Cango (CANG) director reports major warrant and share interests on Form 3

Rhea-AI Filing Summary

Cango Inc. director Chiu Chang-Wei filed an initial Form 3 reporting derivative and equity interests in the company. Entities associated with him hold warrants to purchase 11,516,837 and 833,351 Class A Ordinary Shares at an exercise price of $0.0001 per share, plus indirect holdings of 47,250,392 and 1,952,116 Class A Ordinary Shares. He also holds options over 320,000 Class A Ordinary Shares, with 25% vesting on October 31, 2026 and the remaining 75% vesting in 36 equal monthly installments thereafter. Footnotes state he disclaims beneficial ownership beyond his pecuniary interest and that the warrants are exercisable only upon specified market capitalization conditions during defined 30‑trading‑day test periods after June 27, 2025.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Chiu Chang-Wei

(Last) (First) (Middle)

3131 MCKINNEY AVENUE

(Street)

DALLAS 75204

(City) (State) (Zip)

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
03/18/2026

3. Issuer Name and Ticker or Trading Symbol
Cango Inc. [ CANG ]

3a. Foreign Trading Symbol

5. If Amendment, Date of Original Filed (Month/Day/Year)

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Class A Ordinary Shares	47,250,392	I(1)	By Fortune Peak Limited
Class A Ordinary Shares	1,952,116	I	By Evermo Limited

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Warrants to purchase Class A Ordinary Shares	(2)(3)	(2)(3)	Class A Ordinary Shares	11,516,837	$0.0001	I(1)	By Fortune Peak Limited
Warrants to purchase Class A Ordinary Shares	(2)(3)	(2)(3)	Class A Ordinary Shares	833,351	$0.0001	I	By Evermo Limited
Options (right to buy)	(4)	(4)	Class A Ordinary Shares	320,000	$0.0001	D

Explanation of Responses:

1. Mr. Chiu Chang-Wei disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein, and the inclusion of these shares in this report shall not be deemed an admission of beneficial ownership of all of the reported shares for purposes of Section 16 or for any other purpose.

2. The warrants to purchase Class A Shares are exercisable upon certain events described in the on-rack sales and purchase agreement between Cango Inc. and certain sellers of on-rack crypto mining machines dated November 6, 2024 as amended, supplemented, modified and varied as of March 25, 2025, April 3, 2025, June 4, 2025 and June 23, 2025.

3. Specifically, the warrants are exercisable, in whole or in part by the warrant holder, at any time or from time to time during the period commencing on the date when the Additional Issuance Condition is first satisfied (the "Exercise Start Date"), and ending on the date falling three (3) months after the Exercise Start Date. "Additional Issuance Condition" refers to the occurrence of first Test Period in which the market capitalization of the Issuer of each of the trading days during such Test Period, calculated by multiplying the per ordinary share price of the Purchaser implied by the daily VWAP of such trading day by the total number of outstanding shares of the Issuer at the close of market on such trading day, is at least US$1,825,000,000 (excluding any effect of future straight equity financing from and after the date hereof). "Test Period" means any consecutive 30-trading day period that commences after June 27, 2025 and ends prior to the date falling 30 months thereafter.

4. 25% of the options held by Mr. Chiu Chang-Wei will vest and become exercisable on October 31, 2026, and the remaining 75% will vest and become exercisable in 36 equal monthly installments on the last day of each month thereafter. Each tranche expires on the third anniversary of the date it becomes exercisable.

	/s/ Chiu Chang-Wei	03/18/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 3: SEC 1473 (03-26)

FAQ

What does Cango (CANG) director Chiu Chang-Wei report on this Form 3?

He reports initial holdings of warrants, options, and Class A Ordinary Shares in Cango. Most positions are held indirectly through Fortune Peak Limited and Evermo Limited, reflecting his associated interests rather than direct open-market transactions.

How many Cango (CANG) Class A shares are indirectly held through associated entities?

Entities associated with Chiu Chang-Wei report indirect holdings of 47,250,392 and 1,952,116 Class A Ordinary Shares. These positions are held by Fortune Peak Limited and Evermo Limited, with Mr. Chiu disclaiming beneficial ownership except for his pecuniary interest.

What derivative securities related to Cango (CANG) does Chiu Chang-Wei report?

He reports warrants to purchase 11,516,837 and 833,351 Class A Ordinary Shares at an exercise price of $0.0001 per share, plus options over 320,000 Class A Ordinary Shares. These derivatives provide additional potential equity exposure under specified conditions.

When do Chiu Chang-Wei’s Cango (CANG) stock options vest and expire?

Twenty-five percent of his 320,000 options vest and become exercisable on October 31, 2026. The remaining 75% vest in 36 equal monthly installments thereafter, with each tranche expiring on the third anniversary of its respective vesting date.

Under what conditions are the Cango (CANG) warrants reported by Chiu Chang-Wei exercisable?

The warrants become exercisable after an Additional Issuance Condition is first satisfied, based on Cango’s market capitalization during a 30‑trading‑day Test Period beginning after June 27, 2025. They are exercisable in whole or in part for three months after that start date.

Does Chiu Chang-Wei claim full beneficial ownership of all reported Cango (CANG) securities?

No. He expressly disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest. This means inclusion of these positions does not represent an admission of full beneficial ownership for regulatory or other purposes.