Chinese chip designer Nano Labs seeks $50 million Nasdaq IPO

A Chinese designer of computing chips, Nano Labs, is seeking to go public in the United States.

Nano Labs was founded by former executives of bitcoin mining firm Canaan.

Reports has it that Nano Labs has filed papers with the Securities and Exchange Commission (SEC) on for an Initial Public Offer on Nasdaq.

The company wants to raise a total of $50 million, per the South China Morning Post.

Nano labs Co-founders Kong Jianping and Sun Qifeng were formerly co-chairman and non-executive director of Canaan, respectively.

The two own 32.8% and 22.3% of the Nano Labs, respectively.

Nano Labs produces integrated circuits — more specifically, high throughput computing (HTC) chips.
Fabless refers to chip designers that outsource the fabrication process to third-party companies.

According to the South China Morning Post, only two other Chinese-based companies have been listed in New York this year.

Although Nano Labs produces parts used for mining Bitcoin and other cryptocurrencies, the company indicated that increased regulation from the government, which last year cracked down on mining, limited its ability to operate in China.