Canaan Announces Change of Auditor

Canaan Announces Change of Auditor-01

Canaan Inc., a leading high-performance computing solutions provider, today announced that it has dismissed PricewaterhouseCoopers Zhong Tian LLP (“PwC”) as the Company’s independent auditor on September 9, 2021 and has approved the appointment of KPMG Huazhen LLP (“KPMG”) as the independent auditor of the Company, effective September 13, 2021.

The change of the Company’s independent auditor was made after careful consideration and evaluation process and was approved by the Audit Committee and the Board of Directors of the Company.

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The reports of PwC on the Company’s consolidated financial statements as of and for the years ended December 31, 2020 and 2019 did not contain an adverse opinion or a disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope, or accounting principle. During the two most recent fiscal years ended December 31, 2020, and through the subsequent interim period through September 9, 2021, there were (i) no disagreements, as defined in Item 16F(a)(1)(iv) of Form 20-F and the related instructions thereto, between the Company and PwC on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures, which, if not resolved to PwC’s satisfaction, would have caused PwC to make reference thereto in their report on the financial statements for such year, and (ii) no “reportable events” (as defined set forth in Item 16F (a)(1)(v) of Form 20-F) other than the material weaknesses reported by management in Item 15 of the Company’s Form 20-F filed with the U.S. Securities and Exchange Commission (the “Commission”) on April 21, 2021.

During the Company’s two most recent fiscal years ended December 31, 2020 and the subsequent interim period through September 9, 2021, neither the Company nor anyone acting on its behalf consulted with KPMG regarding any of the matters described in Item 16F(a)(2)(i) and (ii) of Form 20-F.

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