Canaan (CAN) CEO’s trust-linked holdings control 34.5% voting power

Rhea-AI Filing Summary

Canaan Inc. received an updated ownership report from its founder and CEO, Nangeng Zhang, and affiliated entity Flueqel Ltd. as of December 31, 2025. Zhang is reported to beneficially own 576,066,269 ordinary shares on an as-converted basis, representing 5.8% of the outstanding ordinary shares when Class A and Class B are counted as a single class.

This stake includes 311,624,444 Class B ordinary shares held by Flueqel Ltd., each convertible into one Class A share, plus 264,441,825 Class A ordinary shares. Because Zhang is the beneficiary of the trust that indirectly owns Flueqel, he may be deemed to beneficially own the Class B shares held by Flueqel.

The filing highlights Canaan’s dual‑class structure: each Class A share has one vote, while each Class B share has 15 votes, voting together as a single class. On this basis, shares beneficially owned by Zhang represent 34.5% of total voting power, and the Class B shares held through Flueqel alone account for 32.7% of total voting power. This structure gives Zhang substantial control relative to his economic ownership.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 6)

Canaan Inc.

(Name of Issuer)

Class A ordinary shares, par value US$0.00000005 per share

(Title of Class of Securities)

134748102

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 134748102

1

Names of Reporting Persons

Zhang Nangeng

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CHINA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 576,066,269.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 576,066,269.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

576,066,269.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.8 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: (1) Represent (a) 311,624,444 Class B ordinary shares held by Flueqel Ltd., each of which is convertible into one Class A ordinary share by Flueqel at any time, and (b) 264,441,825 Class A ordinary shares. Flueqel Ltd. is indirectly wholly owned by a trust of which Nangeng Zhang is the beneficiary. Accordingly, Nangeng Zhang may thereby be deemed to beneficially own the 311,624,444 Class B ordinary shares owned by Flueqel Ltd. (2) The percentage of the class of securities beneficially owned by each reporting person is calculated based on 9,939,193,337 issued and outstanding ordinary shares as a single class, being the sum of 9,627,568,893 Class A ordinary shares of the Issuer issued and outstanding and 311,624,444 Class B ordinary shares beneficially owned by the reporting person as of December 31, 2025, assuming conversion of all Class B ordinary shares into Class A ordinary shares. (3) The voting power of the shares beneficially owned by Mr. Nangeng Zhang represents 34.5% of the total voting power. The percentage of voting power is calculated by dividing the voting power beneficially owned by such person or group by the voting power of all of Class A ordinary shares of the Issuer issued and outstanding and Class B ordinary shares beneficially owned by the reporting person as of December 31, 2025. In respect of all matters subject to a shareholders' vote, each Class A ordinary share is entitled to one vote, and each Class B ordinary share is entitled to 15 votes, voting together as one class. Each Class B ordinary share is convertible into one Class A ordinary share at any time by the holder thereof. Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances.

SCHEDULE 13G

CUSIP No. 134748102

1

Names of Reporting Persons

Flueqel Ltd.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

VIRGIN ISLANDS, BRITISH

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 311,624,444.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 311,624,444.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

