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Here are 1-2 brief analogies to describe Cango:

• Zillow for cars in China

• CarGurus for cars in China, with integrated financing services

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• Automotive Financing Facilitation: Cango facilitates financing solutions for car buyers by connecting them with financial institutions for auto loans.
• Aftermarket Services: The company provides various post-purchase services to car owners, including insurance and extended warranties.
• Car Trading Business: Cango engages in the buying and selling of new and used vehicles, facilitating transactions between dealers and consumers.

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Cango Inc. (NYSE: CANG) operates as an automotive transaction service platform in China, primarily focused on facilitating car purchases and related services for individuals.

Therefore, Cango primarily sells its services to **individuals**. The company serves the following categories of customers:

• New Car Buyers Seeking Financing: These are individuals purchasing a new vehicle who require financing options. Cango connects these customers with various financial institutions through its platform, simplifying the loan application and approval process.
• Used Car Buyers and Sellers: This category includes individuals looking to purchase a used car and those aiming to sell their existing used vehicles. Cango's platform facilitates these transactions by providing a marketplace, verification services, and transaction support.
• Car Owners Seeking After-market Services: These customers are existing car owners who utilize Cango's platform to access various after-market services, such as auto insurance, extended warranties, and vehicle maintenance packages, often facilitated through Cango's network of dealer partners.

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Peng Yu, Chief Executive Officer and Director

Mr. Peng Yu possesses over 18 years of leadership experience across BTC mining, energy, mergers and acquisitions, and asset management, with a track record of driving value creation in the BTC mining ecosystem. Before his role at Cango, he served as the managing director of ABC International Investment Management Limited starting in September 2018, and as CEO of Zhongrong Huijin Asset Management Limited from February 2017 to September 2018. From December 2015 to February 2017, he was the Senior Vice President at ORIX Asia Capital Limited. Mr. Yu was also a board member and investment committee member of a private equity fund under China Construction Bank International Asset Management Limited from 2010 to 2015.

Yongyi Zhang, Chief Financial Officer

Mr. Yongyi Zhang rejoined Cango in July 2025, having previously served as Chief Financial Officer and Director from 2018 until the company's transformation into a Bitcoin miner in 2025. His prior experience includes serving as an executive director of Zhongde Securities Co., Ltd. from 2010 to 2018, and as a senior manager of China Galaxy Securities Co., Ltd. from 2001 to 2010. He also held positions as a deputy manager of Shanghai Stock Exchange from 1997 to 2001 and an auditor at Arthur Andersen (Shanghai Office) from 1995 to 1997. Mr. Zhang holds a bachelor's degree in international accounting from Shanghai University of Finance and Economics and has completed executive development courses at Harvard Business School.

Xin Jin, Chairman of the Board and Non-Executive Director

Mr. Xin Jin is the founder and chief executive officer of Antalpha Platform Holding Company (NASDAQ: ANTA) since 2024, where he has grown the company to over $1.6 billion in assets under management. He has extensive experience in the crypto mining industry, providing services such as mining machine access and data centers with low electricity costs. Before founding Antalpha, Mr. Jin was a general manager of Diansuan Information Technology from January 2018 to May 2021, and a general manager of Chichuang Technology from March 2012 to October 2017.

Simon Ming Yeung Tang, Chief Investment Officer

Mr. Simon Ming Yeung Tang is an experienced corporate finance professional. Prior to Cango's transition into the Bitcoin mining space, he served as CFO for two new economy companies in the Internet and new energy vehicles sectors in China. His previous roles include being part of the APAC TMT investment banking team at Credit Suisse from 2010 to 2021, and working as an English and Hong Kong law qualified corporate lawyer at Linklaters from 2006 to 2010. Mr. Tang earned a Bachelor of Arts in jurisprudence from the University of Oxford.

Chang-Wei Chiu, Director

Mr. Chang-Wei Chiu previously served as the Chief Investment Officer of Antalpha Capital (BVI) Limited from November 2021 to February 2022, and as a Managing Partner at Armada Capital Holdings Limited from June 2017 to May 2021. From May 2014 to February 2017, he held the position of chief financial officer at Chichuang Technologies, Ltd. Prior to that, he was the Vice President of Corporate Development of China Yang Ming Medical Group from February 2010 to November 2013. Mr. Chiu holds a bachelor's degree in Business Administration from the University of Southern California, specializing in Mergers and Acquisitions.

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The key risks to Cango's business primarily stem from its strategic pivot to Bitcoin mining, which now constitutes the vast majority of its revenue.

