Cango Inc. declares successful execution of secondary acquisition and instatement of fresh management board.
Cango Inc. (NYSE: CANG) has announced significant changes in its leadership team and a transformation into a global Bitcoin miner. The new team, appointed on July 23, 2025, brings a wealth of expertise in digital-asset infrastructure, finance, and energy investments.
New Leadership Team
- Mr. Xin Jin has been appointed as Chairman of the Board and Non-Executive Director.
- Mr. Peng Yu has been appointed as Chief Executive Officer (CEO) and Director.
- Mr. Chang-Wei Chiu has been appointed as a Director.
- Mr. Yongyi Zhang has been appointed as Chief Financial Officer (CFO).
- Mr. Simon Ming Yeung Tang has been appointed as Chief Investment Officer (CIO).
Strengthening Governance
To further strengthen governance, the Board appointed:
- Mr. Chi Ming Lee, an Independent Director, as a member of the Compensation Committee and Nominating and Corporate Governance Committee.
- Mr. Yanjun Lin, an Independent Director, as Chairman of the Compensation Committee and a member of the Nominating and Corporate Governance Committee.
- Mr. Haitian Lu as Chairman of the Nominating and Corporate Governance Committee and a member of the Compensation Committee.
Resignations and Share Sale
The changes also involved the resignation of the former Chairman, Mr. Xiaojun Zhang, and the former CEO, Mr. Jiayuan Lin. They have sold 10 million Class B shares for US$70 million and converted their remaining Class B shares into Class A shares. As a result, they now hold 18.54% of total outstanding shares and 12.07% of voting power. Enduring Wealth Capital Limited now holds about 2.82% of outstanding shares and 36.73% of voting power.
Contact Information
For investor relations inquiries, please contact Juliet YE, Head of Communications, at [email protected].
The new leadership team's expertise aligns with Cango's transformation into a global Bitcoin mining company. The changes mark a new chapter for Cango Inc. as it embarks on its journey as a leading player in the Bitcoin mining industry.
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- The new CEO, Mr. Peng Yu, brings extensive experience in both traditional business and technology sectors, which will be instrumental in Cango's transformation into a global Bitcoin miner.
- As the Chief Financial Officer, Mr. Yongyi Zhang's expertise in finance and digital-asset infrastructure will help Cango Inc. navigate the financial complexities of its transition into the Bitcoin mining business.
