Cango Inc. announced its transformation into a global Bitcoin miner and the appointment of new senior management with high expertise in digital assets and finance.
New Leadership at Cango Inc.
On July 23, 2025, the Board of Directors of Cango Inc. appointed a new chairman and executives to strengthen its market position. The leadership team now includes Mr. Xin Jin as Chairman, Mr. Peng Yu as CEO, Mr. Chang-Wei Chiu as Director, Mr. Yongyi Zhang as CFO, and Mr. Simon Ming Yeung Tang as CIO.
Growth Strategy and Sustainability
CEO Peng Yu commented on the management changes, stating, "This leadership team gives Cango the right mix of skills to execute our next phase of growth. We have already made remarkable progress in the past 7 months by becoming one of the largest Bitcoin miners in the world."
Founders' Departure and Its Implications
Mr. Xiaojun Zhang and Mr. Jiayuan Lin resigned as co-founders coinciding with a secondary sale of 10 million Class B shares to Enduring Wealth Capital Limited for $70 million. They converted their remaining Class B shares into Class A shares and now hold 18.54% of total outstanding shares.
Thus, Cango Inc. aims to take strategic steps in Bitcoin mining under new leadership, which should contribute to their sustainable growth and market strengthening.
