Earlier in the year, the Chinese based cryptocurrency mining equipment producer Canaan announced plans to conduct a $400 million IPO which would make it the largest Bitcoin-related IPO to be listed on the Hong Kong Stock Exchange (HKEX). The ongoing cryptocurrency bear market has altered those plans as Reuters has reported that Canaan has let its application for the IPO lapse due to questions about the company’s business model and prospects from the HKEX and regulators. Canaan will now have to rebid its IPO with updated financial information before a listing hearing can be scheduled by the HKEX.