Cango Secures US$10.5M Equity Injection, Voting Power to Near 50%
Enduring Wealth Capital Limited will invest US$10.5 million to subscribe 7,000,000 Class B shares at US$1.50 apiece, raising its equity stake from 2.81% to 4.69%. Its voting power will increase from 36.68% to 49.61%, nearing a controlling interest, pending NYSE approval in January 2026.
1. EWCL Signs $10.5 Million Investment Agreement
On December 29, 2025, Cango Inc. entered into an Investment Agreement with Enduring Wealth Capital Ltd. (EWCL), the sole shareholder of the company’s Class B ordinary shares. Under the terms of the agreement, Cango will issue and deliver 7,000,000 newly authorized Class B shares, each carrying 20 votes, in exchange for a cash subscription totaling $10.5 million. The transaction remains subject to customary closing conditions, including New York Stock Exchange approval, and is expected to close in January 2026.
2. Voting Power to Rise to Nearly 50%
Prior to the proposed issuance, EWCL held approximately 2.81% of total outstanding shares but controlled 36.68% of voting power. Upon closing, EWCL’s ownership stake will increase to roughly 4.69% of outstanding equity, while its voting control will jump to 49.61%. This elevation makes EWCL Cango’s largest voting shareholder, significantly consolidating its influence over strategic and corporate governance decisions.
3. Reinforcing Cango’s Long-Term Growth Strategy
Cango, a Bitcoin mining company operating 40 sites across North America, the Middle East, South America and East Africa, views the new funding as a catalyst for scaling its integrated energy and AI compute platform. Since launching pilot projects in integrated energy solutions and distributed AI computing in November 2024, the company has maintained an ancillary online used-car export business through AutoCango.com. Management expects the capital infusion to accelerate infrastructure rollout, support further geographic expansion and enhance operational resilience in its global mining operations.