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HONG KONG - Nano Labs Ltd (NASDAQ:NA), a Web 3.0 infrastructure provider in China with a market capitalization of $134 million and impressive gross profit margins of 55%, announced Thursday the appointment of Ms. Can Yang as senior vice president of its wholly-owned subsidiary, Nano bit HK Limited. According to InvestingPro data, the company’s stock is currently trading at $7.60, down 15% year-to-date.
According to the company’s press release, Yang will lead Nano bit’s digital currency strategic reserves initiatives and support its growth within the global crypto financial ecosystem. This appointment comes at a crucial time as the company faces challenges, with InvestingPro analysis indicating rapid cash burn and revenues of just $5.56 million in the last twelve months.
Yang brings over 15 years of finance and investment experience across traditional and cryptocurrency sectors. Since 2018, she has been a founding partner at Aquarius Capital, overseeing a $600 million Bitcoin liquidity fund and leading investments in Layer 1 ecosystem projects including Sui, Sei, Base, and Babylon.
Her previous roles include investment director at Hanfor Capital Management from 2016 to 2018, where she participated in NIO Inc.’s B round financing. From 2012 to 2016, she worked as a senior investment manager at an aerospace investment firm, and earlier served at Deloitte from 2008 to 2010.
"We believe Ms. Yang will bring significant expertise to enhance the professionalism and foresight of the Company’s financial management, international compliance, and asset allocation strategies," said Dr. Jianping Kong, Chairman and CEO of Nano Labs in the statement.
The company reported it has accumulated approximately 120,000 BNB as part of its digital asset reserves.
Nano Labs describes itself as a provider of high throughput computing and high performance computing chips, with BNB as its primary reserve asset.
In other recent news, Nano Labs Ltd has made significant financial moves and strategic appointments. The company announced a securities purchase agreement with institutional investors to raise approximately $50 million through a registered direct offering and concurrent private placement. This involves selling 5,952,381 Class A ordinary shares at $8.40 per share, along with issuing warrants in a private placement. Additionally, Nano Labs expanded its holdings of Binance Coin (BNB) to 120,000 tokens, valued at around $90 million, following the acquisition of 45,684.99 BNB at an average price of $764 per token. The company also purchased 74,315 BNB tokens at an average price of $672.45, bringing its total digital currency reserves to approximately $160 million.
In leadership changes, Nano Labs appointed Dr. Kailong Cai as the CEO of its subsidiary, Nano bit HK Limited. Dr. Cai will guide the subsidiary’s strategic upgrade and global operations. Furthermore, Nano Labs has entered into a partnership with Orbiter Finance to create a compliant stablecoin distribution and exchange service. This service will support stablecoins pegged to USD, HKD, and offshore RMB, with an initial product launch expected in Q4 2025. These developments indicate Nano Labs’ ongoing efforts to strengthen its financial position and expand its capabilities in the digital currency sector.
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