Canaan Inc. has made a significant change in its auditing practices by appointing KPMG in Singapore as its new independent auditor, effective October 19, 2026. This decision comes as part of the company's ongoing efforts to enhance its corporate governance and financial transparency as it expands its global operations.
Previously, Canaan was audited by KPMG Huazhen LLP, and the transition to KPMG in Singapore was approved by the Audit Committee and the Board of Directors. The new auditor will be responsible for auditing the company’s consolidated financial statements for the fiscal year ending December 31, 2026.
“As Canaan continues to advance our energy-plus-compute strategy, expand our global operations, and build out our power infrastructure presence in North America, our business is becoming increasingly international and diversified,” said Nangeng Zhang, chairman and CEO of Canaan. He expressed appreciation for KPMG Huazhen's service over the years and emphasized the importance of maintaining high standards of corporate governance and regulatory compliance.
Established in 2013, Canaan Inc. is a technology company specializing in ASIC high-performance computing chip design and production. The company has a notable history, having shipped the world's first batch of mining machines using ASIC technology under the Avalon brand. Canaan went public on the Nasdaq Global Market in 2019.
The change in auditors reflects Canaan's strategic direction as it continues to navigate the complexities of the finance services industry. With this transition, the company aims to bolster its financial and reporting infrastructure, which is crucial for supporting its long-term growth and operational goals.
Details regarding future filings or other actions following this change were not specified in the filing.