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].