Cango Transitions to Bitcoin Mining, Gets New Leaders

By Dean Seal

Cango has completed its transition into primarily being a Bitcoin miner and changed out its leadership slate.

The Hong Kong company said Wednesday that it is now primarily engaged in Bitcoin mining after entering the cryptocurrency space last November, with operations across North America, the Middle East, South America and East Africa. It also continues to operate AutoCango.com, its online platform for used car exports, Cango said.

As part of the transition, the company has appointed a new board of directors, who in turn have appointed a new senior management team.

Xin Jin, founder and CEO of Antalpha Platform Holding, has become the board's new chairman and non-executive director. He takes over for Xiaojun Zhang, who has stepped down.

Peng Yu, most recently the managing director of ABC International Investment Management, has been appointed Cango's chief executive, replacing Jiayuan Lin, who had also been serving as interim chief financial officer.

Yongyi Zhang, who served as Cango's chief financial officer from 2018 until earlier this year, is returning to that role.

Write to Dean at dean.seal@wsj.com