Cango Inc. Announces Closing of PRC Business Disposal and Certain Changes to Board of Directors and Senior Management
Cango Inc. (NYSE: CANG) has completed the disposal of its entire PRC Business to Ursalpha Digital Limited for US$351.94 million in cash on May 27, 2025. The transaction, previously announced on April 3 and approved by shareholders on May 16, included a waiver agreement preventing the reversal of the disposal.
Following the closure, significant management changes occurred: Four directors resigned, including CFO Yongyi Zhang. The company appointed Yanjun Lin and Haitian Lu as independent directors, with Jiayuan Lin becoming interim CFO. With no remaining PRC business, Cango will file for termination of its "China Concept Stock" status with the CSRC.
Cango Inc. (NYSE: CANG) ha completato la cessione dell'intera attività in Cina continentale a Ursalpha Digital Limited per 351,94 milioni di dollari USA in contanti il 27 maggio 2025. L'operazione, annunciata in precedenza il 3 aprile e approvata dagli azionisti il 16 maggio, ha incluso un accordo di rinuncia che impedisce l'annullamento della cessione.
A seguito della chiusura, sono avvenuti importanti cambiamenti nella direzione: quattro membri del consiglio hanno rassegnato le dimissioni, incluso il CFO Yongyi Zhang. La società ha nominato Yanjun Lin e Haitian Lu come amministratori indipendenti, con Jiayuan Lin che assume il ruolo di CFO ad interim. Non avendo più attività in Cina continentale, Cango presenterà la richiesta di revoca dello status di "China Concept Stock" presso la CSRC.
Cango Inc. (NYSE: CANG) ha completado la venta de todo su negocio en la República Popular China a Ursalpha Digital Limited por 351,94 millones de dólares estadounidenses en efectivo el 27 de mayo de 2025. La transacción, anunciada previamente el 3 de abril y aprobada por los accionistas el 16 de mayo, incluyó un acuerdo de renuncia que impide la reversión de la venta.
Tras el cierre, se produjeron cambios significativos en la gestión: cuatro directores renunciaron, incluido el CFO Yongyi Zhang. La compañía nombró a Yanjun Lin y Haitian Lu como directores independientes, y Jiayuan Lin asumió el cargo de CFO interino. Al no quedar negocio en China continental, Cango solicitará la terminación de su condición de "China Concept Stock" ante la CSRC.
Cango Inc. (NYSE: CANG)는 2025년 5월 27일에 전체 중국 본토 사업을 Ursalpha Digital Limited에 미화 3억 5,194만 달러 현금으로 매각을 완료했습니다. 이 거래는 4월 3일에 발표되었고 5월 16일 주주들의 승인을 받았으며, 매각을 되돌릴 수 없도록 하는 포기 계약이 포함되어 있습니다.
거래 완료 후 경영진에 중대한 변화가 있었습니다: CFO인 Yongyi Zhang을 포함해 4명의 이사가 사임했습니다. 회사는 Yanjun Lin과 Haitian Lu를 독립 이사로 임명했으며, Jiayuan Lin이 임시 CFO가 되었습니다. 중국 본토 사업이 더 이상 없으므로 Cango는 CSRC에 "China Concept Stock" 지위 종료 신청을 할 예정입니다.
Cango Inc. (NYSE : CANG) a finalisé la cession de l'intégralité de ses activités en Chine continentale à Ursalpha Digital Limited pour 351,94 millions de dollars US en espèces le 27 mai 2025. Cette transaction, annoncée précédemment le 3 avril et approuvée par les actionnaires le 16 mai, comprenait un accord de renonciation empêchant l'annulation de la cession.
Suite à la clôture, des changements importants ont eu lieu dans la direction : quatre administrateurs ont démissionné, dont le CFO Yongyi Zhang. La société a nommé Yanjun Lin et Haitian Lu en tant qu'administrateurs indépendants, et Jiayuan Lin est devenu CFO par intérim. Ne disposant plus d'activités en Chine continentale, Cango déposera une demande de radiation de son statut de "China Concept Stock" auprès de la CSRC.
