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

Cango Inc. Transforms into a Global Bitcoin Miner

On July 23, 2025, Cango Inc. (NYSE: CANG) made headlines by announcing a significant organizational shift alongside the appointment of a new Board of Directors. The company is redefining itself as a major player in the Bitcoin mining industry, a move that underscores its commitment to leveraging the growing potential of cryptocurrencies.

The newly formed Board is noteworthy for its assembly of experts with extensive backgrounds in digital asset infrastructure, finance, and energy investments. The appointments include:

• - Xin Jin - Chairman of the Board and Non-Executive Director
• - Peng Yu - Chief Executive Officer and Director
• - Chang-Wei Chiu - Director
• - Yongyi Zhang - Chief Financial Officer
• - Simon Ming Yeung Tang - Chief Information Officer

To bolster governance, the Board has established an independent committee structure, including:

• - Chi Ming Lee - Independent Director, serving on the Compensation Committee and Nominating and Governance Committee
• - Yanjun Lin - Independent Director, Chair of the Compensation Committee and member of the Nominating and Governance Committee
• - Haitian Lu - Chair of the Nominating and Governance Committee and member of the Compensation Committee

These changes took effect immediately, reflecting Cango's proactive stance in adapting to the evolving digital economy.

In a statement, Peng Yu expressed confidence in the leadership team's abilities to steer Cango through its next phase of growth. With an impressive track record, the company has swiftly moved to become one of the largest Bitcoin miners globally over the past seven months. Peng noted, "Our solid balance sheet and clear long-term vision will aid us in enhancing our existing capacity beyond 50 EH/s, ensuring both the protection and strategic expansion of our treasury, which currently exceeds 4,000 Bitcoins."

This shift follows the recent secondary sale of 10 million Class B shares to Enduring Wealth Capital Limited for 70 million USD, catalyzing changes in the company's ownership structure. Founders Xiaojun Zhang and Jiayuan Lin transitioned from their respective roles as Director and CEO to focus on strategic investments, converting their remaining Class B shares into Class A shares. Currently, they hold 18.54% of the total outstanding shares with 12.07% voting rights, while Enduring Wealth Capital controls about 2.82% of the outstanding shares and 36.73% of the voting rights.

Alongside its leadership changes, Cango is also prioritizing sustainable practices. As part of its strategic vision, the company aims to develop high-performance sustainable computing solutions and pivot towards dedicated energy sources, particularly green energy initiatives, to enhance shareholder value and sustain growth.

As Cango Inc. steps into this new chapter, the fresh leadership and innovative strategies position the company at the forefront of the cryptocurrency mining sector. Observers and investors alike will be keenly watching its progress in the coming months, with high expectations for the integration of sustainable practices in a rapidly evolving market.

For further details, you can view the full announcement here.