Canaan Inc. Announces Resignation of Chief Financial Officer

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BEIJING, China, Feb. 09, 2021 (World NEWSWIRE) — Canaan Inc. (NASDAQ: CAN) (“Canaan” or the “Firm”), a leading large-efficiency computing methods company, these days introduced that Mr. Quanfu Hong has resigned from the Chief Monetary Officer posture, powerful February 9, 2021, for personal explanations. Mr. Tong He will turn out to be acting Chief Economical Officer instantly.

Mr. He has been the Company’s Director of Finance considering the fact that July 2020 and has comprehensive encounter in finance and accounting. Prior to joining the Firm, Mr. He served as Chief Fiscal Officer and assistant to the standard manager at Diankeyun (Beijing) Engineering Co., Ltd, deputy main monetary officer at IReader Engineering Co Ltd. (SHSE: 603533), and Head of Business Device Finance at Lenovo Group Confined (HKSE: 0992). Mr. He received a learn diploma in commerce finance in Australia.

Mr. Nangeng Zhang, Chairman and Chief Executive of Canaan, commented, “Speaking on behalf of the Company and the board, I would like to thank Mr. Hong for his precious support and contributions to the Business. We desire him the finest for his long term endeavors. I would also like to thank Mr. He for accepting the acting CFO job and continuing to provide us with his managerial know-how. With his shown knowledge in accounting and finance, Mr. He should really be able to make sure a easy transition and transfer our functions continually ahead.”

About Canaan Inc. 
Established in 2013, Canaan Inc. provides substantial-efficiency computing answers to successfully address complex challenges. In 2016, Canaan effectively initiated the creation of its first 16nm chip and handed the exam to obtain China’s nationwide higher-tech enterprise certification. In 2018, Canaan accomplished important technological breakthroughs to start the K210, the world’s initial-ever RISC-V-based edge artificial intelligence (AI) chip, which is now widely utilised for access management in scenarios these types of as wise doorway locks and far more. Canaan Inc. is presently concentrated on the analysis and growth of highly developed technological know-how, together with such parts as AI chips, AI algorithms, AI architectures, system on a chip (SoC) integration and chip integration. Working with the AI chip as its base, Canaan Inc. has recognized an intellectual price chain. Canaan Inc. also provides a suite of AI company options and is equipped to tailor these methods to the needs of its companions. For far more information and facts, remember to stop by: investor.canaan-artistic.com.

Risk-free Harbor Assertion
This announcement consists of forward−looking statements. These statements are manufactured below the “safe harbor” provisions of the U.S. Personal Securities Litigation Reform Act of 1995. These forward−looking statements can be recognized by terminology these types of as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and very similar statements. Among other points, the business outlook and quotations from management in this announcement, as properly as Canaan Inc.’s strategic and operational options, incorporate forward−looking statements. Canaan Inc. might also make prepared or oral forward−looking statements in its periodic stories to the U.S. Securities and Exchange Fee (“SEC”) on Sorts 20−F and 6−K, in its once-a-year report to shareholders, in push releases and other composed products and in oral statements created by its officers, administrators or workers to third events. Statements that are not historical specifics, such as statements about Canaan Inc.’s beliefs and expectations, are forward−looking statements. Forward−looking statements include inherent threats and uncertainties. A amount of things could bring about genuine outcomes to vary materially from all those contained in any forward−looking assertion, including but not restricted to the pursuing: the Company’s aims and strategies the Company’s long term enterprise improvement, money issue and success of operations the anticipated expansion of the Bitcoin market and the selling price of Bitcoin the Company’s anticipations relating to demand for and market acceptance of its goods, specifically its Bitcoin mining devices the Company’s expectations pertaining to preserving and strengthening its interactions with output associates and shoppers the Company’s expenditure strategies and tactics, fluctuations in the Company’s quarterly functioning final results competitiveness in its sector in China and pertinent govt procedures and restrictions relating to the Enterprise and cryptocurrency. Further information and facts pertaining to these and other risks is incorporated in the Company’s filings with the SEC, which includes its registration assertion on Type F−1, as amended, and its annual reports on Form 20−F. All information and facts presented in this press release and in the attachments is as of the day of this press launch, and Canaan Inc. does not undertake any obligation to update any forward−looking statement, apart from as essential below relevant legislation.

Trader Relations Make contact with
Canaan Inc.
Mr. Shaoke Li
E mail: [email protected]

ICR Inc.
Jack Wang
Tel: +1 (347) 396-3281
E-mail: [email protected]