Core Insights - Cango Inc. reported a decrease in Bitcoin production in June 2025, producing 450 Bitcoins compared to 484.5 in May 2025, reflecting a decline of approximately 7.2% [2] - The total number of Bitcoins held by the company increased to 3,879.2 from 3,429.3, indicating a growth of about 13.1% [2] - Cango completed the acquisition of crypto mining machines with an aggregate hashrate of 18 Exahash per second, raising its total hashrate to 50 EH/s [2] Production Metrics - The average number of Bitcoins produced per day decreased to 15.00 in June from 15.63 in May [2] - The deployed hashrate remained stable at 32 EH/s, while the average operating hashrate slightly increased to 29.92 EH/s from 29.86 EH/s [2] Company Overview - Cango Inc. is primarily focused on Bitcoin mining, with operations across North America, the Middle East, South America, and East Africa [3] - The company entered the crypto asset space in November 2024, motivated by advancements in blockchain technology and the growing adoption of digital assets [3] - In addition to its crypto mining operations, Cango also runs an online international used car export business through AutoCango.com [3]

Core Viewpoint - Cango Inc. has successfully completed the acquisition of on-rack crypto mining machines with a total hashrate of 18 Exahash per second, issuing 146,670,925 Class A ordinary shares to the sellers as part of the Share-Settled Transactions [1][2]. Group 1: Acquisition Details - The On-Rack Sales and Purchase Agreement for the Share-Settled Transactions was signed on November 6, 2024, with several amendments made leading up to the closing on June 27, 2025 [2]. - All closing conditions for the Share-Settled Transactions were satisfied or waived, including the NYSE's authorization for the supplemental listing application regarding the Class A ordinary shares [2]. Group 2: Ownership Structure - Following the completion of the Share-Settled Transactions, Golden TechGen Limited, the largest seller, now owns approximately 19.85% of Cango's total outstanding shares, while all sellers collectively own about 41.38% of the total outstanding shares before any Bonus Shares or Adjustment Shares are issued [3]. Group 3: Operational Aspects - The acquired mining machines are currently operational and located in data centers across several countries, predominantly in the U.S. Cango will continue to host these machines and has engaged a service provider for operational and maintenance services [4]. - The completion of these transactions is expected to bolster Cango's expansion and growth within the crypto asset sector [4]. Group 4: Company Overview - Cango Inc. is primarily focused on Bitcoin mining, with operations strategically located in North America, the Middle East, South America, and East Africa. The company entered the crypto asset space in November 2024, motivated by advancements in blockchain technology and the increasing adoption of digital assets [5].

Core Viewpoint - Cango Inc. has entered into the fourth amendment of its Purchase Agreement for acquiring on-rack crypto mining machines, which will be settled through the issuance of Class A ordinary shares to the sellers, with a total hashrate of 18 Exahash per second [1][2]. Group 1: Purchase Agreement Details - The Purchase Agreement was initially signed on November 6, 2024, with subsequent amendments on March 26, April 3, and June 4, 2025 [2]. - The Fourth Amendment modifies the hashrate distribution among sellers, including Golden TechGen Limited, Fortune Peak Limited, and Silver Crest Limited, and adjusts the corresponding Class A ordinary shares to be issued [2]. - Upon closing, Golden TechGen Limited is expected to own approximately 19.85% of Cango's total outstanding shares [2]. Group 2: Closing Conditions - The closing of the Share-Settled Transactions is contingent upon certain conditions that must be satisfied or waived, and the company is actively working towards meeting these conditions [3]. Group 3: Company Overview - Cango Inc. is primarily engaged in Bitcoin mining, with operations across North America, the Middle East, South America, and East Africa, having entered the crypto asset space in November 2024 [4]. - The company also operates an online international used car export business through AutoCango.com, facilitating access to high-quality vehicle inventory from China [4].

Group 1 - Cango (NYSE: CANG) has experienced significant changes in the past 1-2 years, particularly in its entry into the crypto mining business late last year [1] - The company has intensified its focus on Bitcoin mining, indicating a bold strategic move in the cryptocurrency sector [1]

HONG KONG, June 10, 2025 /PRNewswire/ -- Cango Inc. (NYSE: CANG) ("Cango" or the "Company"), a rapidly-expanding leader in Bitcoin mining, today provided an update on its comprehensive strategic transformation, marked by a series of recently completed transactions and finalized agreements that have repositioned the Company as a well-capitalized leader in the global Bitcoin mining sector.Key Transformation Initiatives and Timeline: May 27, 2025: Cango divested all PRC-based operations and announced changes t ...

