SCHEDULE: Canaan Inc. Founder Nangeng Zhang Amends Ownership Filing

Nangeng Zhang and Flueqel Ltd. updated their beneficial ownership of Canaan Inc. Class A ordinary shares, revealing significant voting power.

Summary

• Nangeng Zhang, a citizen of China, and Flueqel Ltd., a British Virgin Islands company, filed an Amendment No. 6 to Schedule 13G regarding their beneficial ownership of Canaan Inc. Class A ordinary shares.
• As of December 31, 2025, Nangeng Zhang beneficially owns 576,066,269 ordinary shares, representing 5.8% of the class.
• This ownership includes 311,624,444 Class B ordinary shares held by Flueqel Ltd. (which are convertible into Class A shares) and 264,441,825 Class A ordinary shares.
• Due to Canaan Inc.'s dual-class share structure, where each Class B ordinary share carries 15 votes compared to Class A's one vote, Nangeng Zhang holds 34.5% of the total voting power.
• Flueqel Ltd. beneficially owns 311,624,444 ordinary shares, representing 3.1% of the class and 32.7% of the total voting power.
• Flueqel Ltd. is indirectly wholly owned by a trust of which Nangeng Zhang is the beneficiary.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral, routine disclosure of beneficial ownership. It provides transparency on control but doesn't inherently signal positive or negative operational developments.

Risks

• The dual-class share structure concentrates significant voting power (34.5%) in the hands of Nangeng Zhang, potentially limiting the influence of other shareholders on corporate decisions.

Future Outlook

This filing is an ownership disclosure and does not contain forward-looking statements or guidance regarding the company's future performance or strategy.

Industry Context

StockSavvy.ai notes that dual-class share structures, like Canaan Inc.'s, are common among technology companies, particularly those with founder-led management, to ensure long-term strategic control. This structure can be viewed positively for stability but also raises concerns about minority shareholder influence, a recurring theme in corporate governance discussions.

Corporate Governance

Stakeholder Impact

• Shareholders: Provides transparency on the significant voting control held by Nangeng Zhang, which could influence future corporate decisions and governance matters.

Key Dates

Recommendation

This Schedule 13G/A filing is a routine update on beneficial ownership and does not contain new information that would fundamentally alter the investment thesis for Canaan Inc. It primarily reiterates the existing control structure, where the founder holds significant voting power. As such, it does not warrant a change in investment recommendation based solely on this disclosure.

Keywords

Canaan Inc., Nangeng Zhang, Flueqel Ltd., Schedule 13G, Beneficial Ownership, Class A Ordinary Shares, Class B Ordinary Shares, Voting Power, Dual Class Structure, SEC Filing