Cango announces management changes

Cango (CANG) announced that, concurrently with closing of the PRC Business Disposal, Yongyi Zhang, Zhipeng Song, Dongsheng Zhou and Rong Liu resigned from their positions as directors of the Company, and Yongyi Zhang also resigned from his position as the CFO of the Company. The board of directors of the Company have appointed Yanjun Lin and Haitian Lu as independent directors of the Company, effective May 27. Yanjun Lin has also been appointed as a member of the audit committee and the compensation committee of the Company’s board, and Haitian Lu has been appointed as a member of the audit committee and the nominating and corporate governance committee of the Company’s board. Jiayuan Lin was appointed as interim CFO of the Company. Yanjun Lin is a FinTech pioneer in digital banking and virtual asset wealth management, as well as a seasoned investment banker and investor. As a founding partner of I.N Capital, a blockchain and AI investment and consulting company, Lin focuses on financial market investments and services, particularly in AI and Web 3.0 technologies. Mr. Lin was also a senior investment banker at Credit Suisse and Barclays Capital. Haitian Lu is a professor in accounting and finance and the co-director of the Center for Economic Sustainability and Entrepreneurial Finance at the Hong Kong Polytechnic University, with aboundant expertise in FinTech, RegTech and SustainTech. Lu also serves as a director at Wiselaw Digital Technology, Wise International Development, Chinese FI Finance & Treasury Association of Hong Kong Limited, China Life Trustees Limited, Bosera Asset Management and Vitalink Technology. As the Company no longer has any business in the PRC, the Company will submit a filing with the China Securities Regulatory Commission for the termination of the Company’s status as a “China Concept Stock” subject to CSRC’s jurisdiction.