Canaan Inc.

Canaan Inc. is a Cayman Islands holding company that conducts its operations primarily through its operating subsidiaries. The company focuses on designing high-performance, repeated computing ICs. On January 19, 2013, the company's chairman and chief executive officer, Mr. Nangeng Zhang, and his team, shipped the world's first batch of mining machines incorporating ASIC technology to consumers in Bitcoin's history under the brand name Avalon. To continue developing these mining machines, which were later renamed AvalonMiner, Beijing Canaan Creative Information Technology Co., Ltd. was incorporated and subsequently renamed Hangzhou Canaan Intelligence Information Technology Co., Ltd., or Hangzhou Canaan, in September 2015. Hangzhou Canaan became a holding company for the company's PRC subsidiaries after a series of capital injections. In the first quarter of 2018, the company underwent an offshore reorganization. Canaan Cayman Holdings Ltd. was incorporated in the Cayman Islands in February 2018 and renamed Canaan Inc. in April 2018. In March 2018, Canaan Inc. issued and allotted ordinary shares to investment holding companies held by the then shareholders of Hangzhou Canaan. Canaan Creative (HK) Holdings Limited, or Canaan HK, a wholly-owned subsidiary, was established in Hong Kong in February 2018. In March 2018, Canaan HK acquired a 100% equity interest in Hangzhou Canaan, making Canaan Inc. the ultimate holding company. In June 2018, a one-for-2,000 shares subdivision was completed, resulting in 2,000,000,000 total issued and outstanding ordinary shares. The authorized share capital of US$50,000 is divided into 1,000,000,000,000 ordinary shares of US$0.00000005 each.