#USA #Hong Kong #Bitcoin Mining #Leadership Team #Cango Inc.

Cango Inc.'s Strategic Transformation into Bitcoin Mining

Cango Inc. (NYSE: CANG) recently made headlines with its announcement regarding a pivotal transformation aimed at establishing itself as a major player in the Bitcoin mining sector. On July 23, 2025, the company confirmed the completion of a secondary acquisition and introduced a new leadership team tasked with navigating this ambitious transition.

New Leadership Team

The newly appointed board includes key figures with extensive experience in digital asset infrastructure, finance, and energy investments. Mr. Xin Jin has taken on the role of Board Chairman and Non-Executive Director, while Mr. Peng Yu steps in as the Chief Executive Officer and Executive Director. Other appointments include Mr. Chang-Wei Chiu, Mr. Yongyi Zhang as Chief Financial Officer, and Mr. Simon Ming Yeung Tang in charge of information technology.

To bolster corporate governance, independent directors were appointed to several committees, including Mr. Chi Ming Lee and Mr. Yanjun Lin, providing external oversight. This reshuffling comes as part of Cango's strategic objective to enhance operational efficiency and transparency within the organization.

Strategic Goals and Recent Developments

In his statement, Mr. Peng Yu expressed optimism, stating, “This leadership team provides Cango with the right mix of skills for our next growth phase.” The transformation has been underway for several months, with Cango now positioning itself as one of the largest Bitcoin miners globally. They have already deployed over 50 EH/s (exahashes per second) and are on track to increase their holdings of Bitcoin to maximize shareholder value.

With a firm balance sheet and a clear long-term vision, Cango plans to focus on sustainable high-performance computing opportunities while strategically extending its operations toward dedicated energy resources, particularly green energy. This approach not only aims to create lasting value for shareholders but also to stimulate company growth in a rapidly evolving market.

Recent Changes in Leadership

In conjunction with these changes, co-founders Mr. Xiaojun Zhang and Mr. Jiayuan Lin have stepped down. Their departure coincided with Cango's secondary sale of 10 million Class B shares to Enduring Wealth Capital Limited for $70 million. Post-sale, they converted their remaining Class B shares into Class A shares, holding 18.54% of all outstanding shares and 12.07% of the voting rights.

Enduring Wealth Capital Limited now holds approximately 2.82% of the outstanding shares and boasts 36.73% of the voting rights, marking a significant shift in shareholder dynamics. This reorganization illustrates Cango's efforts to strengthen its operational framework and governance structures as it embarks on its journey in the Bitcoin mining industry.

As Cango moves forward, industry observers will be keeping a keen eye on how these strategic changes impact its market footprint and operational performance in the competitive landscape of cryptocurrency mining. With a focus on sustainable practices and a robust leadership team, the company intends to leverage its enhanced capabilities to maximize shareholder value and secure a leading position in the Bitcoin mining arena.