311,624,444.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

3.1 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: (1) Represents 311,624,444 shares held by Flueqel Ltd. (2) The percentage of the class of securities beneficially owned by each reporting person is calculated based on 9,939,193,337 ordinary shares as a single class, being the sum of 9,627,568,893 Class A ordinary shares of the Issuer issued and outstanding and 311,624,444 Class B ordinary shares beneficially owned by the reporting person as of December 31, 2025, assuming conversion of all Class B ordinary shares into Class A ordinary shares. (3) The voting power of the shares beneficially owned by Flueqel Ltd., represent 32.7% of the total voting power. The percentage of voting power is calculated by dividing the voting power beneficially owned by such person or group by the voting power of all of Class A ordinary shares of the Issuer issued and outstanding and Class B ordinary shares beneficially owned by the reporting person as of December 31, 2025. In respect of all matters subject to a shareholders' vote, each Class A ordinary share is entitled to one vote, and each Class B ordinary share is entitled to 15 votes, voting together as one class. Each Class B ordinary share is convertible into one Class A ordinary share at any time by the holder thereof. Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Canaan Inc.
(b)	Address of issuer's principal executive offices: 28 AYER RAJAH CRESCENT, #06-08, Singapore, SINGAPORE 139959
Item 2.
(a)	Name of person filing: (i) Nangeng Zhang, a citizen of the People's Republic of China; and (ii) Flueqel Ltd., a company organized under the law of the British Virgin Islands and indirectly wholly owned by a trust of which Nangeng Zhang is the beneficiary.
(b)	Address or principal business office or, if none, residence: (i) The address of Nangeng Zhang is 28 Ayer Rajah Crescent #06-08, S139959, Singapore. (ii) The registered address of Flueqel Ltd. is Sertus Chambers, P.O. Box 905, Quastisky Building, Road Town, Tortola, British Virgin Islands.
(c)	Citizenship: Nangeng Zhang is a citizen of the People's Republic of China. Flueqel is organized under the law of the British Virgin Islands.
(d)	Title of class of securities: Class A ordinary shares, par value US$0.00000005 per share
(e)	CUSIP No.: 134748102
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: See Row (9) of each cover page.
(b)	Percent of class: See Row (11) of each cover page.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See Row (5) of each cover page.
	(ii) Shared power to vote or to direct the vote: See Row (6) of each cover page.
	(iii) Sole power to dispose or to direct the disposition of: See Row (7) of each cover page.
	(iv) Shared power to dispose or to direct the disposition of: See Row (8) of each cover page.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.	Certifications:
	Not Applicable

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Zhang Nangeng

Signature:	/s/ Nangeng Zhang
Name/Title:	Nangeng Zhang
Date:	02/13/2026

Flueqel Ltd.

Signature:	/s/ Nangeng Zhang
Name/Title:	Nangeng Zhang/Authorized Signatory
Date:	02/13/2026

Exhibit Information

99.1 Joint Filing Agreement

FAQ

What ownership stake does Nangeng Zhang report in Canaan Inc. (CAN)?

Nangeng Zhang reports beneficial ownership of 576,066,269 ordinary shares, equal to 5.8% of Canaan’s ordinary shares on an as-converted basis. This combines Class A shares held directly with Class B shares held through Flueqel Ltd., a trust-owned entity.

How much of Canaan Inc. (CAN) does Flueqel Ltd. beneficially own?

Flueqel Ltd. reports beneficial ownership of 311,624,444 Class B ordinary shares, representing 3.1% of Canaan’s ordinary shares on an as-converted basis. These Class B shares are indirectly owned through a trust of which Nangeng Zhang is the beneficiary.

What voting power does Nangeng Zhang hold at Canaan Inc. (CAN)?

Shares beneficially owned by Nangeng Zhang represent 34.5% of Canaan’s total voting power. This reflects the company’s dual-class structure, where Class B ordinary shares carry 15 votes each compared with one vote per Class A ordinary share.

How does the dual-class share structure work at Canaan Inc. (CAN)?

Canaan’s capital structure includes Class A and Class B ordinary shares. Each Class A share has one vote, while each Class B share has 15 votes. Class B shares can convert into Class A shares one-for-one, but Class A shares cannot convert into Class B shares.

What share counts were used to calculate ownership percentages for Canaan Inc. (CAN)?

Ownership percentages are based on 9,939,193,337 ordinary shares treated as a single class. This total includes 9,627,568,893 Class A ordinary shares outstanding plus 311,624,444 Class B ordinary shares beneficially owned by the reporting persons, assuming full conversion into Class A.

Why is Flueqel Ltd. included in the Canaan Inc. (CAN) Schedule 13G/A filing?

Flueqel Ltd. is included because it holds 311,624,444 Class B ordinary shares of Canaan. It is indirectly wholly owned by a trust for which Nangeng Zhang is the beneficiary, so he may be deemed to beneficially own the shares held by Flueqel.