HONG KONG, July 23, 2025 /PRNewswire/ — Cango Inc. (NYSE: CANG) right this moment introduced its transformation into a world Bitcoin miner with the appointment of a brand new Board of Administrators (the “Board”) and senior administration workforce with deep experience in digital-asset infrastructure, finance, and power investments.
On July 23, 2025, the Board appointed (i) Mr. Xin Jin as Chairman of the Board and Non-Govt 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 additionally appointed (i) Mr. Chi Ming Lee, Impartial Director, as a member of the Compensation Committee and Nominating and Company Governance Committee, (ii) Mr. Yanjun Lin, Impartial Director, as Chairman of the Compensation Committee and member of the Nominating and Company Governance Committee, and (iii) Mr. Haitian Lu as Chairman of the Nominating and Company Governance Committee and member of the Compensation Committee. The Board additionally accepted the resignations of Mr. Xiaojun Zhang as Director and Chairman, and Mr. Jiayuan Lin as CEO, Interim CFO, and Director. All modifications are efficient instantly.
Mr. Peng Yu, CEO and Director, commented, “This management workforce offers Cango the right combination of abilities to execute our subsequent section of progress. Having efficiently reworked right into a Bitcoin miner, we have now already made outstanding progress prior to now 7 months by changing into one of many largest Bitcoin miners on the planet. With a powerful steadiness sheet and clear long-term imaginative and prescient, our collective expertise will assist us scale past the 50 EH/s already deployed, not solely safeguarding however strategically rising our treasury of greater than 4,000 Bitcoins to maximise shareholder worth. We’ll start growing sustainable, high-performance computing alternatives whereas strategically increasing upstream into devoted energy sources particularly inexperienced power that can create lasting worth for shareholders and drive additional progress.”
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 Restricted for US$70 million. They transformed their remaining Class B shares into Class A shares, now holding 18.54% of whole excellent shares and 12.07% of voting energy. Enduring Wealth Capital Restricted now holds about 2.82% of excellent shares and 36.73% of voting energy..
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Investor Relations Contact
Juliet YE, Head of Communications
Cango Inc.
E-mail: [email protected]