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HONG KONG - Nano Labs Ltd (NASDAQ:NA), a Web 3.0 infrastructure provider in China whose stock has surged over 116% in the past year despite showing high volatility, announced Thursday the appointment of Dr. Kailong Cai as chief executive officer of its wholly-owned subsidiary, Nano bit HK Limited. According to InvestingPro analysis, the company currently trades above its Fair Value.
Dr. Cai will lead Nano bit’s strategic upgrade and global operations as part of the company’s transformation into a cryptocurrency reserve enterprise. He brings extensive experience in crypto finance, including his previous role as partner at Jasper Crypto Fund from 2020 to 2025. The transformation comes as the company faces challenges, with InvestingPro data showing significant cash burn and negative returns on assets of -24.7%.
His professional background includes serving as chief strategy officer at Huobi Group (now HTX) and CEO of its U.S. subsidiary from 2017 to 2018. Dr. Cai also spent approximately six years at Deutsche Bank on Wall Street specializing in financial product innovation and risk management.
A chartered financial analyst and financial risk manager, Dr. Cai holds a Ph.D. in finance with experience in both Chinese and U.S. financial markets.
Nano Labs Chairman and CEO Dr. Jianping Kong said the appointment would help accelerate the company’s strategic reserves of crypto assets and refine its asset-liability structure.
According to the press release, Nano Labs has accumulated nearly $170 million in digital currencies including BNB and BTC. The company describes itself as committed to developing high throughput computing and high performance computing chips, maintaining impressive gross profit margins of 55.5%. For deeper insights into Nano Labs’ financial health and market position, including 8 additional ProTips and comprehensive crypto-tech analysis, visit InvestingPro.
In other recent news, Nano Labs Ltd has announced a series of significant developments. The company is set to raise $50 million through a securities purchase agreement with institutional investors, selling 5,952,381 Class A ordinary shares at an effective price of $8.40 per share. Concurrently, Nano Labs will issue warrants to purchase an equal number of shares, exercisable at $10.00 per share. The proceeds from this offering will be used to acquire Binance Coin (BNB) as part of the company’s digital asset strategy. In another major move, Nano Labs has entered into an agreement to issue $500 million in convertible promissory notes to several investors. These notes, maturing in 360 days, are convertible into Class A ordinary shares at an initial conversion price of $20 per share. Nano Labs has also announced a strategic partnership with Orbiter Finance to develop a compliant stablecoin distribution and exchange service. This collaboration aims to enhance cross-chain transfers and token exchanges across multiple blockchain networks. Additionally, the company has acquired $50 million in Binance Coin through over-the-counter transactions, marking an initial step in its ambitious plan to hold between 5% and 10% of BNB’s total circulating supply.
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