Cangu announces completion of secondary acquisition and appointment of new management team

Odaily Daily News: On July 23rd, Cango Inc. (NYSE: CANG) announced the completion of its transformation into a global Bitcoin mining company, and appointed a new board of directors (referred to as the "Board") and senior management team. According to the resolution passed on July 23, 2025, the board of directors appoints: (1) Xin Jin is the Chairman of the Board and a non-executive director; (2) Peng Yu is the CEO and director; (3) Chang Wei Chiu is a director; (4) Yongyi Zhang is the Chief Financial Officer; (5) Simon Ming Yeung Tang is the Chief Investment Officer. To enhance governance, the board of directors has appointed: (1) Independent director Chi Ming Lee serves as a member of the Remuneration Committee and Nomination and Corporate Governance Committee; (2) Yanjun Lin, an independent director, serves as the Chairman of the Remuneration Committee and a member of the Nomination and Corporate Governance Committee; (3) Haitian Lu is the Chairman of the Nomination and Corporate Governance Committee and a member of the Remuneration Committee. During the same period, the board of directors accepted the resignation of Xiaojun Zhang as a director and chairman of the board, as well as Jiayuan Lin's resignation as CEO, interim CFO, and director. Both parties simultaneously completed a second acquisition - selling a total of 10 million Class B common shares to Enduring Wealth Capital Limited for a total consideration of $70 million; And voluntarily convert all remaining Class B ordinary shares held by its holding company into Class A ordinary shares with one vote per share. After the transaction is completed, it holds 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 its voting rights. （PR Newswire）