Nano Labs Files for IPO in the United States

Image Source: Visual China

BEIJING, June 15 (TMTPOST) — Chip company Nano Labs has filed for public listing with the United States Securities and Exchange Commission (SEC), aiming to raise US$50 million through the initial public offering (IPO) under stock ticker NA.

The company’s prospectus shows that AMTD Global Markets, Maxim Group and Tiger Fintech will be the IPO’s co-underwriters. MaloneBailey LLP will be the auditor of the IPO project. Zhong Lun Law Firm will be the company’s Chinese law firm while Wilson Sonsini will be its legal service provider in the United States.

It is worth noting that Nano Labs was founded by Kong Jianping, former co-chairman of computer hardware maker Canaan Creative. The company mainly makes money from selling hardware for mining cryptocurrencies such as BTC, ETH and FIL.

Details of the IPO have not been disclosed.

Nano Lab is a company registered in Hong Kong. Its two main stakeholders are Sun Jianping and Sun Qifeng, with the former assuming the role of chairman and CEO and the latter serving as the deputy chairman. Both Sun Jianping and Sun Qifeng used to be in the senior management team of Canaan Creative.

Before the initiation of the IPO, Sun Jianping holds a 32.8% in the company and Sun Qifeng owns a 22.3% stake in the company.

The company’s prospectus shows that Nano Labs’ main income comes from the solution for mining cryptocurrency Grin. In 2020, the company made all of its money from clients in China. The company established a branch in Singapore to extend its reach to overseas markets.

In September 2021, Nano Labs reportedly completed a US$20 million financing led by YongWan Capital and backed by Hashkey and several other investors.

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