Canaan Creative recently applied for an initial public offering over six months ago in Hong Kong, but it does not seem like they met the requirements within the timeframe allotted. Considering that these applications are only good for six months through HKEX, it is possible that this IPO may ultimately be delayed.

On the HKEX website, there was an update on Thursday that indicated that Canaan’s IPO went past the provided deadline. The original plan was to raise $2 billion for their platform, but Canaan decided to scale back to reach for $400 million in funding, according to a report published by Reuters.

Going by the rules for listing for HKEX, there is an option to reactivate a filing, if that is the path that the IPO issuer wants to take after the time period ends. However, if the expiration happened more than three months after the application expired, the issuer has to submit a new application as if the IPO was being introduced for the first time. The lapsed filing would be categorized as “outdated,” and would not be linked to the new application.

The update to the status comes not long after new regulations were established with the Securities and Futures Commission (SFC) in Hong Kong. These new regulations particularly apply to any firm or company that manages one or more crypto assets. In a circular issued by the SFC this month, the firm stated that any company that has more than 10% cryptocurrency in their gross portfolios are required to register with them. Though most regulations focus on crypto assets that are deemed securities, this new registration policy is for any and all cryptocurrencies.

With anonymous sources, Reuters also reported that financial regulators and HKEX have some concerns about the Canaan business model. It is important to note that many of these concerns come from the fact that crypto has been historically volatile, at best. Considering these factors, Reuters suggested that the IPO could end up being delayed beyond this year, supported by the lack of new information by Canaan.

This update on the Canaan IPO application comes at the same time that many bitcoin mining companies are aiming to become public. These China-based companies include Ebang and Bitmain, of which the latter recently filed their own IPO application in September.

Presently, there is no way to access Canaan’s filing. Though the executive director has had opportunities to make a comment, he has declined.

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