90% of Chinese Blockchain company was trying to do ICO, Guangzhou will incubate domestic blockchain companies esp in the region, Canaan, Chinese blockchain Company got listed on Nasdaq
China Blockchain Blue Paper 2019: “90% of Blockchain Entities try to do ICO.”
According to the Blockchain Blue Paper(《中国区块链发展报告（2019）》, about 89% of Chinese blockchain companies have tried to do ICO(Initial Coin Offering).
Five government-related financial institutions, such as the People’s Bank of China and the Chinese Academy of Social Sciences, have comprehensively accused the blockchain industry of illegal behavior and fraud.
In a state-owned media CCTV, Zhu Yedong, chairman of the Beijing Blockchain Applied Technology Association (BBAA), a nonprofit government agency mentioned in the interview, “ There are approximately 25,000 blockchain companies in China, more than 89% of companies have attempted to issue tokens. Only 4,000 companies focused on developing blockchain technology and its applications.”
He also added, “Nowadays, Blockchain companies which illegally have attracted investments or promoted fraud should be closely monitored by the government to ensure they are not categorized in government’s support programs.”
The government has published three reports about Blockchain on how to regulate the emerging fintech industry.
The blockchain technology has been included in one of them, and the other two reports focus on the various supervisory and financial technologies used by regulators.
Guangzhou of China Invests 143Mill USD “only” in Domestic Blockchain Companies, Not for Foreign Companies.
Regarding the city government’s plan to invest 1 billion yuan in related enterprises to promote the blockchain industry, the Guangzhou mayor of China announced that only blockchain companies established in Guangzhou city are eligible for financial support by Guangzhou.”
Wen Guohui, Mayor of Guangzhou city, met with Coindesk Korea reporter at the groundbreaking ceremony of the IFF Permanent Meeting in China’s Free Trade Zone, Guangzhou.
Mayor Wen claimed that the government has not yet decided whether to permit or issue cryptocurrencies in the region, the original plan is simply for raising funds for the development of the blockchain industry. He mentioned in the interview, We haven’t decided yet whether to allow tokens to be issued such as ICO or STO.
According to the Sina Finance Report on June 30, 2019, Huangpu District and Guangzhou Development Zone of Guangzhou of China, announced the ‘Enforcement Rules for Accelerating the Blockchain Industry and Promoting Change’ as a base for the city’ for new industry promotion.
Canaan, Listed on NASDAQ for the first time as a blockchain company in the world.
Chinese blockchain company called Canaan Inc has been the first blockchain company to be listed on NASDAQ (Canada). It is the first case not only in China but also in a global blockchain market.
According to China’s Fenghuang media on Nov 21, Canaan issued 10 million shares of Depositary Receipts (ADS). The price per share was 9 USD and the total offer was 90 million USD.
The company is a bitcoin miner and a computing chip company, the first Chinese company to launch its first IPO.
Canaan plans to complement its capital channels and increase its global reputation with this IPO.
According to its investment prospectus, Canaan’s funds will be used primarily for computational solutions, high-performance chip design, artificial intelligence (AI) product launches, AI service-type software (SaaS), and overseas business development.
Canaan began supplying ASIC cryptocurrency miners in January 2013 and has been supplying process chips including 110nm, 55nm, 28nm, 16nm, and 7nm. It has mass-produced 16nm chips in 2016 and recently became the world’s first company with its own intellectual property rights to RISC-V edge AI chips.