Chinese blockchain company becomes first of its kind on exchange

The world's second-largest bitcoin mining manufacturer Canaan Inc raised $90 million in its initial public offering in Nasdaq on Thursday, making it the first Chinese blockchain company to get listed.

The Chinese company said capital from the IPO will be used for research and development in the areas of AI and blockchain algorithms and applications, business expansion, establishing overseas offices and repaying debts.

Canaan said it accounts for 21.9 percent of the global mining hardware market. It generated total revenue of $394.1 million, with a net income of $17.8 million in 2018.

Citigroup Global Markets Inc, China Renaissance Securities (Hong Kong) Ltd and CMB International Capital Ltd are acting as active joint bookrunners of this offering.