The company will be controlled by two asset managers tied to Singapore's Antalpha Ventures, while Cango's co-founders' voting rights will drop to 18.54%Key Takeaways:Enduring Wealth, a company tied to Singapore's Antalpha Ventures, will hold a controlling 36.74% of Cango's voting rights after the company's transformation to a bitcoin minerCango co-founders Zhang Xiaojun and Lin Jiayuan will see their voting rights in Cango drop to a combined 12.07% post-transformation, from a previous 92.5%After more than a ...

Group 1 - The article presents the market capitalization rankings of the top 50 Chinese technology and internet companies as of June 5, 2025 [1] - Xiaomi Group ranks 4th with a market capitalization of 1768.55 billion [3] - Pinduoduo follows in 5th place with a market capitalization of 1414.68 billion [3] Group 2 - Meituan is ranked 6th with a market capitalization of 1134.9 billion [3] - NetEase is in 7th place with a market capitalization of 805.55 billion [3] - JD.com ranks 8th with a market capitalization of 480.45 billion [4] Group 3 - Semiconductor Manufacturing International Corporation (SMIC) is ranked 9th with a market capitalization of 422.73 billion [4] - Li Auto is in 10th place with a market capitalization of 315.35 billion [4] - Kuaishou is ranked 11th with a market capitalization of 297.97 billion [4] Group 4 - Baidu ranks 12th with a market capitalization of 291.83 billion [4] - Tencent Music is in 13th place with a market capitalization of 274.16 billion [4] - Beike ranks 14th with a market capitalization of 224.29 billion [4] Group 5 - XPeng Motors is ranked 15th with a market capitalization of 193.88 billion [4] - ZTO Express is in 16th place with a market capitalization of 136.36 billion [4] - NIO ranks 17th with a market capitalization of 84.92 billion [4] Group 6 - New Oriental is ranked 19th with a market capitalization of 75.58 billion [4] - Vipshop is in 20th place with a market capitalization of 74.04 billion [4] - TAL Education ranks 21st with a market capitalization of 63.52 billion [4] Group 7 - Kingsoft ranks 22nd with a market capitalization of 58.61 billion [4] - Qifu Technology is in 23rd place with a market capitalization of 57.05 billion [4] - Kingdee International ranks 24th with a market capitalization of 56.89 billion [4] Group 8 - Wancloud Data is ranked 25th with a market capitalization of 50.52 billion [5] - China Civil Aviation Information Network is in 26th place with a market capitalization of 41.6 billion [5] - China Literature ranks 27th with a market capitalization of 38.54 billion [5] Group 9 - Meitu Inc. is ranked 28th with a market capitalization of 38.16 billion [5] - Autohome is in 30th place with a market capitalization of 29.14 billion [5] - Weibo ranks 31st with a market capitalization of 23.71 billion [5] Group 10 - iQIYI is ranked 33rd with a market capitalization of 15.99 billion [6] - Century Internet is in 34th place with a market capitalization of 15.66 billion [6] - Tiger Brokers ranks 35th with a market capitalization of 14.86 billion [6]

HONG KONG, June 4, 2025 /PRNewswire/ -- Cango Inc. (NYSE: CANG) ("Cango" or the "Company") today announced that it has entered into the third amendment (the "Third Amendment") to the On-Rack Sales and Purchase Agreement (the "Purchase Agreement") dated November 6, 2024 for the acquisitions of on-rack crypto mining machines with an aggregate hashrate of 18 Exahash per second through issuance of Class A ordinary shares of the Company to the sellers (the "Share-Settled Transactions").The Company announced sign ...

HONG KONG, June 3, 2025 /PRNewswire/ -- Cango Inc. (NYSE: CANG) ("Cango" or the "Company") today announced its production update for crypto mining business in May 2025.Bitcoin Mining Update for May 2025 Metrics May 2025 1 Apr 2025 1 Number of Bitcoins produced 484.5 470.0 Average number of Bitcoins produced per day 15.63 15.67 Total number of Bitcoins held 2 3,429.3 2,944.8 Total number of Bitcoins sold 2 - - Deployed hashrate 2 32 EH/s 32 EH/s Average operating hashrate 3 2 ...

HONG KONG, June 2, 2025 /PRNewswire/ -- Cango Inc. (NYSE: CANG) ("Cango" or the "Company") today announced that the Company's co-founders, Mr. Xiaojun Zhang and Mr. Jiayuan Lin (collectively, the "Founders") and their holding companies (the "Sellers") have entered into a securities purchase agreement (the "Agreement") with Enduring Wealth Capital Limited, a company established in the British Virgin Islands ("EWCL"), pursuant to which the Sellers will sell an aggregate of 10,000,000 Class B ordinary shares o ...