Canaan announces share purchases by CEO, CFO

Canaan (CAN) announced that its chairman and chief executive officer, Nangeng Zhang, and its chief financial officer, James Jin Cheng, had purchased additional shares of the Company’s stock in the open market. Such transactions complied with the Company’s internal trading policy as well as relevant laws and regulations. Zhang and Cheng together acquired an aggregate of 817,268 American Depositary Shares at an average price of US$0.76 per ADS. These purchases demonstrate their continued confidence in the Company’s long-term prospects. “My share purchase underscores my belief in Canaan’s vision and the tremendous opportunities ahead,” said Nangeng Zhang, chairman and chief executive officer of Canaan. “Both James and I believe there is a significant disconnect between our current ADS price and the value we believe we can deliver in the coming years.”