Cango Inc. Completes Transition to Bitcoin Mining and Appoints New Board

According to Odaily, on July 23, Cango Inc. (NYSE: CANG) announced its successful transition to the global Bitcoin mining industry and the appointment of a new board of directors and senior management team. Following a resolution passed on July 23, 2025, the board appointed Xin Jin as Chairman and Non-Executive Director, Peng Yu as CEO and Director, Chang-Wei Chiu as Director, Yongyi Zhang as CFO, and Simon Ming Yeung Tang as CIO. To enhance governance, the board also appointed independent director Chi Ming Lee as a member of the Compensation Committee and the Nomination and Corporate Governance Committee, and independent director Yanjun Lin as Chairman of the Compensation Committee and a member of the Nomination and Corporate Governance Committee. Haitian Lu was appointed as Chairman of the Nomination and Corporate Governance Committee and a member of the Compensation Committee. Simultaneously, the board accepted the resignations of Xiaojun Zhang from his roles as Director and Chairman of the Board, and Jiayuan Lin from his positions as CEO, Interim CFO, and Director. Both individuals completed a secondary acquisition, selling a total of 10 million Class B ordinary shares to Enduring Wealth Capital Limited for $70 million. They voluntarily converted their remaining Class B shares, which carried multiple votes per share, into Class A shares with one vote per share. After the transaction, they collectively hold 18.54% of the company's total outstanding shares and 12.07% of the total voting rights, while Enduring Wealth Capital Limited holds approximately 2.82% of the outstanding shares and 36.73% of the voting rights.