Canaan Appoints Four New Independent Directors
Nangeng Zhang, CEO of Canaan hopes the extensive leadership experience of the four new management team members will provide "strong support to our current and future business development efforts.”
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Capitalwatch Staff
Aug 05,2020,05:50

Supercomputing company Canaan Inc. (Nasdaq: CAN) today appointed Hongchao Du, Zhitang Shu, Wenjun Zhang and Yaping Zhang as new independent directors to the board, effective August 1, 2020.

The newly appointed independent directors possess vast experience in the fields of Blockchain and Internet technologies, law, enterprise management, and financial management, which will provide extensive support to the future advancement of the company.

Looking ahead, Nangeng Zhang, CEO of Canaan said he is hoping these four new members' extensive leadership and "expertise in various industries as well as their specialized corporate management capabilities will provide valuable guidance and strong support to our current and future business development efforts.” 

Hongchao Du, President of CNET-IOBC, is an expert and initiator in Internet+ of ISC. Mr. Du has 27 years of experience in the field of information technology. Mr. Du has developed multiple English to Chinese translation software solutions, including the learning software “E&C”, and a real-time on-screen translating software “instant translator." Du also developed the first overseas Internet-based instant communication platform, “2antong,"  and founded China’s largest IT community, DoNews.com. These platforms and tools are widely used by both domestic and oversea clients.

Mr. Du served as the general manager of www.jiangmin.com, which specializes in anti-virus software development, and also served as an Internet and new media consultant to the State-owned Assets Supervision and Administration Commission of the State Council (SASAC), a special commission of the People's Republic of China. In addition, Du also developed a universal game card and its associated replication system. Du won the Gold Award at the National University Science and Technology Exposition.

Zhitang Shu is the Founding Partner and a board member of Merits & Tree Law Offices. Mr. Shu was previously a practicing lawyer and Partner of Commerce & Finance Law Offices. Before that, Mr. Shu worked at the Xiangfan Science and Technology Commission, Ping An Insurance, Taikang Life Insurance, and Beijing Aerospace Pulin Technology. Mr. Shu has over 13 years of experience as a lawyer and over 14 years of experience in enterprise management.

With over 20 years of experience in enterprise management, Wenjun Zhang has extensive experience in managing multi-function units and driving cross-department synergies. Mr. Zhang is the general manager of Beijing Zhijian Engineering and was the vice president of Mesnac. In over 12 years of service at Mesnac, Zhang was in charge of multiple functions at the company, including the company’s listing and post-listing capital markets work. Prior, Zhang was deputy general manager at the Dalian Rubber & Plastic Machinery works Import & Export Corporation, wherein he showed a deep understanding of corporate strategy and management. Zhang was also a project manager and engineer at the Dalian Rubber & Plastic Machinery Works.

Yaping Zhang, current director of risk management at Guomao Yade Investment Mgmt, has over 23 years of experience in corporate finance, including over nine years of experience as head of the finance division of a publicly-traded company. Ms. Zhang was director of finance, supervisor of Beijing Culture, deputy manager of the finance department of China Wallink, and accountant at the residential arm of BUCC. 

Zhang is not only highly experienced in affairs related to finance but is also familiar with the auditing, compliance, and risk control practices of listed companies. Zhang holds multiple certificates including CPA, Medium Level Accountant, Advanced Level Accountant (currently under review), and SIFM.

Canaan Inc. builds application-specific artificial intelligence chips and has shipped more than 53,000 AI chips and development kits to AI product developers as of September last year. Canaan said it is working under the development strategy of "Blockchain + AI."

Canaan became the first Chinese supercomputing company to become publicly traded in New York in November 2019, raising $90 million.

Shares in Canaan were trading at $2.58 per share, down nearly 6% midday Tuesday.


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