Cango completes secondary acquisition and announces new leadership team

Cango (CANG) announced that it has completed its transformation into a global Bitcoin miner with the appointment of a new Board of Directors and senior management team with deep expertise in digital-asset infrastructure, finance, and energy investments. Pursuant to resolutions adopted on July 23, the Board appointed Xin Jin as Chairman of the Board and Non-Executive Director, Peng Yu as CEO and Director, Chang-Wei Chiu as Director, Zhang as CFO, and Simon Ming Yeung Tang as Chief Investment Officer. To strengthen governance, the Board also appointed Chi Ming Lee, Independent Director, as a member of the Compensation Committee and Nominating and Corporate Governance Committee, Yanjun Lin, Independent Director, as Chairman of the Compensation Committee and member of the Nominating and Corporate Governance Committee, and Haitian Lu as Chairman of the Nominating and Corporate Governance Committee and member of the Compensation Committee. Concurrently, the Board accepted the resignations of Xiaojun Zhang, who stepped down as Director and Chairman of the Board, and Jiayuan Lin, who resigned as CEO, Interim CFO and Director. All appointments and resignations are effective immediately. Jin is the founder and CEO of Antalpha Platform Holding Company (ANTA) and has served as the director and chairman of the Board of Directors of Antalpha since 2024. Yu is an accomplished executive with over 18 years of cross-sector leadership experience spanning BTC mining, energy, M&A and asset management. He has a proven track record of driving value creation within the Bitcoin mining ecosystem through strategic M&A acumen and operational excellence. Previously, he served as Managing Director at ABC International Investment Management. Chiu previously served as Chief Investment Officer of Antalpha Capital Limited from 2021 to 2022 and Managing Partner at Armada Capital Holdings Limited from 2017 to 2021. Zhang rejoins Cango where he previously served as CFO officer from 2018 until the transformation into Bitcoin mining in 2025, bringing continuity and extensive capital markets experience. Tang is an experienced corporate finance professional, previously serving as CFO of two new economy companies in the Internet and new energy vehicles space in China. The concurrent resignation of Xiaojun Zhang and Jiayuan Lin coincides with the closing of a secondary sale in which they, as the Company’s co-founders, sold an aggregate of 10M Class B ordinary shares to Enduring Wealth Capital Limited for a total consideration of $70M.