Nasdaq ringing the bell soon, taking you back to Jianan Zhizhi, a three-year IPO road.
On November 21st, US local time, Bitcoin mining machine manufacturer Jia Nan Zhizhi will officially ring the clock on Nasdaq, the stock code is drafted as CAN. According to the media, Jia Nan Zhi Zhi will raise 90 million US dollars through the IPO in the United States. Shao Jianliang, general manager of the block chain business unit of Jianan Zhizhi District, said that this witnessed the birth of a new species in the blockchain industry. The birth of a listed company represents the maturity of an industry. Jianan Technology has been working hard for more than six years. To greet the moment of high light.
The predecessor of Jia Nan Zhi Zhi was the team of Dr. Zhang Nanyu of Beihang University. In 2011, the team invented China's first bitcoin mining machine, the Avalon generation, which was the most powerful mining machine in the world at the time. In April 2013, Zhang Nanxuan and his partner Li Jiaxuan officially founded “Beijing Jianan Zhizhi Information Technology Co., Ltd.” in Beijing. The story of Jia Nan’s wisdom has officially begun. Since 2015, Jia Nan has started research and development of artificial intelligence chips. After nearly two years of hard work, in December 2017, Jia Nan Zhizhi pre-released the world's first artificial intelligence edge computing chip KPU.
Relying on super-calculation chips to complete capital and technology accumulation, helping enterprises to occupy the leading position in the industry, and developing artificial intelligence core hardware, this is the layout roadmap of Jianan Zhizhi. According to public data, in 2015, Jianan Zhizhi's annual net profit was 2.24 million. The net profit for the whole year of 2017 reached 300 million, and the net profit for the two years increased by 125 times. From the beginning of the manufacture of bitcoin "mining" machine to the development of blockchain, artificial intelligence chip, this "small workshop" created by several technology houses has now become an internationally renowned chip company.
According to the international authoritative analysis agency Frost & Sullivan data, as of the first half of 2019, Jia Nan was the second-largest designer and manufacturer of the global Bitcoin mining machine, and the bitcoin mining machine sold accounted for 21.9% of the world.
However, as the world's second largest manufacturer of bitcoin mining machines, Jianan Zhizhi's IPO road is extremely rough. In the past three years, Jianan Zhizhi has repeatedly sought listings on major exchanges, but all of them have The end of the game.
As early as 2016, Jia Nan Zhi Zhi tried to "borrow the shell" to land in the A-share market. In June 2016, Lu Yitong (300423) issued a notice saying that the fitting price was RMB 3.06 billion to acquire 100% equity of Jianan Zhizhi. At that time, Jianan Zhizhi was the hot blockchain leading company on the market. If the deal is approved, the acquisition will be the largest acquisition in the blockchain segment at the time. And Jia Nan Zhi Zhi can also be listed through disguised backdoors through major asset restructuring.
However, as the object of the acquisition, Jia Nan was seriously questioned at the time. After many inquiries from the regulatory authorities, after three months, Lu Yitong announced that he had terminated the major asset restructuring of the purchase of 100% equity of Jianan Zhizhi. matter.
In May 2017, according to the investment community, Jianan Zhizhi completed the A-300 million A round of financing, which was invested by institutions such as Yupu Investment, Jinjiang Group and Yan Capital. The company's post-investment valuation was nearly 3.3 billion yuan. In August 2017, the world's second-largest bitcoin mining machine manufacturer applied for a new three board. After the disclosure of the company's financial information, it was regarded by the outside world as “profit-making super imagination”: nearly 100% of the company's revenue comes from mining machine sales, and in recent years 95% of its sales revenue came from the domestic market. In 2017, the company's revenue exceeded 1.2 billion yuan, and its profit exceeded 300 million. Compared with the 2015 revenue of 5,500 and 2.5 million, it increased by 20 times and 100 times respectively.
However, it coincided with the “9·4” domestic regulatory authorities began to increase the rectification of ICO and virtual currency chaos, and closed the virtual currency exchanges in China. Under the turmoil of the industry, the company also received multiple rounds of inquiries from the national SME share transfer system. After three feedbacks before and after the share transfer system, in the following year, Jia Nan Zhizhi voluntarily gave up the listing and went public. The plan is again "grounded."
It was not until April 2018 that things seemed to have some turning points. On April 24, 2018, Jiang Yang, vice chairman of the China Securities Regulatory Commission, and his team conducted a survey of Jia Nan Zhizhi. After understanding the details of the company's 2016 A-share mergers and acquisitions and the latest listing plan, Jiang Yang said, “Whether you What is the chip used for, is essentially a chip company, I hope you are listed in the country."
In May of that year, Jianan Zhizhi began to submit a prospectus to the Hong Kong Stock Exchange, which was planned to be listed in Hong Kong at a market value of 400 million US dollars. However, after six months, the listing plan eventually fell through. In November, the official website of the Hong Kong Stock Exchange classified Jia Nan’s listing application as “invalid”. According to relevant media reports, at that time, the Hong Kong Stock Exchange also had many questions about the business model and prospects of Jianan Zhizhi.
On January 8 this year, Bloomberg issued a document stating that Jianan Zhizhi formally considered going public in the US, and plans to raise US$1 billion in the early stage. It is likely to land in the US stock market in the first half of 2019. However, on March 28th, blockchain media CoinDesk quoted people familiar with the matter as saying that Jianan Zhizhi was considering submitting a listing application to the newly established Science and Technology Board of the Shanghai Stock Exchange or the US Stock Exchange, but no final decision has been made. According to sources, Jia Nan has communicated with the New York Stock Exchange and the NASDAQ Exchange, or made a final plan before the end of the year. This will undoubtedly make the news of the upcoming listing in the US at the beginning of the year renewed doubts.
However, on July 31 this year, some media revealed that the bitcoin mining machine manufacturer Jia Nan Zhizhi had secretly submitted a listing application to the US Securities and Exchange Commission (SEC), raising funds of 200 million US dollars. On October 10, according to relevant sources, Jianan Zhizhi will disclose the prospectus near the middle and late October, and will publicize the roadshow and subscription at the end of October, and will complete the listing by November 25 at the latest.
On October 28th, US local time, Jia Nan Yu Zhi officially submitted an initial public offering to the US Securities and Exchange Commission (SEC). The instructions show that the company intends to list on the NASDAQ under the ticker symbol CAN and set aside $400 million in funding. The final fundraising amount, valuation and price per share are not yet determined. The document marks another attempt by Jia Nan Zhi Zhi to go public. According to the disclosed prospectus of Jianan Zhizhi, Hangzhou Jianan Zhizhi Information Technology Co., Ltd., which was registered in Hangzhou Jianggan District Administration for Industry and Commerce on April 09, 2013, will select “Canaan Inc.” (Canaan Inc.) ) as the company name of this IPO.
At the beginning of November, Jia Nan Zhizhi officially completed the road show, and this also allowed this three-year long IPO road to finally usher in a perfect ending.