Cango Inc. (Nyse: Cang) announced his conversion into a global Bitcoin miner today. For this purpose, a new board (the “board”) and a leadership team with extensive expertise in the areas of digital infrastructure, finance and energy investments were appointed.
On July 23, 2025, the board (i) Mr. Xin Jin appointed the CEO and non-managing director, (II) Mr. Peng Yu Zum CEO and Director, (III) Mr. Chang-Weiu as Director, (IV) Mr. Yongyi Zhang to the CFO and (V) Mr. Simon Ming Yeung Tang zum Cio. To strengthen the corporate management, the board also (i) appointed Mr. Chi Ming Lee, an independent board member, a member of the remuneration committee and the nomination and corporate government committee, (II) Mr. Yanjun Lin, an independent board of directors, as chairman of the remuneration committee and member of the nominating and corporate government committee and (III) Mr. Haitian Lu as chairman of the nomination and corporate government committee and member of the remuneration committee. The board also has the resignation of Mr. Xiaojun Zhang as Director and Chairman as well as from Mr. Jiayuan Lin as CEO, Interim-CFO and Director. All changes are effective immediately.
Peng Yu, CEO and Director, commented: “This management team offers Cango the right mix of skills to implement our next growth phase. After the successful conversion to the Bitcoin miner, we have already made remarkable progress in the past seven months and have become one of the biggest Bitcoin miners worldwide. With a strong balance and a clear long-term vision, we will be thanks to our experience Already expanded capacity of 50 EH/S and not only secure our existence of more than 4,000 bitcoins, but strategically increase to maximize the shareholder value.
Mr. Xiaojun Zhang and Mr. Jiayuan Lin resigned as co -founders, at the same time as a secondary sale of 10 million class B shares in Enduring Wealth Capital Limited for $ 70 million. They converted their remaining class B shares into class A shares and now hold 18.54 % of the total of the shares issued and 12.07 % of the voting rights. Enduring Wealth Capital Limited now holds about 2.82 % of the shares output and 36.73 % of the voting rights.
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