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

Planet Daily News: On July 23, Cango Inc. (NYSE: CANG) announced the completion of its transformation into the global Bitcoin mining industry and appointed a new board of directors and senior management team. According to the resolution passed on July 23, 2025, the board appointed: (1) Xin Jin as Chairman and Non-Executive Director; (2) Peng Yu as CEO 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 also appointed: (1) Independent Director Chi Ming Lee as a member of the Compensation Committee and Nomination and Corporate Governance Committee; (2) Independent Director Yanjun Lin as Chairman of the Compensation Committee and member of the Nomination and Corporate Governance Committee; (3) Haitian Lu as Chairman of the Nomination and Corporate Governance Committee and member of the Compensation Committee. During the same period, the board accepted the resignations of Xiaojun Zhang as Director and Board Chairman, and Jiayuan Lin as CEO, Interim CFO, and Director. The two completed a second acquisition by selling a total of 10 million Class B common shares to Enduring Wealth Capital Limited for a total consideration of $70 million, and voluntarily converted the remaining Class B common shares held by their controlling company into Class A common shares with one vote per share. After the transaction, they collectively hold 18.54% of the company's total circulating shares and 12.07% of total voting rights; Enduring Wealth Capital Limited holds approximately 2.82% of the circulating shares and 36.73% of voting rights. (PR Newswire)