Grandshores Technology Enters Into Strategic Cooperation With Canaan, a World-renowned Blockchain Equipment Manufacturer

Grandshores Technology (HKEX: 1647) announced that it has entered into a strategic cooperation agreement with Canaan.


According to the agreement, Grandshores plans to purchase or distribute blockchain equipment with a cumulative value of up to than $150 million from or on behalf of Canaan before December 31, 2020. Canaan provides appropriate preferential prices and technical guidance to Grandshores. Both parties will cooperate to explore the development of the blockchain industry, jointly carry out research on blockchain technology and application fields and train industry leaders. Both parties will regularly exchange the latest developments in the blockchain industry and will discuss the development trend of the industry together.

According to the disclosure, Canaan is a world-renowned manufacturer of blockchain equipment and artificial intelligence (AI) chip research and development enterprise. It focuses on the development, design and sales of application-specific integrated circuit (ASIC) chips. It has invented the world's first blockchain specific computing chip and has also made a major breakthrough in the development of AI chips.

Grandshores’ board has noted the respective strengths, resources and expertise of both parties. The proposed cooperation is expected to enable Grandshores to further expand its blockchain business and bring long-term value.

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