Cango Inc. Declares Finalization of Sale of Chinese Operations and Adjustments to Board of Directors and Executive Leadership
In a significant strategic move, Cango Inc., a tech company previously operating in China, has completed a major transformation and repositioned itself as a global Bitcoin mining company. This transformation was finalised following the disposal of its People's Republic of China (PRC) business on May 27, 2025 [1][4].
The PRC business divestiture marked a period of significant changes in the company's leadership and management. Four directors, including CFO Yongyi Zhang, resigned, with Co-founder and CEO Jiayuan Lin taking on the interim CFO role. Two new independent directors, Yanjun Lin and Haitian Lu, were also appointed to the board [1][4].
Cango has accelerated its strategic transition to focus exclusively on Bitcoin mining on a global scale. The company raised capital through the sale of 10 million Class B shares to Enduring Wealth Capital Limited for $70 million, part of which is conditional. Additionally, the company expanded its mining capacity by acquiring an extra 18 EH/s of crypto mining power through share-settled transactions with sellers led by Golden TechGen Limited [1].
In May 2025, Cango produced 484.5 Bitcoins, a 3.1% increase from April 2025. The company maintained a stable deployed hashrate of 32 EH/s and an average operating hashrate near 29.86 EH/s. Its total Bitcoin holdings increased to 3,429.3 coins, with no Bitcoin sales reported during this period, demonstrating a strong accumulation strategy [2][3][4].
With the exit from China operations, Cango is preparing to file for termination of its “China Concept Stock” status with the China Securities Regulatory Commission (CSRC), signaling a complete pivot away from the PRC market [4].
Besides Bitcoin mining, Cango continues to operate its online international used car export business through AutoCango.com, providing some business portfolio diversification [2].
The PRC Business Disposal was approved by Cango's shareholders. The total consideration for the deal was approximately US$351.94 million in cash. All closing conditions for the disposal were satisfied or waived [1].
The announcement contains forward-looking statements regarding Cango's business. Cango does not undertake any obligation to update any forward-looking statement, except as required under applicable law. Cango's filings with the SEC include information regarding risks that could cause actual results to differ materially from those contained in any forward-looking statement [1].
Mr. Yanjun Lin, one of the new independent directors, brings extensive experience in FinTech, digital banking, and virtual asset wealth management. Mr. Haitian Lu, another new independent director, has expertise in FinTech, RegTech, and SustainTech, and serves on the boards of several companies [1].
Contact information for Cango's investor relations is available in the press release. The source of the press release is Cango Inc. [1]
In summary, Cango Inc. has successfully exited its PRC business, revamped its leadership, expanded its Bitcoin mining capacity globally, and strengthened its balance sheet through new capital injections. The company now positions itself as a well-capitalized and growing player in the global Bitcoin mining sector, with robust operational performance and a clearly defined post-China strategic focus [1][2][3][4].
Cloud news highlighted Cango Inc.'s strategic shift towards global Bitcoin mining, as the company sold 10 million Class B shares to Enduring Wealth Capital Limited for $70 million in finance, part of which is conditional, to raise capital for this endeavor. The news also mentioned the appointment of Yanjun Lin and Haitian Lu, two new independent directors with extensive experience in FinTech and SustainTech, who would help guide Cango's operations and investments in the future.
