What happened to Canaan yesterday? (A copy of Bitmain? Not necessarily)

What happened to Jianan yesterday? The incident can actually be divided into four parts.

First paragraph:

On the morning of the 9th, Tianyancha data showed that the corporate information of Hangzhou Canaan Creative Information Technology Co., Ltd. had changed, indicating that Tu Songhua, Li Jiaxuan, Sun Qifeng, and Kong Jianping had withdrawn from the main personnel, and Zhang Nangeng's position in Hangzhou Canaan Creative Information Technology Co., Ltd. had changed from chairman and general manager to executive director and general manager, and Meng Lu was added as supervisor.

Second paragraph:

On the afternoon of the 9th, Wu said that blockchain exclusively disclosed that Zhang Nangeng and Beijing Canaan executives went to Hangzhou a few days ago, took away the official seal and business license of Canaan Hangzhou, and dismissed several managers of Hangzhou Canaan. The employees of Hangzhou Canaan reported the theft to the police.

As it is also a dispute over official seals, the outside world inevitably links it to recent hot events such as Dangdang, Bitmain, and ARM China.

The third paragraph:

On the evening of the 9th, the official WeChat account of Canaan Technology, which is controlled by Canaan Beijing, issued a long announcement titled "Canaan completes the professional iteration of management and continues to promote the "Blockchain + AI" strategy."

The announcement stated: Canaan's current production and business activities are all normal. After the above-mentioned industrial and commercial changes are completed, Canaan, as a Nasdaq-listed company in the United States, will have Zhang Nangeng serve as the company's executive director, general manager, and legal representative for all its subsidiaries in China, and the company's governance structure will be clearer and more unified.

The announcement emphasized that after Canaan went public, Chairman and CEO Zhang Nangeng owned 15.0% of the shares and 72.6% of the voting rights. Regardless of Canaan's development history or equity distribution, Zhang Nangeng has absolute control over the company.

The announcement also revealed that while the new product has a computing power of more than 80T, its energy efficiency has dropped to about 40J/T. Recently, the company has received large orders from many major customers in key markets such as North America, Russia and Kazakhstan. (This may be related to the shortage of Shenma and the civil unrest in mainland China)

Fourth paragraph:

Interpretation of the background: Canaan's structure is similar to that of Bitmain. Cayman controls Hong Kong, Hong Kong controls Hangzhou, and Hangzhou controls various subsidiaries in China. Therefore, Hangzhou plays a very important role. The legal person of the Hangzhou company is Zhang Nangeng, but the official seal, license, etc. are controlled by the Hangzhou team.

Zhang Nangeng and Kong Jianping are both the chairmen of the board of directors of Canaan Cayman. Zhang Nangeng is the company's spiritual leader, founder and technical director, while Kong Jianping brought in investment when the company was in its most difficult time and promoted the company's successful listing.

Kong Jianping seems to be recuperating at home due to a leg injury, but his friends circle is still cheering for the new machine.

As a U.S.-listed company, Canaan's every move needs to be disclosed. Any personnel and equity changes in the future will be announced or disclosed in the Q2 financial report, so the company's transparency is relatively good.

It can be expected that Canaan will not necessarily end up in such a stalemate as Bitmain. First, the company's overall size is relatively small, second, NG's voting rights are too large, and third, Bitmain's situation has reminded everyone that it is best not to reach such an embarrassing point. Therefore, it is more likely that this situation will pass smoothly.