Cango Inc. Announces Completion of Secondary Acquisition and Appointment of New Leadership Team

Key Points

1. Cango Inc. appointed new leadership including Mr. Xin Jin as Chairman, Mr. Peng Yu as CEO, and others to key positions.

2. The Board also strengthened governance by appointing members to the Audit Committee and Nominating and Corporate Governance Committee.

3. Mr. Xiaojun Zhang and Mr. Jiayuan Lin resigned as co-founders and sold 10 million Class B shares to Enduring Wealth Capital Limited for US$70 million.

4. Post-transaction, Mr. Zhang and Mr. Lin hold 18.54% of total outstanding shares and 12.07% of voting power, while Enduring Wealth Capital Limited holds 2.82% of shares and 36.73% of voting power.

5. The leadership changes and secondary acquisition are effective immediately, aimed at maximizing shareholder value and driving growth.