Core Viewpoint - Cango Inc. is expanding its capital base through a significant investment from Enduring Wealth Capital Limited, which will enhance its voting power and ownership structure in the company [1][2][3]. Investment Details - Enduring Wealth Capital Limited will subscribe for 7,000,000 Class B ordinary shares at a total price of US$10,500,000, translating to a per-share price of US$1.5 [2]. - Following this investment, EWCL's shareholding will increase from approximately 2.81% to 4.69% of total outstanding shares, while its voting power will rise from 36.68% to 49.61% [3]. Closing Conditions - The completion of the investment is subject to customary closing conditions, including approval from the New York Stock Exchange, with an expected closing date in January 2026 [4]. Company Overview - Cango Inc. is a Bitcoin mining company aiming to create an integrated global infrastructure platform to support the digital economy, operating over 40 sites across various regions [5]. - Since entering the digital asset space in November 2024, Cango has initiated pilot projects in integrated energy solutions and distributed AI computing, alongside its online used car export business [6].

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 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 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. has entered into definitive agreements to sell its PRC Business to Ursalpha Digital Limited for approximately US$351.94 million in cash, marking a significant strategic move for the company [1][2]. Group 1: Transaction Details - The total consideration for the PRC Business Disposal is approximately US$351.94 million, with an initial payment of about US$210.64 million on the closing date, and the remaining amount to be paid in quarterly installments based on credit risk exposure [1]. - The closing of the PRC Business Disposal is contingent upon various conditions, including shareholder approval and the completion of an internal restructuring to separate the PRC Business from other operations [3]. - If the PRC Business Disposal is approved, the company will file for termination of its status as a "China Concept Stock" with the China Securities Regulatory Commission [4]. Group 2: Related Agreements and Amendments - The PRC Business Disposal may impact the On-Rack Sales and Purchase Agreement for acquiring crypto mining machines, necessitating amendments to ensure compliance and avoid defaults [5]. - The company has entered into an amendment of the Purchase Agreement with Golden TechGen Limited to address potential issues arising from the PRC Business Disposal [5]. Group 3: Company Background - Cango Inc. primarily operates a leading Bitcoin mining business and has expanded into the crypto assets market, while also providing automotive transaction services in China since 2010 [6].