On February 12, 2026, Cango Inc. (NYSE: CANG) announced the completion of a directed issuance of 7 million shares of Class B common stock to Enduring Wealth Capital Limited (EWCL), raising $10.5 million. It also disclosed a proposed investment agreement for $65 million in Class A common stock signed with entities related to chairman Xin Jin and director Chang-Wei Chiu, with the total financing scale potentially reaching $75.5 million. Behind these figures lies a power restructuring where EWCL holds merely 4.71% of the shareholding but possesses 49.71% voting rights, along with the management's related parties ready to "invest real capital." On one side lies the mining company's window of opportunity and imaginative space to transition into AI and computational infrastructure, while on the other, the uncertainty surrounding the massive financing still pending approval and settlement from the NYSE, making this bet's feasibility central to the entire narrative.
Voting Rights Surge to Nearly Half: The Amplifying Power of EWC
● Completion Status and Structure of the Financing: Cango has completed the issuance of 7 million shares of Class B common stock to EWCL, raising $10.5 million, marking the first step of "real capital" in the shift toward AI and computational infrastructure. The targeted issuance of Class B shares indicates that the company introduces a Hong Kong-registered Asian capital entity as a key new shareholder without excessively diluting cash flow pressure, reserving flexible room for subsequent large capital expenditures.
● The Reality of Dual-Class Shares with Less Equity but More Power: Upon completion of the transaction, EWCL holds only 4.71% of Cango's total share capital, but due to the dual-class share structure, its corresponding voting rights reach 49.71%. This typical "less equity more power" design concentrates nearly half of the voting rights in the hands of the recently entered single institution, giving it a near veto power or even leading position in critical shareholder meetings, significantly influencing the company's future mergers, refinancing, and business transformation paths.
● Reconstruction of Governance Discourse Power: As a Hong Kong-registered Asian capital, EWCL's discourse power in corporate governance is significantly amplified after completing this investment, although the briefing did not disclose its historical background or past cooperation with Cango. Structurally, the close to half voting rights make EWCL an unavoidable "power center" in adjustments to the board composition, approvals of significant capital operations, and contention over long-term strategic directions, laying the groundwork for interacting with management-related parties regarding the $65 million investment.
Chairman Takes Personal Action: $65 Million Related Commitment
● Framework Agreement for Related Party Involvement: Alongside the completion of Class B share financing, Cango disclosed that it has signed a $65 million Class A common stock proposed investment agreement with entities related to chairman Xin Jin and director Chang-Wei Chiu. According to a single source, the proposed subscription price for this investment is approximately $1.32 per share, meaning that if fully realized, this capital will enter the company's capital structure in the form of Class A common stock, positioning it differently from EWCL's Class B shares.
● Interpreting the Signal of Management's Investment: The chairman and director's related entities are "co-investing" with significant contributions, which in capital markets is typically seen as an indication of their commitment to the company's transformation route and a reflection of their attitude toward current valuations. This arrangement, highly tied to management's interests, strengthens the restraint of "self-damage" in the event of transformation failure, but the briefing clearly restricts the discussion of specific investment motivations, allowing for a focus on its signaling effect in terms of governance structure and market perception.
● Compliance Pressure in the NYSE Context: Within the NYSE listing structure, such a large-scale related party transaction has to face multiple reviews: firstly, whether the information disclosure is sufficiently transparent and whether the related directors recuse themselves from voting; secondly, whether the pricing of $1.32 per share is fair and if it requires independent financial advisory support; thirdly, whether the dilution effects on minority shareholders and the balance of voting rights meet regulatory requirements for minority shareholder protection, all of which may become the focus of scrutiny by regulators and investors.
● The Greatest Suspense and Execution Risk: Unlike the completed delivery of EWCL's directed issuance, the $65 million Class A stock investment is still in the proposed stage, and it still needs to undergo approval procedures, including at the NYSE. The briefing also did not provide a clear timeline for the delivery. This indicates that the most critical source of funding in Cango's narrative remains uncertain: slight changes in approval speed, market sentiment, or regulatory dialogues can directly affect whether, when, and in what structure this round of financing can be completed.
