StockNews.AI
CANG
StockNews.AI
27 days

Cango Inc. Announces Completion of Secondary Acquisition and Appointment of New Leadership Team

1. Cango Inc. transforms into a global Bitcoin miner. 2. New management team appointed, enhancing expertise in digital assets. 3. Cango achieved significant progress, becoming a top Bitcoin miner. 4. Resignation of co-founders coincided with share sale to Enduring Wealth Capital. 5. Cango aims to expand into sustainable energy for mining operations.

M&A
+1.08%Current Return
VS
+0.64%S&P 500
$5.11507/23 10:51 AM EDTEvent Start
$5.1707/24 05:12 PM EDTLatest Updated
5m saved
Insight
Article

FAQ

Why Bullish?

Cango's transition to a Bitcoin miner has positive growth potential, similar to other successful miners. Historical performance of Bitcoin mining stocks has shown significant appreciation during market uptrends.

How important is it?

Cango’s shift to Bitcoin mining and new management greatly impacts its future direction, making it a relevant stock in the cryptocurrency sector.

Why Long Term?

Cango's strategy includes sustainable energy and expansion plans, which will take time to materialize into financial performance. Focusing on green energy aligns with future industry trends.

Related Companies

BTCHIVEMARAU
, /PRNewswire/ -- Cango Inc. (NYSE: CANG) today announced its transformation into a global Bitcoin miner with the appointment of a new Board of Directors (the "Board") and senior management team with deep expertise in digital-asset infrastructure, finance, and energy investments. On July 23, 2025, the Board appointed (i) Mr. Xin Jin as Chairman of the Board and Non-Executive Director, (ii) Mr. Peng Yu as CEO and Director, (iii) Mr. Chang-Wei Chiu as Director, (iv) Mr. Yongyi Zhang as CFO and (v) Mr. Simon Ming Yeung Tang as CIO To strengthen governance, the Board also appointed (i) Mr. Chi Ming Lee, Independent Director, as a member of the Compensation Committee and Nominating and Corporate Governance Committee, (ii) Mr. Yanjun Lin, Independent Director, as Chairman of the Compensation Committee and member of the Nominating and Corporate Governance Committee, and (iii) Mr. Haitian Lu as Chairman of the Nominating and Corporate Governance Committee and member of the Compensation Committee. The Board also accepted the resignations of Mr. Xiaojun Zhang as Director and Chairman, and Mr. Jiayuan Lin as CEO, Interim CFO, and Director. All changes are effective immediately. Mr. Peng Yu, CEO and Director, commented, "This leadership team gives Cango the right mix of skills to execute our next phase of growth. Having successfully transformed into a Bitcoin miner, we have already made remarkable progress in the past 7 months by becoming one of the largest Bitcoin miners in the world. With a strong balance sheet and clear long-term vision, our collective experience will help us scale beyond the 50 EH/s already deployed, not only safeguarding but strategically growing our treasury of more than 4,000 Bitcoins to maximize shareholder value. We will begin developing sustainable, high-performance computing opportunities while strategically expanding upstream into dedicated power resources especially green energy that will create lasting value for shareholders and drive further growth." Mr. Xiaojun Zhang and Mr. Jiayuan Lin resigned as co-founders coinciding with a secondary sale of 10 million Class B shares to Enduring Wealth Capital Limited for US$70 million. They converted their remaining Class B shares into Class A shares, now holding 18.54% of total outstanding shares and 12.07% of voting power. Enduring Wealth Capital Limited now holds about 2.82% of outstanding shares and 36.73% of voting power.. Full article: https://ir-image.cangoonline.com/ir-documents/2025-07-23_Cango%20Inc.%20Announces%20Completion%20of%20Secondary%20Acquisition%20and%20Appointment%20of%20New%20Leadership%20Team.pdf Investor Relations Contact Juliet YE, Head of CommunicationsCango Inc.Email: [email protected]  SOURCE Cango Inc. WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

Related News