The company will be controlled by two asset managers tied to Singapore’s Antalpha Ventures, while Cango’s co-founders’ voting rights will drop to 18.54%
Key Takeaways:
- Enduring Wealth, a company tied to Singapore’s Antalpha Ventures, will hold a controlling 36.74% of Cango’s voting rights after the company’s transformation to a bitcoin miner
- Cango co-founders Zhang Xiaojun and Lin Jiayuan will see their voting rights in Cango drop to a combined 12.07% post-transformation, from a previous 92.5%
After more than a half year of nonstop metamorphosis, a picture is finally starting to emerge of who will be calling the shots at a newly minted Cango Inc. (CANG.US), a former Chinese car trader that has morphed into a global bitcoin miner at remarkable speed.
The company’s new shareholding structure was contained in a new announcement last week detailing the latest developments in its transformation. The new Cango will be controlled by a larger and more diverse group of shareholders than the earlier one, as the company adds a new cast of backers with strong backgrounds in the finance, asset management and cryptocurrency sectors.
In its previous form as auto financier and later a car trader, Cango co-founders Zhang Xiaojun and Lin Jiayuan were clearly in control of the company, the former as chairman and the latter as CEO. The pair collectively held 45% of Cango’s shares and 92.5% of its voting power, according to the company’s latest annual report.
The company’s new cast, following a series of major reshuffles, is led by Enduring Wealth Capital Ltd., a Singaporean company whose two key decision makers are Andrea Dal Mas and Yu Peng, and which is tied to Singaporean firm Antalpha Ventures. Another major new stakeholder is Golden TechGen Ltd., which is controlled by three people, Wang Ning, Youngil Kim and Wye Sheng Kong. The original co-founders Zhang and Lin will continue to be major stakeholders as well, though they have yielded their control of the company.
The company’s final shareholder structure …