From Mining to Computational Factory: The Cost of Turning $75.5 Million
● Use of Funds and Positioning for Transformation: From the $10.5 million already received to the proposed $65 million fundraising, Cango plans to primarily invest a total of $75.5 million into building AI and computational infrastructure as well as an energy platform. The official stance clearly indicates this is a key leap for the company to transition from traditional mining to "computational and AI services." In capital market storytelling, the company, originally identified with the "mining" image, is attempting to be reshaped as a comprehensive infrastructure platform centering around computational and energy resource allocation.
● Capital Expenditure Logic in Heavy Asset Cycles: Without touching on specific technology routes, from a capital expenditure perspective, AI computational centers and associated energy platforms often mean longer construction cycles, higher upfront investments, and more complex depreciation rhythms. Compared to the previous lightweight mining model, which quickly forms capacity by purchasing mining machines and accessing power, investments in computational and energy infrastructure typically have longer payback periods and stronger dependency on continuous funding, which poses new challenges for Cango's balance sheet and cash flow management.
● Mining Income vs. Computational Services: Traditional cryptocurrency mining businesses are highly dependent on individual asset prices and block reward cycles, with revenue fluctuations closely related to industry cycles, and regulatory discussions often focus on mining's energy consumption and financial attributes. In contrast, AI computational services tend to form a relatively diversified income structure through methods like computational leasing and computational as a service, which reduces sensitivity to individual public chain prices but places them more directly under scrutiny regarding data governance, cross-border services, and energy consumption reviews, explaining Cango's direction of "focusing on computational power rather than just mining."
● Uncertain Costs of Energy and Regulation: To complete the transition from a mining site to a computational factory, energy costs and compliance electricity prices are unavoidable variables. Current information about Cango's cooperation with local energy platforms, the mechanism for locking electricity prices, and regional regulatory attitudes towards high energy-consuming computational facilities are not disclosed in the briefing. Without this critical information, any estimates of project IRR or profit margins involve considerable uncertainty, and slight deviations during execution could be magnified into cost pressures under the long-term heavy asset model.
Asian Capital Flowing into Computational Tracks: The Linkage of Hong Kong and US Shells
● The Symbolic Meaning of Hong Kong-Registered Capital: Using EWCL, a Hong Kong-registered investment entity, as a focal point, it is evident that Asian capital's presence in cryptocurrency mining and AI computational infrastructure has been steadily increasing in recent years. From a regional allocation perspective, the $10.5 million investment that Cango has already secured reflects not just a single project choice but also shows that some Asian capital prefers to engage in the global restructuring of computational resources through overseas listing vehicles, linking Hong Kong, New York, and the mining/computational infrastructure market together.
● Regulatory Framework Advancements: According to the briefing, Hong Kong's Monetary Authority plans to implement a prudent regulatory framework for cryptocurrency assets in 2026, indicating that Hong Kong is striving to shift from past regulatory gray zones toward institutionalized and structured management. For computational and cryptocurrency businesses within the region, clear regulatory expectations are likely to reduce compliance uncertainties, offering companies like Cango that rely on Asian capital and are listed on US stocks more explicit business positioning and cross-border capital flow "rules boundaries."
● Reappearance of the "Asian Capital + US Shell + Cryptocurrency-Related" Combination: Within the same timeframe of Cango's actions, other US-listed Chinese financial technology or cryptocurrency-related companies are also seeking financing, such as SOLOWIN's announced $100 million financing, which the market sees as another example of this model (this information needs verification, and the briefing also did not provide details). This repeated combination of "Asian capital + US public listing shell + cryptocurrency or computational related business" indicates that the capital market is increasingly connecting regional funds with global emerging infrastructure asset categories through similar pathways.
● Interaction Between Public Chain Narratives and Regional Computational Layouts: CEO of Solana Joseph Chee publicly stated at the Consensus Hong Kong Conference that "the Solana super cycle will start in Asia," seen as a microcosm of the spread of public chain narratives from Asia. As the public chains and asset price cycles are projected to achieve amplification effects in the Asian market, the regional layout of computational power and underlying infrastructure will naturally be imbued with stronger cyclical gaming connotations. Cango's current bet on AI and computational power is placed within this larger narrative, both taking advantage of the situation and indicating that its performance will be more directly interconnected with regional on-chain activities and asset heat.
