Cango’s ownership, board take shape as bitcoin mining transformation nears completion

The company will be controlled by two asset managers tied to Singapore’s Antalpha Ventures, while Cango’s co-founders’ voting rights will drop to 12.07%
Key Takeaways:
- Enduring Wealth, a company tied to Singapore’s Antalpha Ventures, will hold a controlling 36.74% of Cango’s voting rights after the company’s transformation to a bitcoin miner
- Cango co-founders Zhang Xiaojun and Lin Jiayuan will see their voting rights in Cango drop to a combined 12.07% post-transformation, from a previous 92.5%
By Doug Young
After more than a half year of nonstop metamorphosis, a picture is finally starting to emerge of who will be calling the shots at a newly minted Cango Inc. (CANG.US), a former Chinese car trader that has morphed into a global bitcoin miner at remarkable speed.
The company’s new shareholding structure was contained in a new announcement last week detailing the latest developments in its transformation. The new Cango will be controlled by a larger and more diverse group of shareholders than the earlier one, as the company adds a new cast of backers with strong backgrounds in the finance, asset management and cryptocurrency sectors.
In its previous form as auto financier and later a car trader, Cango co-founders Zhang Xiaojun and Lin Jiayuan were clearly in control of the company, the former as chairman and the latter as CEO. The pair collectively held 45% of Cango’s shares and 92.5% of its voting power, according to the company’s latest annual report.
The company’s new cast, following a series of major reshuffles, is led by Enduring Wealth Capital Ltd., a Singaporean company whose two key decision makers are Andrea Dal Mas and Yu Peng, and which is tied to Singaporean firm Antalpha Ventures. Another major new stakeholder is Golden TechGen Ltd., which is controlled by three people, Wang Ning, Youngil Kim and Wye Sheng Kong. The original co-founders Zhang and Lin will continue to be major stakeholders as well, though they have yielded their control of the company.
The company’s final shareholder structure is still contingent on a deal in progress that would see Cango acquire $144 million worth of bitcoin mining machines with 18 EH of capacity from a group of companies led by Golden TechGen, which would bring Cango’s total mining capacity to 50 EH. That deal is expected to close by the end of July.
If all goes according to plan, Enduring Wealth will end up with 2.82% of Cango’s shares, but a much larger 36.74% of its voting rights, giving it control of the company. Co-founders Zhang and Lin would see their combined holdings drop to 18.54% of the company’s shares and 12.07% of its voting power. Golden GenTech would hold 18.79% of the new Cango’s shares, and 12.23% of its voting power.
The new shares Cango will issue to Enduring Wealth and the Golden GenTech-led group supplying the 18 EH of additional mining capacity are subject to a six-month lockup period after the deal closes.
As Enduring Wealth’s two key decision makers, Andrea Dal Mas and Yu Peng look set to carry the biggest voices in Cango’s future direction and strategic decisions. Dal Mas’ LinkedIn profile describes him as an Antalpha managing partner, “where he focuses on strategic investments in blockchain technology and artificial intelligence companies.” Cango described Yu as “a seasoned and accomplished finance professional with extensive experience in investment management and asset management.” Yu was also described as Antalpha’s chief strategy officer in an August 2024 announcement from virtual asset manager Pando.
Golden GenTech’s Wang Ning is described in Cango’s latest announcement as a certified public accountant with more than 16 years of experience in equities, fixed-income and digital-asset markets. Golden GenTech’s Youngil Kim is described as having “extensive experience in fintech, strategic planning, and business development, particularly in the crypto and blockchain industry,” while Wye Sheng Kong has “rich experience in treasury management, wealth planning, banking operations and financial advisory services.”
New board
The latest announcement detailing Cango’s new shareholding comes just a week after a new board also began to take shape at the company. Cango was founded about a decade ago and rose to prominence as a car financier, before withdrawing from that business after China cracked down on private fintech firms. It later moved into auto trading services, but last year also sharply slowed its movement in that direction as China’s car market faced a major slowdown and huge overcapacity after years of breakneck growth.
It disclosed its bitcoin mining pivot last November by announcing that it had paid $256 million in cash for mining machines with 32 EH of capacity, and planned to acquire machines with another 18 EH of capacity from Golden GenTech in exchange for Cango shares. That second deal is still pending, and Cango said last month it expects it to close by the end of July.
Enduring Wealth gained its controlling stake in Cango as part of a deal announced in March. That deal closed last month after a key condition was met, which saw Cango sell its original China business, including its car-trading business, to Ursalpha Digital Ltd for $352 million in cash, consisting of $211 million up front and the remainder in installments.That deal, which left the company’s recently launched car-export business with Cango, could pave the way for the company to relocate its headquarters from Mainland China to a different location like Singapore, Hong Kong or the U.S. Bitcoin mining is currently banned in Mainland China, though all of Cango’s mining operations are located outside the country.
Following all those changes, Cango last month also announced a major overhaul of its board, including the departure of four of its seven members. Co-founders Zhang and Lin remained on the board, and were joined by two new directors, Lin Yanjun and Lu Haitian, who both have strong financial backgrounds. Lin Yuanjun is a founding partner of I.N Capital, a blockchain and AI investment and consulting company, while Lu Haitian is a Hong Kong-based accounting and finance professor with expertise in financial, regulatory and sustainability technology.
Those arrivals left Cango with five members on its board. As part of its deal to acquire the 18 EH of mining machines from Golden TechGen last year, Cango said that Golden TechGen’s owner at that time, Max Hua, would have the right to name up to two directors to Cango’s board. In the latest announcement, the company said that Hua later left Golden TechGen, which is now one-third controlled each by Wang Ning, Youngil Kim and Wye Sheng Kong. Cango said Max Hua’s right to name two directors to its board will go to Wang Ning after the transfer of the 18 EH of mining machines closes.
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