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]

Core Viewpoint - Cango Inc. has undergone a significant strategic transformation, divesting its PRC operations and repositioning itself as a leader in the global Bitcoin mining sector, aiming to capitalize on emerging opportunities in the crypto market [1][3]. Group 1: Transformation Initiatives - The divestiture of Cango's PRC business was completed on May 27, 2025, for approximately US$351.94 million, allowing the company to focus on high-growth areas outside China [4]. - Cango plans to apply for deregistration as a "China Concept Stock" to facilitate its expansion into Bitcoin mining across North America, the Middle East, South America, and East Africa [4]. - The company announced changes to its board and executive leadership, including the resignation of CFO Mr. Yongyi Zhang and the appointment of co-founder and CEO Mr. Jiayuan Lin as interim CFO [5]. Group 2: Shareholder and Governance Changes - On June 2, 2025, Cango's co-founders will sell 10 million Class B ordinary shares to Enduring Wealth Capital Limited (EWCL) for US$70 million, granting EWCL substantial voting control [6]. - Post-transaction, EWCL is expected to hold approximately 2.82% of the outstanding shares and 36.74% of the total voting power, while the founders will hold 18.54% of the total outstanding shares [7]. - The governance structure will be further restructured in conjunction with the closing of the share sale [6]. Group 3: Mining Capacity Acquisition - Cango entered into an agreement on June 4, 2025, to acquire 18 EH/s in crypto mining capacity, increasing its total mining capacity to 50 EH/s [8]. - The acquisition will involve the issuance of 146.7 million Class A ordinary shares, subject to a six-month lock-up period [8]. - An additional 97.8 million bonus shares may be issued if certain post-closing price thresholds are met [9]. Group 4: Future Outlook - The strategic transactions and new shareholder structure are expected to empower Cango to pursue significant scale and efficiency in Bitcoin mining [12]. - The company is committed to driving innovation and creating value for stakeholders, with a strong foundation for growth in digital asset infrastructure [12]. - Cango's operations are strategically deployed across key regions, reflecting its commitment to diversifying its business portfolio in the crypto asset space [13].

Core Viewpoint - Cango Inc. has undergone a significant transformation from a Chinese car trader to a global bitcoin miner, with a new shareholding structure that diminishes the control of its co-founders and introduces new stakeholders with expertise in finance and cryptocurrency [2][3][4]. Shareholding Structure - The new shareholding structure indicates that Cango will be controlled by two asset managers linked to Singapore's Antalpha Ventures, with co-founders Zhang Xiaojun and Lin Jiayuan's voting rights dropping to 18.54% from 92.5% [2][9]. - Enduring Wealth Capital Ltd. will hold 2.82% of Cango's shares but will control 36.74% of the voting rights, while Golden GenTech will hold 18.79% of the shares and 12.23% of the voting power [7][9]. Management Changes - The management of Cango will now be led by Andrea Dal Mas and Yu Peng from Enduring Wealth, who are expected to have significant influence over the company's strategic direction [10]. - The new board has seen the departure of four out of seven members, with the co-founders remaining alongside two new directors with strong financial backgrounds [15][16]. Business Transformation - Cango's pivot to bitcoin mining was disclosed last November, with an initial investment of $256 million for mining machines with 32 EH of capacity, and plans to acquire an additional 18 EH from Golden GenTech [13]. - The acquisition of the additional mining capacity is contingent on a deal expected to close by the end of July, which would bring Cango's total mining capacity to 50 EH [6][13]. Historical Context - Cango was originally founded as a car financier and later transitioned to auto trading services, but faced challenges due to regulatory changes in China and a slowdown in the car market [12]. - The company sold its original China business for $352 million, which included its car-trading operations, allowing it to focus on its new direction in bitcoin mining [14].

Core Viewpoint - Cango Inc. has announced the third amendment to its Purchase Agreement for acquiring on-rack crypto mining machines, which will involve the issuance of Class A ordinary shares to the sellers, reflecting a significant strategic move in the crypto mining sector [1][2]. Summary by Sections Purchase Agreement and Amendments - The Purchase Agreement was initially signed on November 6, 2024, with subsequent amendments on March 26, 2025, and April 3, 2025. The latest amendment adjusts the number of shares to be issued to sellers, totaling 146,670,925 Class A ordinary shares at closing, with an additional 97,780,616 bonus shares contingent on a triggering event [2]. Impact of PRC Business Disposal - The Third Amendment includes changes due to the sale of the Company's PRC business, completed on May 27, 2025. The requirement to issue additional shares (Adjustment Shares) is now based on a threshold of approximately US$7.0 million reduction in the total consideration from the PRC Business Disposal [3]. Ownership Structure Post-Transaction - Upon closing of the Share-Settled Transactions, Golden TechGen Limited (GT) will own approximately 18.79% of the Company's total outstanding shares, while all sellers will collectively own about 41.38% before any bonus or adjustment shares are issued [4]. Definitive Agreement and Voting Power - A definitive agreement was signed on June 2, 2025, involving the Company's co-founders and their holding companies. Post-transaction, Enduring Wealth Capital Limited (EWCL) will hold approximately 2.82% of total outstanding shares and 36.74% of voting power, while the founders will hold 18.54% of shares and 12.07% of voting power [5]. Change of Control at GT - GT has undergone a change of control, with new shareholders now holding equal voting power. Mr. Ning Wang, a finance professional with extensive experience, will exercise director nomination rights previously held by the former owner [6]. Closing Conditions - The closing of the Share-Settled Transactions is subject to certain conditions that are still pending. The Company is actively working towards satisfying these conditions [7]. Company Overview - Cango Inc. is primarily engaged in the Bitcoin mining business, with operations across various regions including North America and East Africa. The Company also operates an online international used car export business, diversifying its portfolio in response to advancements in blockchain technology and the growing adoption of digital assets [8].

