Cango Inc. closes $10.5M investment, agrees to $65M in equity

Cango Inc. closed a US$10.5 million equity investment from Enduring Wealth Capital Limited and entered definitive agreements for an aggregate US$65 million in equity investments from entities wholly owned by Xin Jin and Chang-Wei Chiu. The transactions altered ownership stakes and voting power within the company.

The company entered the investment agreement with Enduring Wealth Capital Limited on December 29, 2025, and issued 7 million Class B ordinary shares at US$1.50 per share. After the closing, Enduring Wealth Capital Limited's beneficial ownership rose from approximately 2.81% to approximately 4.71% of total outstanding ordinary shares, and its voting power increased from approximately 36.68% to approximately 49.71% of total voting power.

Cango presented itself as a Bitcoin miner that leveraged global operations to develop an integrated energy and Artificial Intelligence (AI) compute platform. The company differentiated share classes by voting rights, with Class B ordinary shares carrying 20 votes per share and Class A ordinary shares carrying one vote per share.

With audit committee and board approval, the company entered an investment agreement with Fortune Peak Limited, wholly owned by Chang-Wei Chiu, for 29,975,137 Class A ordinary shares at an aggregate US$39,567,181, and an investment agreement with Armada Network Limited, wholly owned by Xin Jin, for 19,267,287 Class A ordinary shares at an aggregate US$25,432,819; the per-share purchase price for those subscriptions was US$1.32, determined with reference to the closing price of Class A shares over the preceding four weeks.

Closing of each investment was subject to customary conditions and regulatory approvals, both investments were expected to close in February 2026, and the company intended to use the proceeds to support its expansion into AI and computing infrastructure and to strengthen its balance sheet.