Mr. Kong, Nano Labs’ Chairman and CEO, Increased His Shareholding in the Company

Rhea-AI Summary

Nano Labs (Nasdaq: NA), a leading fabless integrated circuit design company in China, announced that its Chairman and CEO, Mr. Jianping Kong, has increased his stake in the company. In September 2024, Mr. Kong purchased 1,107,935 Class A ordinary shares in open-market transactions using personal funds. This marks the second time in 2024 that Mr. Kong has increased his shareholding in Nano Labs.

The company stated that these transactions complied with internal trading policies and relevant regulations. Mr. Kong expressed optimism about Nano Labs' long-term prospects and indicated he might continue to increase his shareholding in the future.

Positive

• CEO's increased shareholding demonstrates confidence in the company's future
• Second time in 2024 the CEO has increased his stake, showing consistent belief in the company

Negative

• None.

Insights

Financial Analyst

This news of insider buying by the CEO is a positive signal for Nano Labs. Mr. Kong's purchase of 1,107,935 Class A ordinary shares demonstrates confidence in the company's future prospects. Insider buying, especially by top executives, is often viewed favorably by investors as it aligns management's interests with shareholders.

However, the impact on the stock price may be without additional context. Key factors to consider include:

• The size of the purchase relative to Mr. Kong's existing holdings and the company's total outstanding shares
• The company's recent financial performance and growth prospects in the integrated circuit design industry
• Market conditions and investor sentiment towards Chinese tech companies

While this insider buying is encouraging, investors should conduct thorough due diligence on Nano Labs' fundamentals, competitive position and growth strategy before making investment decisions. The CEO's optimism and potential for future share purchases could provide some support for the stock price in the near term.

HANGZHOU, China, Oct. 01, 2024 (GLOBE NEWSWIRE) -- Nano Labs Ltd (Nasdaq: NA) (“we,” the “Company” or “Nano Labs”), a leading fabless integrated circuit design company and product solution provider in China, announced today that Mr. Jianping Kong, the Company’s chairman and chief executive officer, informed the Company that he purchased 1,107,935 Class A ordinary shares of the Company in open-market transactions with his personal funds in September, 2024, which is the second time that Mr. Kong increased his shareholding in the Company in 2024. Such transactions complied with the Company’s internal trading policy as well as relevant laws and regulations. Mr. Kong is optimistic about the Company’s future prospects in the long term and does not rule out the possibility of continuing to increase his shareholding in Nano Labs in the future.

About Nano Labs Ltd

Nano Labs Ltd is a leading fabless integrated circuit (“IC”) design company and product solution provider in China. Nano Labs is committed to the development of high throughput computing (“HTC”) chips, high performance computing (“HPC”) chips, distributed computing and storage solutions, smart network interface cards (“NICs”) vision computing chips and distributed rendering. Nano Labs has built a comprehensive flow processing unit (“FPU”) architecture which offers solution that integrates the features of both HTC and HPC. Nano Lab's Cuckoo series are one of the first near-memory HTC chips available in the market*. For more information, please visit the Company’s website at: ir.nano.cn.

* According to an industry report prepared by Frost & Sullivan.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, the Company’s plan to appeal the Staff’s determination, which can be identified by terminology such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. Such statements are based upon management’s current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control, which may cause the Company’s actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.

For investor inquiries, please contact:

Nano Labs Ltd
ir@nano.cn

Ascent Investor Relations LLC
Tina Xiao
Phone: +1-646-932-7242
Email: investors@ascent-ir.com

FAQ

How many shares did Nano Labs (NA) CEO purchase in September 2024?

Nano Labs' CEO, Mr. Jianping Kong, purchased 1,107,935 Class A ordinary shares in September 2024.

Is this the first time Nano Labs (NA) CEO increased his shareholding in 2024?

No, this is the second time in 2024 that Mr. Kong has increased his shareholding in Nano Labs.

Does Nano Labs (NA) CEO plan to buy more shares in the future?

Mr. Kong indicated he does not rule out the possibility of continuing to increase his shareholding in Nano Labs in the future.

Were the Nano Labs (NA) CEO's share purchases compliant with company policies?

Yes, the transactions complied with Nano Labs' internal trading policy as well as relevant laws and regulations.