Core Viewpoint - Cango Inc. has reported a production update for its Bitcoin mining business, showing an increase in the number of Bitcoins produced in May 2025 compared to April 2025 [1][2]. Group 1: Production Metrics - The number of Bitcoins produced in May 2025 was 484.5, an increase from 470.0 in April 2025, reflecting a growth of approximately 3.2% [2]. - The average number of Bitcoins produced per day in May 2025 was 15.63, slightly down from 15.67 in April 2025 [2]. - The total number of Bitcoins held by the company at the end of May 2025 was 3,429.3, up from 2,944.8 at the end of April 2025, indicating a significant increase of about 16.4% [2]. Group 2: Hashrate Metrics - The deployed hashrate remained stable at 32 EH/s for both May and April 2025 [2]. - The average operating hashrate in May 2025 was 29.86 EH/s, a slight decrease from 29.94 EH/s in April 2025 [2]. Group 3: 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 operations, Cango continues to run an online international used car export business through AutoCango.com [3].

Core Viewpoint - Cango Inc. has entered into a securities purchase agreement to sell 10 million Class B ordinary shares to Enduring Wealth Capital Limited for a total of $70 million, with certain conditions attached to the payment [1][2]. Group 1: Transaction Details - The agreement involves the sale of shares by the co-founders and their holding companies to EWCL, with $15 million payable upon the satisfaction of specific conditions [1]. - The company will undertake corporate actions to ensure that the shares acquired by EWCL remain Class B ordinary shares, which carry 20 votes per share [3]. - The founders will convert their remaining Class B shares into Class A shares, which have one vote per share [3]. Group 2: Shareholding and Voting Power - If the Share-Settled Transactions are not completed, EWCL will hold approximately 4.81% of the total outstanding shares and 50.28% of the voting power, while the founders will hold 31.63% of the shares and 16.52% of the voting power [3]. - If the Share-Settled Transactions are completed, EWCL's shareholding will decrease to approximately 2.83% with 36.81% voting power, and the founders will hold 18.59% of the shares and 12.09% of the voting power [3]. Group 3: Corporate Governance - The execution of the agreement has been approved by the company's audit committee and board of directors [4]. - The company is required to obtain shareholder approval for the necessary corporate actions to ensure compliance with the agreement [4]. - An extraordinary shareholders meeting is expected to be convened to seek this approval [4]. Group 4: Business Operations - Cango Inc. is primarily engaged in the Bitcoin mining business, with operations across North America, the Middle East, South America, and East Africa [6]. - The company also operates an online international used car export business through AutoCango.com, facilitating access to vehicle inventory from China [6].

Core Viewpoint - Cango Inc. is transitioning away from its roots in Mainland China by selling its China-based business and considering relocating its headquarters to regions more favorable for cryptocurrency operations, such as Singapore, Hong Kong, or the U.S. [2][3][4] Company Transition - Cango has completed the sale of its China business, including car-trading and financing services, in a deal valued at $352 million [8][10] - The company is undergoing a significant board overhaul, with four of its seven members departing and two new members with strong financial backgrounds joining [5][12] - Cango's shift to bitcoin mining began with a $256 million purchase of bitcoin mining machines, aiming to increase its capacity to 50 EH [6][8] Financial Performance - Prior to its transition, Cango's revenue had declined to 27 million yuan ($3.8 million) in the third quarter of the previous year [7] - The company reported a significant increase in cash and short-term investments, which reached 7.7 billion yuan at the end of March, up from 2.5 billion yuan three months earlier [14] Market Position - Cango's stock rose by 6.1% following the announcement of its transition, and it has more than tripled since the initial disclosure of its move into bitcoin [13] - The company is no longer classified as a "China concept stock," which removes it from the jurisdiction of the China Securities Regulatory Commission [4][9] Future Prospects - Potential new headquarters locations include Singapore, which is emerging as a cryptocurrency hub, and Hong Kong, which allows cryptocurrency trading [3][15] - The U.S. is also a viable option, as Cango conducts a significant portion of its bitcoin mining operations there [15][16]

Core Viewpoint - Cango Inc. has divested its business in the PRC for approximately US$351.94 million, allowing the company to focus on expanding its leadership in the global Bitcoin mining industry [1][2][3] Group 1: Strategic Transaction - The divestment of the PRC Business was finalized on May 27, 2025, and is valued at approximately US$351.94 million in cash [1] - This strategic move enables Cango to concentrate its resources on Bitcoin mining in key regions such as North America, the Middle East, South America, and East Africa [2][3] Group 2: Company Restructuring - Following the divestment, Cango has restructured its Board of Directors by appointing two new members with expertise in Fintech, AI, Web 3.0, and global capital markets [4] - The enhanced board composition aims to reinforce Cango's commitment to innovation and strengthen its leadership position in the digital finance landscape [4] Group 3: Future Plans - Cango plans to apply to the China Securities Regulatory Commission to terminate its "China Concept Stock" status after the divestment [5] - The company aims to aggressively pursue growth objectives and enhance shareholder value through this strategic realignment [3]