Cango said it has closed a US$10.5 million equity investment from Enduring Wealth Capital Limited, or EWCL, and signed definitive agreements for an additional US$65 million in equity financing. The new commitments come from entities wholly owned by Chairman Xin Jin and director Chang-Wei Chiu. The company said the proceeds are intended for its expansion into AI and computing infrastructure and to strengthen its balance sheet.
EWCL deal issued 7 million Class B shares
The company had previously entered into an investment agreement with EWCL on December 29, 2025. It has now issued 7 million Class B ordinary shares to EWCL at US$1.50 per share. Each Class B share carries 20 votes. After the closing, EWCL’s beneficial ownership rose from about 2.81% to about 4.71% of Cango’s total outstanding ordinary shares, while its voting power increased from about 36.68% to 49.71%.
Chairman and director signed separate Class A subscriptions
With approval from the audit committee and board, Cango entered into two new investment agreements. Fortune Peak Limited, wholly owned by Chang-Wei Chiu, agreed to subscribe for 29,975,137 Class A ordinary shares for a total of US$39,567,181. Armada Network Limited, wholly owned by Xin Jin, agreed to subscribe for 19,267,287 Class A shares for a total of US$25,432,819. The purchase price for both transactions was set at US$1.32 per share, based on the closing price of the company’s Class A shares over the prior four weeks.
Ownership and voting stakes are set to shift after closing
Upon completion, Chiu is expected to hold about 11.99% of the company’s total outstanding shares and about 6.71% of the voting power. Jin is expected to hold about 4.70% of the shares and about 2.63% of the voting power. Cango said each investment remains subject to customary closing conditions and regulatory approvals, and both are expected to close in February 2026.
Funds targeted at AI and compute infrastructure
Cango described itself as a Bitcoin miner using its global operations to build an integrated energy and AI compute platform. The company said the capital from the completed financing and the pending investments will be used to support that push into AI and computing infrastructure, while also reinforcing its balance sheet. The press contact listed in the announcement was Juliet Ye, Head of Communications, with investor inquiries directed to ir@cangoonline.com.