Cango Divests China Business, Expands Global Bitcoin Mining Capacity

Cango Inc. has sharply reoriented its business strategy by divesting its China-based operations and focusing on expanding its global Bitcoin mining presence. The Hong Kong-based company sold its mainland China business to Ursalpha Digital Limited for approximately $352 million, enabling it to target growth in regions such as North America, the Middle East, South America, and East Africa. This strategic shift includes deregistering from the China Securities Regulatory Commission as a "China Concept Stock". Leadership changes have accompanied this pivot, with CFO Yongyi Zhang resigning and CEO Jiayuan Lin stepping in as interim CFO, alongside the appointment of two new independent directors with expertise in FinTech and AI. Additionally, Cango expanded its mining capacity by acquiring 18 EH/s through a share issuance to Golden TechGen Limited and partners, boosting its total Bitcoin mining power to 50 EH/s. The company also restructured its shareholder base, with Enduring Wealth Capital Limited purchasing 10 million Class B shares, gaining significant voting power while founders convert their high-vote shares to lower-vote ones, signaling a major governance shift.