Jiannan Technology announces the launch of a new $20 million share repurchase plan, authorized by its board of directors with $100 million in funding.

The new authorization reflects the company's confidence in its strategic transformation and long-term prospects.

Singapore, November 10, 2026 / PRNewswire / -- Canaan Technology (Nasdaq ticker: CAN) (hereinafter referred to as "Canaan" or "the Company") announced today that it has initiated the first phase of a stock repurchase program with a maximum amount of $20 million, in accordance with a broader $100 million stock repurchase authorization approved by the Board of Directors (hereinafter referred to as "the Board"). This overall authorization is valid for 12 months from the date of approval by the Board on November 6, 2026, and within this authorized amount, the Company may flexibly consider further repurchases.

Jiannan Chairman and CEO Zhang Nangeng commented, "Recently, our 1-gigawatt project located in Duval County, Texas, under the ERCOT Batch Zero process has made progress. Coupled with our additional 1-gigawatt power project pipeline in Zapata County, Texas, this further strengthens our confidence in Jiannan's transformation towards energy and computing infrastructure, as well as its long-term prospects. This new share repurchase plan reflects our belief that the trading level of the company's shares significantly underestimates the strength of our business model and its long-term growth potential. We consider share repurchases to be an important priority in capital allocation. As available funds increase, we intend to proceed with repurchases more actively while maintaining sufficient liquidity to support ongoing operations and committed projects. This new plan demonstrates our commitment to prudent capital allocation and enhancing shareholder value."

According to this repurchase plan, the company may repurchase its American Depository Receipts (ADS) and/or Class A common shares through public market transactions, private negotiated transactions, block trades, or any combination of the above methods. Canaan will carry out the repurchase transactions in accordance with the revised Securities Exchange Act of 1934 and its insider trading policies. The number of ADS and/or Class A common shares repurchased, as well as the timing of the repurchase, will depend on various factors, including but not limited to price, trading volume, overall market conditions, as well as Canaan's working capital needs and general operating conditions. The company's board of directors or management will regularly review this repurchase plan and may authorize adjustments to its terms and scale when appropriate. The company plans to use available cash and other liquid sources to fund the repurchase.

About Canaan Technology

Jianan Technology was established in 2013 and is a technology company focused on the design of high-performance computing chips, chip research and development, production of computing devices, and software services for ASIC. Jianan has rich experience in chip design and large-scale production in the field of ASIC. In 2013, Jianan's founding team delivered the world's first batch of mining machines using ASIC technology to customers under the Avalon brand. In 2019, Jianan completed its initial public offering on the NASDAQ global market. For more information, please visit https :// www.canaan.io.

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made under the “Safe Harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking statements can be identified by words such as “will”, “expect”, “anticipate”, “future”, “intend”, “plan”, “believe”, “estimate”, and similar expressions. Among other things, the business outlooks and management quotations in this announcement, as well as Canaan Creative’s strategies and operational plans, contain forward-looking statements. Canaan Creative may also make written or oral forward-looking statements in its periodic reports filed with the U.S. Securities and Exchange Commission (SEC) under Form 20-F and 6-K, annual reports to shareholders, press releases, and other written materials, as well as in oral statements made by the company’s executives, directors, or employees to third parties. Statements other than historical facts, including those regarding Canaan Creative’s beliefs and expectations, such as expectations regarding revenue or the deployment of mining machine computing power, are considered forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Various factors may cause actual results to differ significantly from those contained in any forward-looking statements, including but not limited to: the company’s objectives and strategies; the company’s future business development, ability to achieve its objectives, financial condition, and operating results; the expected growth of the Bitcoin industry and Bitcoin prices; the company’s expectations regarding product demand and market acceptance, especially for Bitcoin mining machines; the company’s expectations for maintaining and strengthening relationships with production partners and customers; the company’s investment plans and strategies, and fluctuations in quarterly operating results; industry competition; the constantly changing macroeconomic and geopolitical environment, including changes in international trade policies and the implementation of higher tariffs, import restrictions, and retaliatory trade measures; and government policies and regulations related to the company and cryptocurrencies. For more information regarding these and other risks, please refer to the documents submitted by the company to the SEC.All information provided in this press release and its attachments is as of the date of issuance of this press release. Except as required by applicable laws, Canaan Technology assumes no obligation to update any forward-looking statements.

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