Regulatory Red Lines and Exchange Approvals: The Invisible Gate of Capital Structure
● NYSE's Focus of Attention: For arrangements involving large-scale issuances, related transactions, and sudden changes in equity concentration, the NYSE typically conducts a focused review regarding impacts on company control, completeness of information disclosure, and rights of minority shareholders. Cango's current dual-class equity structure combined with EWCL's near half voting rights makes this series of financing arrangements not only a capital operation but also a reshaping of the control structure, which will undoubtedly become a key dimension examined by the exchange.
● Regulatory Gray Areas for AI Power and Cryptocurrency Infrastructure: Within differing regulatory contexts in China and the US, AI computational power and cryptocurrency-related infrastructure often navigate the intersections of "technical services," "data processing," and "financial related businesses." How businesses are defined, whether energy usage complies with local environmental protection and electricity pricing policies, and the arrangements for cross-border capital flows and profit repatriation through US-listed entities are possible focal points of inquiry for the regulatory authorities, which could also inversely influence the NYSE's prudence regarding related financing and business disclosures.
● Completed vs. Proposed Risk Layering: Currently, the $10.5 million EWCL directed issuance has been completed, and its corresponding shareholding and voting rights changes have become a reality; however, the $65 million Class A stock investment remains in the proposed stage, with no final approval results or publicly available timelines for delivery. For investors, understanding this risk layering is crucial: the former has already substantially altered the company's governance structure, while the latter is still more about anticipated variables needing verification, and these two should not be conflated in risk pricing.
● Structural Variability Under Variables: If the pace of NYSE approvals slows, regulatory requirements increase, or significant external market fluctuations occur, the possibility of adjustments in scale, pace, and transaction structure for Cango's current round of financing should not be overlooked. Whether it is the subscription price, lock-up period arrangements, or the introduction of more investors, any slight revisions in the future announcements may signal path corrections, warranting continuous tracking by investors.
A New Story for Mining Shells: Computational Power, Asian Capital, and the Approval Clock
● Restructuring of the Shell and Participant Landscape: Through the completed $10.5 million EWCL directed issuance and the proposed $65 million management-related party investment, Cango is attempting to reshape a traditional mining public shell into a new narrative carrier for "AI and computational infrastructure + energy platform." The landscape of its participants is also becoming increasingly clear: on one side is the Hong Kong capital EWCL, holding nearly half the voting rights, and on the other side is the management investing a large amount as a related party, alongside public market investors forming the main force in future competitions.
● Key Variables Determining the Success of the Story: The direction of this transformation story is determined not just by the absolute figure of $75.5 million. The approval progress at the NYSE, whether the $65 million related investment can land as expected in terms of price and structure, and whether Cango can quickly convert funds into visible, compliant, and sustainable capacity before competition in the AI and computational field intensifies are all key variables influencing its shift from concept to performance.
● Opportunities and Boundaries of "Telling the Story": In the macro context of increasing Asian capital, the formation of Hong Kong's regulatory framework, and intertwined new cycles of cryptocurrency assets, Cango has the chance to become a representative sample of "computational infrastructure Chinese concept stock." However, it should also not be overlooked that if approvals are hindered, execution efficiencies are lacking, or capital expenditure returns do not meet expectations, this round of hefty financing could also be perceived by the market as yet another "narrative case" focused on financing, difficult to convert into performance; investors need to maintain a calm balance between imaginative space and execution details.
● Prudently Addressing Rumors and Unverified Information: In the face of various market rumors and unverified information surrounding Cango and related fields, maintaining caution is particularly important. Compared to emotional interpretations, subsequent official announcements, regulatory documents, and actual capital expenditure progress are the critical basis for assessing the substance of this bet. For ongoing events and viewpoints that are still being verified, care should be taken to avoid excessively magnifying their impact, focusing attention instead on verifiable data and public disclosures.
Join our community to discuss and grow stronger together!
Official Telegram community: https://t.me/aicoincn
AiCoin Chinese Twitter: https://x.com/AiCoinzh
OKX Welfare Group: https://aicoin.com/link/chat?cid=l61eM4owQ
Binance Welfare Group: https://aicoin.com/link/chat?cid=ynr7d1P6Z
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