1. Bitcoin Price Volatility: Cango's revenue and profitability are heavily dependent on the highly volatile price of Bitcoin. Fluctuations in cryptocurrency prices can significantly impact the company's financial performance, including its revenue generation and the value of its Bitcoin holdings.
2. High Operating Costs and Profitability Challenges in Bitcoin Mining: The company faces substantial electricity costs associated with its Bitcoin mining operations. It has also reported relatively high "all-in costs" to mine each Bitcoin compared to some industry peers, which can lead to significant net losses despite revenue growth and challenge the company's overall profitability.
3. Regulatory Changes in the Bitcoin Mining Industry: The cryptocurrency mining industry operates in a dynamic and evolving regulatory environment. While Cango's mining operations are situated outside China, its historical base in a country where cryptocurrency is banned, and the potential for new regulations in its operational regions, pose ongoing risks to its business model and could necessitate strategic adjustments, such as a relocation of its headquarters.

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The accelerating shift towards direct-to-consumer sales models by automotive manufacturers, particularly within the rapidly growing Electric Vehicle (EV) segment, poses a significant threat. Many EV brands are bypassing traditional dealership networks, which are Cango's primary channel for loan origination, and are instead developing their own in-house financing solutions or exclusive partnerships. This fundamentally alters the distribution landscape and could diminish Cango's addressable market and role as an intermediary.

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Automotive Financing Facilitation Services

Automotive Transaction Facilitation Services

After-Market Services Facilitation

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Cango (NYSE: CANG) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Growth in Bitcoin Mining Operations and Capacity: Cango has significantly transformed its business to primarily focus on Bitcoin mining, expanding its mining capacity (hashrate) and optimizing operations across various global locations. The company aims to further increase its Bitcoin production, which is a core revenue driver.
2. Diversification into High-Performance Computing (HPC) and AI Workloads: Cango plans to leverage its robust computing infrastructure, initially built for Bitcoin mining, to integrate high-performance computing and artificial intelligence (AI) workloads. This strategic pivot, with pilot AI collaborations targeted by mid-2026, aims to create new, diversified revenue streams beyond cryptocurrency mining.
3. Expansion of International Used Car Export Business: Despite a significant shift away from its China-based automotive transaction services, Cango continues to operate and expand its online international used car export business through AutoCango.com. This segment provides an ongoing revenue stream by facilitating the global sale of high-quality vehicle inventory from China.
4. Operational Efficiency and Cost Reduction in Mining: The company is focused on enhancing profitability and supporting growth in its Bitcoin mining operations through strategic investments in self-owned mining facilities and the development of renewable energy storage projects. These initiatives are designed to reduce operational costs, particularly energy expenses, thereby improving margins and strengthening the financial foundation for future expansion.

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Share Repurchases

• Cango authorized a new share repurchase program of up to US$50 million over the next 12 months, starting April 25, 2024.
• Under a previous share repurchase program announced in April 2023, the company repurchased approximately US$44.6 million worth of its ADSs by April 16, 2024.
• On March 13, 2025, a new share repurchase program was authorized, allowing for the repurchase of up to US$30 million worth of shares over the next 12 months, starting April 25, 2025.

Share Issuance

• In November 2024, Cango agreed to acquire crypto mining machines with an aggregate hashrate of 18 Exahash per second through the issuance of Class A ordinary shares to sellers.
• In June 2025, Cango amended its agreement to acquire an additional 18 EH/s in crypto mining capacity, also through the issuance of Class A ordinary shares.
• In November 2025, Cango terminated its ADR program and directly listed its Class A ordinary shares on the NYSE, with no new shares issued or capital raised.

Inbound Investments

• In June 2025, Cango announced an agreement for its co-founders and their affiliates to sell 10 million Class B ordinary shares to Enduring Wealth Capital Limited (EWCL) for a total purchase price of US$70 million.

Outbound Investments

• In May 2025, Cango divested all its PRC-based operations, selling them to Ursalpha Digital Limited for approximately US$351.94 million, to redeploy financial and operational resources towards Bitcoin mining.
• Cango expanded into the crypto assets market and Bitcoin mining in November 2024, diversifying its business portfolio.

Capital Expenditures

• In November 2024, Cango acquired on-rack Bitcoin mining machines with an aggregate hashrate of 50 exahashes (EH) for a total purchase price of US$400 million.
• By November 15, 2024, the company had taken delivery of 32 EH of mining power.
• Cango aims to increase its deployed hashrate to approximately 50 EH before the end of the first quarter of 2025, focusing on its strategic transformation into a global Bitcoin mining business.