Canaan Inc. Announces Up to US$30 Million Share Repurchase Program

Core Viewpoint - Canaan Inc. has announced a share repurchase program authorizing the repurchase of up to US$30 million worth of its outstanding shares, reflecting confidence in its business model and long-term growth potential amid challenging market conditions [1][2]. Group 1: Share Repurchase Program - The share repurchase program allows Canaan to buy back American depositary shares (ADSs) and/or Class A ordinary shares over the next six months starting from May 27, 2025 [1][2]. - The repurchase will be conducted through open market transactions, privately negotiated transactions, block trades, or a combination of these methods, in compliance with relevant regulations [2]. - The timing and number of shares repurchased will depend on various factors, including market price, trading volume, and the company's working capital requirements [2]. Group 2: Company Background - Canaan Inc., established in 2013, specializes in ASIC high-performance computing chip design, chip R&D, computing equipment production, and software services [3]. - The company is known for shipping the world's first batch of mining machines utilizing ASIC technology in bitcoin's history under the brand name Avalon [3]. - Canaan went public on the Nasdaq Global Market in 2019, indicating its growth and establishment in the cryptocurrency mining industry [3].