Cango Inc. (NYSE: CANG) hat am 27. Mai 2025 den Verkauf seines gesamten Festlandchina-Geschäfts an Ursalpha Digital Limited für 351,94 Millionen US-Dollar in bar abgeschlossen. Die Transaktion, die zuvor am 3. April angekündigt und am 16. Mai von den Aktionären genehmigt wurde, beinhaltete eine Verzichtsvereinbarung, die eine Rückabwicklung des Verkaufs ausschließt.
Nach dem Abschluss kam es zu bedeutenden Veränderungen im Management: Vier Direktoren, darunter CFO Yongyi Zhang, traten zurück. Das Unternehmen ernannte Yanjun Lin und Haitian Lu zu unabhängigen Direktoren, während Jiayuan Lin die Position des Interims-CFO übernahm. Da kein Festlandchina-Geschäft mehr besteht, wird Cango die Beendigung seines "China Concept Stock"-Status bei der CSRC beantragen.
- Complete divestment of PRC Business for US$351.94 million in cash
- Addition of experienced directors with strong fintech and academic backgrounds
- Removal of risks associated with Chinese regulatory oversight through termination of 'China Concept Stock' status
- Complete exit from Chinese market could impact future growth opportunities
- Significant management turnover with resignation of four directors including the CFO
- Appointment of interim CFO suggests potential leadership uncertainty
Concurrently with closing of the PRC Business Disposal, the Company entered into a waiver and amendment agreement pursuant to which the Purchaser irrevocably waived its right to request the reversal of the PRC Business Disposal under certain circumstances as provided in the original agreements for the PRC Business Disposal, and the parties also waived or amended certain related provisions.
In addition, concurrently with closing of the PRC Business Disposal, Mr. Yongyi Zhang, Mr. Zhipeng Song, Mr. Dongsheng Zhou and Mr. Rong Liu resigned from their positions as directors of the Company, and Mr. Yongyi Zhang also resigned from his position as the chief financial officer of the Company. The board of directors of the Company have appointed Mr. Yanjun Lin and Mr. Haitian Lu as independent directors of the Company, effective May 27, 2025. Mr. Yanjun Lin has also been appointed as a member of the audit committee and the compensation committee of the Company's board, and Mr. Haitian Lu has been appointed as a member of the audit committee and the nominating and corporate governance committee of the Company's board. Mr. Jiayuan Lin was appointed as interim chief financial officer of the Company.
Mr. 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, Mr. 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. From 2021 to 2022, Mr. Lin was the chief executive officer for
Prof. 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. Prof. Lu also serves as a director at Wiselaw Digital Technology Ltd., Wise International Development Ltd, Chinese FI Finance & Treasury Association of Hong Kong Limited, China Life Trustees Limited, Bosera Asset Management Co., Ltd. and Vitalink Technology Co., Ltd. Prof. Lu obtained his Ph.D in law from National University of
As the Company no longer has any business in the PRC, the Company will submit a filing with the China Securities Regulatory Commission ("CSRC") for the termination of the Company's status as a "China Concept Stock" subject to CSRC's jurisdiction.
About Cango Inc.
Cango Inc. (NYSE: CANG) primarily operates a leading Bitcoin mining business. Cango has deployed its mining operation across strategic locations including
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Cango may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Cango's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the completion, amendment or reversal of any transactions entered into, proposed or considered by Cango; Cango's goal and strategies; Cango's expansion plans; Cango's future business development, financial condition and results of operations; Cango's expectations regarding demand for, and market acceptance of, its solutions and services; Cango's expectations regarding keeping and strengthening its relationships with dealers, financial institutions, car buyers and other platform participants; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Cango's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Cango does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
Investor Relations Contact
Yihe Liu
Cango Inc.
Tel: +86 21 3183 5088 ext.5581
Email: ir@cangoonline.com
Helen Wu
Piacente Financial Communications
Tel: +86 10 6508 0677
Email: ir@cangoonline.com
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SOURCE Cango Inc.
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