Cango Inc. (NYSE: CANG) (“Cango” or the “Company”) today announced that it has completed the previously announced disposal of all of its business in the PRC (the “PRC Business”). The Company announced on April 3, 2025 that it entered into definitive agreements to sell its PRC Business to Ursalpha Digital Limited (the “Purchaser”) for a total consideration of approximately US$351.94 million in cash (the “PRC Business Disposal”), and announced on May 16, 2025 that its shareholders approved the PRC Business Disposal. All closing conditions for the PRC Business Disposal were satisfied or waived and the transaction was closed on May 27, 2025.
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 Asia at AMINA Bank AG, a FINMA-licensed Swiss bank specializing in virtual asset banking services, and from 2015 to 2021, the executive director and chief financial officer at 9F Inc. (NASDAQ: JFU), a FinTech company offering digital financial services. Mr. Lin graduated with a bachelor’s degree from Guanghua School of Management at Peking University and obtained his EMBA degree from Tsinghua University PBC School of Finance. He is a fellow of the Aspen Institute’s China Fellowship Program and a member of the Aspen Global Leadership Network.
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 Singapore, master of law from Liverpool University and bachelor of law from Nanjing University.
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.
