Canaan Creative removes four executives as reports of internal disputes circulate

Canaan Creative, a leading bitcoin miner manufacturer, removed four of its leading executives from its company’s listing on July 6, according to the company’s registry.  

Co-chairman Kong Jianping, non-executive director Sun Qifeng, founder and CFO Li Jiaxuan and supervisor Tu Songhua were all removed. Notably, Jianping, Jiaxuan and Qifeng had recently been appointed as company’s directors.

However, chairman and general manager at Canaan Creative, Nangen Zhang, is now listed as the company’s executive director and general manager. Zhang joined the company as the CEO in 2015. Additionally, Meng Lu was added as the new supervisor to the company’s registry.

Chinese media outlets have reported that the changes resulted in response to disputes over internal management and the company’s long-term strategy. However, Canaan has not commented on the reasoning behind the sudden change in the listing of these senior executives.

Further, if case management restructuring did take place, the company has yet to file any paperwork with the Securities and Exchange Commission to publicly acknowledge them.

Last year in February, Xiangfu Liu, one of the three co-founders of Canaan, resigned from his role as a board member owing to a dispute over the firm’s strategy. Liu had served as a board member since 2013 as The Block reported.