hidden hand is about to affect a larger number of overseas investors when Chinese stocks are added to a global index on June 1.
WSJ.com: What’s News Asia
They used to be drug dealers. Then they became dispensaries. Now we have cannabis retailers that “seek to replicate the Apple store model” and give customers “a comfortable, informative and nonthreatening environment.”
That’s how Culver City firm MedMen describes its pot shops in documents submitted…
The New York Stock Exchange for the first time in its 226-year history will be led by a woman, as Stacey Cunningham will become the 67th president of the Big Board, per the AP . That means that two of the world’s most well-known exchanges will be led by women. Adena…
Canaan Creative Co. Ltd, the Chinese company behind the Avalon lineup of hardware equipment which produces ASIC mining chips and rigs, has officially submitted a listing application to Asia’s third-largest equities market – the Hong Kong stock exchange.
$ 1 Billion IPO
Canaan posted a preliminary prospectus on Tuesday revealing it brought in a revenue of 1.3 billion yuan in 2017 and that its net income jumped over 600% to 361 million yuan. Morgan Stanley, Deutsche Bank AG, Credit Suisse Group AG and CMB International Capital Ltd. are named as joint sponsors of the proposed offering in the preliminary prospectus. The filing did not specify the amount Canaan will try to raise in the public offering but it is widely expected to be around $ 1 billion.
The Chinese ASIC cryptocurrency hardware market grew to 7.3 billion yuan in 2017 from just 50 million yuan in 2013, Canaan revealed in the filing, and consultant Frost & Sullivan extrapolates, that it will reach 28.6 billion yuan by 2020. The exact target date for the stock listing Canaan has in mind was not made public, and might change along with other details as the matter is evolving, but a person with knowledge of the situation told Bloomberg the company aims to start trading as soon as July 2018, just about two months from now.
Canaan to HK
The Hong Kong market wasn’t the company’s only possible avenue for listing. Last year Canaan was known to be looking to list on China’s National Equities Exchange and Quotations, an over-the-counter market, and earlier this year it was reportedly examining its options for a US-based IPO. The company didn’t explain why it eventually picked Hong Kong but it is safe to assume that the less hostile regulatory approach on the island, compared to both mainland China and the US, played a part in the decision.
Back in April, we reported that the company employs around 200 people in Beijing and Hangzhou, mostly in R&D, and is looking to hire more. Canaan might use its chip development know-how and capabilities to create an unexpected new lineup of products. These can include home appliances such as television sets that mine cryptocurrencies “while you sleep.” Other developments include chips to power artificial intelligence (AI) applications and of course new hardware for mining additional cryptocurrencies.
Should all stock investors add an ASIC producer to their portfolio to get exposure to the bitcoin market? Share your thoughts in the comments section below.
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U.S. stock indexes ended mostly higher Friday as the market closed out its biggest weekly gain since March.
Drugmakers and other healthcare companies climbed after investors sized up President Trump’s latest plans to rein in drug prices and concluded that any policy changes didn’t pose immediate…
A broad rally drove U.S. stocks solidly higher Thursday for the second day in a row, extending the market’s gains for the week.
Technology companies, which have led the market this year, contributed the most to the rally. Healthcare stocks and banks also accounted for a big slice of the market’s…
Stocks posted solid gains on Wall Street, led by technology companies and banks, the AP reports. Energy stocks rose along with the price of oil. The price of US crude climbed back above $ 70 a barrel Wednesday, a day after the US moved to withdraw from a nuclear accord with…
Amazon.com Inc. forecast second-quarter profit that topped analysts’ forecasts, buoyed by swelling ranks of Prime subscribers and a profitable cloud-computing division that’s winning more corporate customers.
The world’s largest online retailer projected operating income in the current quarter…