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IPO Roundup: Chinese Bitcoin mining equipment producer Canaan leads three-IPO week

Proactive Investors Monday, 18 November 2019 ()
A trio of companies are lined up to go public this week. Pricing Tuesday YX Asset Recovery Ltd (NYSE:YXR), a Chinese consumer debt collection service, is planning an $81 million IPO.  The company is set to offer 9.3 million shares at a price between $7.75 and $9.75 per share. YX Asset Recovery is the largest provider of delinquent credit card receivables recovery service in China, according to data from iResearch, and the company claims to have serviced seven of the 10 biggest commercial banks in China last year, as measured by outstanding balance of credit cards. Pricing Wednesday SiTime Corp (NASDAQ:SITM), the silicon timing system solutions company being spun out of MegaChips Corporation, is aiming for a $60 million public offering.  The Santa Clara, California-based company expects to offer 4.3 million shares at a price between $13 and $15 per share.  SiTime’s products include oscillator systems, resonators and clock ICs, the integrated circuits that control the timing signals electronic systems.  The company said the global timing market was worth more than $7.7 billion last year, and it expects that market to grow to $10.1 billion by 2024. For its part, SiTime has generated revenue from sales of resonators and additional minimal revenue from sales of clock ICs, which it began sampling in the second quarter of 2019. Pricing Thursday Canaan Inc (NASDAQ:CAN), the world’s second largest maker of cryptocurrency mining equipment in the first half of 2019, has its sights set on a $100 million IPO.  The Hangzhou, China-based company plans to offer 10 million shares at a price between $9 and $11 per share. Canaan offers supercomputing solutions through its proprietary high performance computing application-specific integrated circuits (ASICs). In the first six months of 2019, its Bitcoin mining machines accounted for 21.9% of the combined computing power of all the Bitcoin mining machines sold globally, the company said. Contact Andrew Kessel at [email protected]  Follow him on Twitter @andrew_kessel
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News video: Bitcoin Mining Is A Dirty Business, But Might Not Be As Bad As Previously Thought

Bitcoin Mining Is A Dirty Business, But Might Not Be As Bad As Previously Thought 00:51

Bitcoin is an immaterial resource derived from hype and blind faith. Even so, it is still generating a dark cloud of carbon pollution. Cryptocurrency mining facilities use so much energy that the government of Abkhazia cut power to 15 mining centers last year. Some researchers have estimated that...

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