Hong Kong Stock Exchange (HKEX) has taken off the table IPO application filed by Canaan Creative, crypto mining company.
For now, the company's IPO is up in the air, as the HKEX has assigned a status of "outdated". Specifically, any application receives such status after more than 6-month period from the submission. The company targets $1 billion from the ICO. However, later the sum was downgraded to $400 million.
Nevertheless, Canaan Creative still can renew the application and float the ICO. According to the HKEX rules, the company that plans ICO can renew outdated application within three months after the application became outdated. In the other case, the company will have to file a new application.
Notably, Canaan Creative gave no comments on this matter.
Meanwhile, HKEX and the local regulator have come up with the business model of the company given the observed maker instability. This means that IPO can fail to be held this year. The IPO application was filed in May 2018.
Lately, the Hong Kong Securities and Futures Commission announced new guidelines for the companies that manage crypto assets. Specifically, as the new rules read, all companies that have more than 10% of the assets in cryptos, have to register with the regulator office.