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Canaan Inc. Takes Strategic Step by Appointing KPMG Singapore as Independent Auditor

Canaan Inc. (NASDAQ: CAN), a leader in compute and energy infrastructure, has announced a significant update regarding its auditing services. Starting on October 19, 2026, KPMG Singapore will take over from KPMG Huazhen LLP as the company’s independent auditor. This decision comes as part of Canaan's ongoing efforts to reinforce its governance and international presence amidst its growing global operations.

The transition is rooted in a rigorous selection process, which received approval from both the Audit Committee and the Board of Directors. This change signifies Canaan's commitment to enhancing its auditing practices, in line with its ambitious energy-plus-compute strategy. As stated by Nangeng Zhang, the company's Chairman and CEO, the move aligns with the company's evolution as it broadens its reach and diversifies its business operations.

As Canaan continues to scale its operations globally, building out its power infrastructure in North America, this update not only reflects its growth ambitions but also underscores the importance of maintaining high standards of corporate governance. Zhang expressed gratitude towards KPMG Huazhen for their contributions over the years, acknowledging their dedication and professionalism throughout their collaboration. “Canaan is entering a new phase of development, and with this new partnership with KPMG Singapore, we aim to uphold our commitment to financial transparency and regulatory compliance,” he noted.

KPMG Huazhen's audit reports for the fiscal years ending December 31, 2024, and December 31, 2025, reported no adverse opinions or discrepancies, reinforcing the smooth transition with KPMG Singapore. Importantly, during the last two fiscal years, there were no disagreements on accounting practices, which reflects a solid working relationship.

Canaan was founded in 2013 and quickly made its mark as a pioneer in ASIC high-performance computing chip design. The company’s journey into the world of cryptocurrency began with the launch of its first mining machines under the Avalon brand, setting a precedent in the industry. By 2019, Canaan achieved a significant milestone by becoming publicly traded on the Nasdaq Global Market. Today, it is vital for Canaan to adapt to the shifting dynamics of the cryptocurrency landscape, characterized by a need for innovation and robust operational practices.

The decision to partner with KPMG Singapore also indicates Canaan’s aim to leverage global expertise in auditing and consulting services, which can facilitate more efficient operations across its expanding global network. As the cryptocurrency market grows increasingly competitive, robust financial oversight will be crucial for Canaan to navigate the complexities and regulatory challenges ahead.

In summary, this strategic partnership with KPMG Singapore marks a pivotal moment in Canaan's growth trajectory, addressing the demands of its broader international ambitions. As Canaan continues to advance its technologies and expand its market share, this governance upgrade will undoubtedly play a significant role in ensuring the company maintains its competitive edge. The management is optimistic about the collaboration, which is expected to enhance Canaan's capabilities and support its long-term objectives in the rapidly evolving tech landscape.

For more information about Canaan Inc., visit Canaan's Website.