Cango Inc. Transforms into a Global Leader in Bitcoin Mining with New Management Team

Cango Inc. Announces Major Transformation into Bitcoin Mining

In a groundbreaking announcement on July 23, 2025, Cango Inc. (NYSE: CANG) revealed its significant shift toward becoming a global player in Bitcoin mining. This transformation comes alongside the appointment of an entirely new board and management team that brings extensive experience in digital asset infrastructure, finance, and energy investments.

New Leadership Driving Innovation

The company has appointed Xin Jin as the chairman of the board and a non-executive director, while Peng Yu takes on the role of CEO and board member. Other notable appointments include Chang-Wei Chiu as a board member, Yongyi Zhang as CFO, and Simon Ming Yeung Tang as CIO. The new board aims to enhance governance by including independent directors such as Chi Ming Lee, Yanjun Lin, and Haitian Lu, who have been appointed to various committees focusing on corporate governance and compensation.

This leadership restructuring follows the exit of co-founders Xiaojun Zhang and Jiayuan Lin, who have stepped down as part of a secondary sale of 10 million Class B shares to Enduring Wealth Capital Limited for $70 million. Following this transaction, they converted their remaining Class B shares into Class A shares, retaining 18.54% of the total outstanding shares and 12.07% of the voting power. Meanwhile, Enduring Wealth Capital now holds about 2.82% of the outstanding shares and commands 36.73% of the voting power.

A Strong Path Forward

CEO Peng Yu expressed optimism regarding these changes, stating, "This management team provides Cango with the right mix of skills to execute our next phase of growth. After our successful transformation into a Bitcoin miner, we have already made remarkable progress in becoming one of the largest Bitcoin mining companies worldwide. With a robust balance sheet and a clear long-term vision, our combined experience will enable us to scale beyond the current deployed capacity of 50 EH/s and strategically grow our bitcoin reserve of over 4,000 coins to maximize shareholder value."

Through strategic development of sustainable, high-performance computing capabilities, Cango aims to not only secure its position but also expand into specific energy sources, particularly green energy, to foster continued growth and shareholder value.

Conclusion

As Cango Inc. embarks on this transformative journey, the company is poised to leverage its new leadership and a strong strategy to navigate the evolving landscape of Bitcoin mining. The restructured board and management team are expected to drive innovation and sustainable practices, ensuring that Cango remains at the forefront of the cryptocurrency sector.