Cango Inc. Completes Cash-Settled Acquisitions of Crypto Mining Assets

Core Viewpoint - Cango Inc. has successfully completed the acquisition of crypto mining machines with a total hashrate of 32 Exahash per second for a cash price of US$256 million, alongside a proposed acquisition of additional machines for approximately US$144 million through share issuance [1][2]. Group 1: Acquisition Details - The Cash-Settled Transaction involved the purchase of mining machines from Bitmain Technologies, with the total hashrate of 32 EH [1]. - The Share-Settled Transactions involve acquiring additional mining machines with an aggregate hashrate of 18 EH for about US$144 million, to be paid through share issuance [1]. - The completion of the Cash-Settled Transaction was facilitated by the absence of U.S. antitrust filing requirements, as the sellers will not sell U.S. assets valued at US$119.5 million or more [2]. Group 2: Company Background - Cango Inc. is a leading automotive transaction service platform in China, established in 2010, connecting various participants in the automotive industry [4]. - The company leverages technological innovation and big data to create an automotive supply chain ecosystem, focusing on customer needs in auto transactions, financing, and after-market services [4].