Cango Announces Completion of Secondary Acquisition and Appointment of New Management Team

Odaily Planet Daily News On July 23, Cango Inc. (NYSE: CANG) announced the completion of its transformation into a global Bitcoin mining company and appointed a new board of directors (the "Board") and senior management team. Pursuant to the resolution adopted on July 23, 2025, the Board of Directors appointed: (1) Xin Jin as Chairman of the Board and Non-Executive Director; (2) Peng Yu as Chief Executive Officer and Director; (3) Chang-Wei Chiu as Director; (4) Yongyi Zhang as Chief Financial Officer; (5) Simon Ming Yeung Tang as Chief Investment Officer. To enhance governance, the Board of Directors also appointed: (1) Independent Director Chi Ming Lee as a member of the Compensation Committee and the Nomination and Corporate Governance Committee; (2) Independent Director Yanjun Lin as Chairman of the Compensation Committee and a member of the Nomination and Corporate Governance Committee; (3) Haitian Lu as Chairman of the Nomination and Corporate Governance Committee and a member of the Compensation Committee. During the same period, the board of directors accepted Xiaojun Zhang's resignation as director and chairman of the board, and Jiayuan Lin's resignation as CEO, interim CFO and director. The two also completed a secondary acquisition - selling a total of 10 million Class B common shares to Enduring Wealth Capital Limited for a total consideration of US$70 million; and voluntarily converted all remaining Class B common shares held by their holding company into Class A common shares with one vote per share. After the transaction is completed, they will hold a total of 18.54% of the company's total outstanding shares and 12.07% of the total voting rights; Enduring Wealth Capital Limited holds approximately 2.82% of the company's outstanding shares and 36.73% of the voting rights. (PR Newswire)