CoinVoice has recently learned that Cango Inc. (NYSE: CANG) has announced 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 CEO and director; (3) Chang-Wei Chiu as director; (4) Yongyi Zhang as CFO; (5) Simon Ming Yeung Tang as CIO.
To enhance governance, the board also appointed: (1) independent director Chi Ming Lee as a member of the compensation committee and the nomination and corporate governance committee; (2) independent director Yanjun Lin as chairman of the compensation committee and a member of the nomination and corporate governance committee; (3) Haitian Lu as chairman of the nomination and corporate governance committee and a member of the compensation committee.
At the same time, the board accepted the resignation of Xiaojun Zhang as director and chairman of the board, as well as Jiayuan Lin's resignation as CEO, interim CFO, 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 rights; Enduring Wealth Capital Limited held approximately 2.82% of the company's outstanding shares and 36.73% of the voting rights. [Original link]
