Cango Inc. Closed the US$10.5 Million Equity Investment and Secured US$65 Million Additional Equity Investments
DALLAS, Feb. 12, 2026 /PRNewswire/ — Cango Inc. (NYSE: CANG) (“Cango” or the “Company”), a leading Bitcoin miner leveraging its global operations to develop an integrated energy and AI compute platform, today announced that it closed the previously announced US$10.5 million equity investment from Enduring Wealth Capital Limited (“EWCL”), and entered into definitive agreements with entities wholly-owned by Mr. Xin Jin, Chairman of the Company, and Mr. Chang-Wei Chiu, a director of the Company, pursuant to which these entities agreed to make equity investments in the aggregate amount of US$65 million in the Company.
As previously announced, the Company entered into an investment agreement with EWCL on December 29, 2025, and recently issued 7 million Class B ordinary shares, each carrying 20 votes per share, to EWCL at US$1.50 per share (the “Class B Investment”). After closing, EWCL’s beneficial ownership increased from approximately 2.81% to approximately 4.71% of the Company’s total outstanding ordinary shares, and its voting power rose from approximately 36.68% to 49.71% of the total voting power.
To reaffirm their confidence in the Company’s strategic trajectory and future prospects, Mr. Jin and Mr. Chiu indicated their intent to make equity investments. With the approval of the audit committee and the board of directors, the Company entered into (i) an investment agreement with Fortune Peak Limited (“FPL”), wholly owned by Mr. Chiu, pursuant to which FPL agrees to subscribe for 29,975,137 Class A ordinary shares, each carrying one vote per share, for an aggregate of US$39,567,181 (the “Mr. Chiu Class A Investment”), and (ii) an investment agreement with Armada Network Limited (“ANL”), wholly owned by Mr. Jin, for 19,267,287 Class A shares for an aggregate of US$25,432,819 (the “Mr. Jin Class A Investment”). The purchase price, US$1.32 per share, was determined with reference to the closing price of the Company’s Class A shares over the preceding four weeks.
Upon completion, Mr. Chiu is expected to hold approximately 11.99% of the total outstanding shares and 6.71% of the voting power; Mr. Jin approximately 4.70% and 2.63%, respectively. Closing of each investment is subject to customary conditions and regulatory approvals, with both expected to close in February 2026.
The Company intends to use the proceeds from these investments to support its expansion into AI and computing infrastructure, while further strengthening its balance sheet.
Investor Relations Contact
Juliet Ye, Head of Communications