Cango Inc. Announces Completion of Secondary Acquisition and Appointment of New Leadership Team

Core Viewpoint - Cango Inc. has successfully transformed into a global Bitcoin miner, appointing a new Board of Directors and senior management team with extensive expertise in digital-asset infrastructure, finance, and energy investments [1][2]. Management Changes - The Board appointed Mr. Xin Jin as Chairman, Mr. Peng Yu as CEO, Mr. Chang-Wei Chiu as Director, Mr. Yongyi Zhang as CFO, and Mr. Simon Ming Yeung Tang as Chief Investment Officer [2]. - Resignations included Mr. Xiaojun Zhang as Director and Chairman, and Mr. Jiayuan Lin as CEO and Interim CFO, effective immediately [2]. Leadership Expertise - Mr. Xin Jin has a background in the crypto mining industry and has grown Antalpha Platform Holding Company to over $1.6 billion in assets under management [3]. - Mr. Peng Yu has over 18 years of experience in BTC mining, energy, M&A, and asset management, with a strong track record in the Bitcoin mining ecosystem [4]. - Mr. Chang-Wei Chiu has served in various financial roles, including Chief Investment Officer at Antalpha Capital [5]. - Mr. Yongyi Zhang brings continuity and extensive capital markets experience from his previous role as CFO at Cango [6]. - Mr. Simon Ming Yeung Tang has a background in corporate finance and investment banking, previously working at Credit Suisse [7]. Company Progress and Strategy - Cango has made significant progress in the past 7 months, becoming one of the largest Bitcoin miners globally, with a current deployment of over 50 EH/s [8]. - The company aims to grow its treasury of more than 4,000 Bitcoins and develop sustainable, high-performance computing opportunities, focusing on green energy [9]. - Cango's transformation into Bitcoin mining aligns with its strategic goal of diversifying its business portfolio, while still operating its online international used car export business [10]. Shareholder Changes - The resignation of co-founders coincided with a secondary sale of 10 million Class B ordinary shares for $70 million, with the co-founders converting remaining shares to Class A [9]. - Post-conversion, the co-founders hold 18.54% of total outstanding shares and 12.07% of voting power, while Enduring Wealth Capital Limited holds approximately 2.82% of total shares and 36.73% of voting power [9].