Chairman and CEO NANGENG ZHANG and CFO JAMES JIN CHENG of Canaan Inc. plan to use personal funds to purchase at least $2 million worth of Class A common stock of the company. These stocks will be acquired through American Depositary Shares (ADS), with each ADS representing 15 shares of Class A common stock. This purchase will comply with the company's internal trading policy and legal guidelines. NANGENG ZHANG also mentioned that the company has made progress in manufacturing the A14 series mining machines and is currently developing the next-generation A15 and A16 series products, aiming to capture more opportunities after the fourth Bitcoin halving event.

Odaily Planet Daily News According to an official announcement, Canaan Inc. today announced that its Chairman and CEO, Nangeng Zhang, and CFO, James Jin Cheng, have informed the company of their intention to jointly purchase no less than $2 million worth of Class A common stock. These stocks are represented by American Depositary Shares (ADS), with each ADS representing 15 shares of Class A common stock. This action is subject to compliance with the company's insider trading policy and legal guidelines.

Nangeng Zhang stated, "The company has made good progress in streamlining the manufacturing of the previously contracted A14 series mining machines, including a significant number of orders from listed company clients. Additionally, we are eager to see the test results of the next-generation A15 series products and are also developing the A16 series. As customary, once the machine testing is completed, we will announce its performance. Following the fourth Bitcoin halving event, we expect to see more opportunities in the Bitcoin ecosystem."

The senior management of Canaan Technology plans to purchase at least $2 million of company stock with personal funds.