Bitcoin mining company Cango announced the completion of a secondary acquisition and the appointment of a new management team

ChainCatcher news, Cango Inc. (NYSE: CANG) announced the completion of its transformation into a global Bitcoin mining company, while appointing a new board of directors (referred to as the "Board") and senior management team.

According to the resolution passed on July 23, 2025, the Board appointed:
(1) Xin Jin as Chairman of the Board and Non-Executive Director;
(2) Peng Yu as Chief Executive Officer and Director;
(3) Chang-Wei Chiu as Director;
(4) Yongyi Zhang as Chief Financial Officer;
(5) Simon Ming Yeung Tang as Chief Investment Officer.

To enhance governance, the Board also appointed:
(1) Independent Director Chi Ming Lee as a member of the Compensation Committee and the Nominating and Corporate Governance Committee;
(2) Independent Director Yanjun Lin as Chair of the Compensation Committee and a member of the Nominating and Corporate Governance Committee;
(3) Haitian Lu as Chair of the Nominating and Corporate Governance Committee and a member of the Compensation Committee.

At the same time, the Board accepted the resignation of Xiaojun Zhang from the positions of Director and Chairman of the Board, as well as Jiayuan Lin from the positions of Chief Executive Officer, Interim Chief Financial Officer, and Director. Both completed a secondary acquisition—selling a total of 10 million shares of Class B common stock to Enduring Wealth Capital Limited for a total consideration of $70 million; and voluntarily converting all remaining Class B common stock held by their holding company into Class A common stock with one vote per share. After the transaction, they collectively held 18.54% of the company's total outstanding shares and 12.07% of the total voting power; Enduring Wealth Capital Limited held approximately 2.82% of the company's outstanding shares and 36.73% of the voting power.