Canaan Inc. (NASDAQ: CAN) ("Canaan" or the "Company"), a leading
high-performance computing solutions provider, today announced that
the terms of office of three of its independent directors, namely
Mr. Hong Zhang, Mr. Xiaohu Yang, and Ms. Mei Luo, expired
on August 1, 2020. All the departing independent directors
will not seek appointments nor stand for elections to the board of
directors of the Company (the “Board”) following the expiration of
their respective terms of office.
The nomination committee of the Board has
confirmed the addition of Mr. Hongchao Du, Mr. Zhitang Shu, Mr.
Wenjun Zhang and Ms. Yaping Zhang as independent directors to the
Board, effective August 1, 2020.
The nomination committee of the Board has
examined the qualifications of the independent director candidates.
The newly appointed independent directors retain various
experiences in the fields of Blockchain and Internet technologies,
law, enterprise management, and financial management, which will
provide extensive support to the future advancement of the
Company.
The following are the personal profiles of the
four newly appointed independent directors, listed in alphabetical
order by surname.
Mr. Hongchao Du, President of CNET-IOBC, is an
expert and initiator in Internet+ of ISC. Mr. Du has 27 years of
experience in the field of information technology. Mr. Du developed
multiple English to Chinese translation software solutions, the
learning software “E&C”, and a real-time on-screen translating
software “instant translator”. He developed the first overseas
Internet-based instant communication platform, “2antong”, and
founded China’s largest IT community, DoNews.com. These platforms
and tools are widely used by both domestic and oversea clients. Mr.
Du was the general manager of www.jiangmin.com, which specializes
in anti-virus software development. Mr. Du has also served as an
Internet and new media consultant to the State-owned Assets
Supervision and Administration Commission of the State Council
(SASAC), which is a special commission of the People's Republic of
China. Mr. Du also developed a universal game card and its
associated replication system. Mr. Du won the Gold Award at the
National University Science and Technology Exposition.
Mr. Zhitang Shu is the Founding Partner and a
board member of Merits & Tree Law Offices. Mr. Shu was
previously a practicing lawyer and Partner of Commerce &
Finance Law Offices. Before that, Mr. Shu worked at the Xiangfan
Science and Technology Commission, Ping An Insurance, Taikang Life
Insurance, and Beijing Aerospace Pulin Technology. Mr. Shu has over
13 years of experience as a lawyer and over 14 years of experience
in enterprise management.
With over 20 years of experience in enterprise
management, Mr. Wenjun Zhang has extensive experience in managing
multi-function units and driving cross-department synergies. Mr.
Zhang is the general manager of Beijing Zhijian Engineering and was
the vice president of Mesnac. In over 12 years of service at
Mesnac, Mr. Zhang was in charge of multiple functions at the
company, including the company’s listing and post-listing capital
markets work. Prior to this position, Mr. Zhang was deputy general
manager at the Dalian Rubber & Plastic Machinery works Import
& Export Corporation, wherein he showed a deep understanding of
corporate strategy and management. Before that position, Mr. Zhang
was a project manager and engineer at the Dalian Rubber &
Plastic Machinery Works.
Ms. Yaping Zhang, current director of risk
management at Guomao Yade Investment Mgmt, has over 23 years of
experience in corporate finance, including over nine years of
experience in charge of the finance division of a publicly traded
company. Ms. Zhang was director of finance, supervisor of Beijing
Culture, deputy manager of the finance department of China Wallink,
and accountant at the residential arm of BUCC. Ms. Zhang is not
only highly experienced in affairs related to finances, but is also
familiar with the auditing, compliance, and risk control practices
of listed companies. Ms. Zhang holds multiple certificates
including CPA, Medium Level Accountant, Advanced Level Accountant
(currently under review), and SIFM.
“We are very pleased to have Mr. Hongchao Du,
Mr. Zhitang Shu, Mr. Wenjun Zhang, and Ms. Yaping Zhang on our
Board. Their extensive leadership and expertise in various
industries as well as their specialized corporate management
capabilities will provide valuable guidance and strong support to
our current and future business development efforts,” said Mr.
Nangeng Zhang, Chairman and CEO of Canaan Inc.
About Canaan Inc.Established in
2013, Canaan Inc. provides high-performance computing solutions to
efficiently solve complex problems. In 2016, Canaan successfully
initiated the production of its first 16nm chip and passed the test
to receive China's national high-tech enterprise certification. In
2018, Canaan achieved major technological breakthroughs to launch
the K210, the world's first-ever RISC-V-based edge artificial
intelligence (AI) chip, which is now widely used for access control
in situations such as smart door locks and more. Canaan Inc. is
currently focused on the research and development of advanced
technology, including such areas as AI chips, AI algorithms, AI
architectures, system on a chip (SoC) integration and chip
integration. Using the AI chip as its base, Canaan Inc. has
established an intellectual value chain. Canaan Inc. also provides
a suite of AI service solutions and is able to tailor these
solutions to the needs of its partners. For more information,
please visit: investor.canaan-creative.com.
Safe Harbor StatementThis
announcement contains forward−looking statements. These statements
are made under the “safe harbor” provisions of the U.S. Private
Securities Litigation Reform Act of 1995. These forward−looking
statements can be identified by terminology such as “will,”
“expects,” “anticipates,” “future,” “intends,” “plans,” “believes,”
“estimates” and similar statements. Among other things, the
business outlook and quotations from management in this
announcement, as well as Canaan Inc.’s strategic and operational
plans, contain forward−looking statements. Canaan Inc. may also
make written or oral forward−looking statements in its periodic
reports to the U.S. Securities and Exchange Commission (“SEC”) on
Forms 20−F and 6−K, in its annual report to shareholders, in press
releases and other written materials and in oral statements made by
its officers, directors or employees to third parties. Statements
that are not historical facts, including statements about Canaan
Inc.’s beliefs and expectations, are forward−looking statements.
Forward−looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from those contained in any forward−looking
statement, including but not limited to the following: the
Company’s goals and strategies; the Company’s future business
development, financial condition and results of operations; the
expected growth of the Bitcoin industry and the price of Bitcoin;
the Company’s expectations regarding demand for and market
acceptance of its products, especially its Bitcoin mining machines;
the Company’s expectations regarding maintaining and strengthening
its relationships with production partners and customers; the
Company’s investment plans and strategies, fluctuations in the
Company’s quarterly operating results; competition in its industry
in China; and relevant government policies and regulations relating
to the Company and cryptocurrency. Further information regarding
these and other risks is included in the Company’s filings with the
SEC, including its registration statement on Form F−1, as amended,
and its annual reports on Form 20−F. All information provided in
this press release and in the attachments is as of the date of this
press release, and Canaan Inc. does not undertake any obligation to
update any forward−looking statement, except as required under
applicable law.
Investor Relations
ContactCanaan Inc.Mr. Shaoke LiTel:
+86-137-5090-0683Email: IR@canaan-creative.com
ICR Inc.Jack WangTel: +1 (347) 396-3281Email:
canaan.ir@icrinc.com
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