Cango Inc. (NYSE: CANG) officially completed its direct listing on the New York Stock Exchange on November 17, 2025, marking a key step in the internationalization strategy of this Bitcoin mining company, which ranks second globally with a deployed hash rate of 50 EH/s. By terminating the American Depositary Share (ADS) program, the existing ADS were converted into common stock for direct trading at a 1:2 ratio, essentially a technical stock split, where the total value held by each shareholder remains unchanged before and after the conversion, similar to exchanging a one-hundred-dollar bill for two fifty-dollar bills, with no actual loss in value. The market provided a clear answer with a 6.2% increase in the closing price on that day, reflecting investors' recognition and expectations of this strategic move.

For shareholders, this transition signifies a significant reduction in investment thresholds and a comprehensive enhancement of rights protection. The direct listing completely eliminated the depositary fees incurred from indirect holdings through depositary banks, allowing investors to share in the company's growth dividends in a purer manner. More importantly, this process did not issue any new shares, completely avoiding the risk of equity dilution, enabling existing shareholders to enjoy a zero-cost structural optimization while maintaining the integrity of their ownership percentage in the company.

This direct listing is also a significant move in Cango's internationalization strategy. With the departure from the ADR model, the company's stock structure is more aligned with the trading habits of global institutional investors, which will effectively enhance its visibility and attractiveness in the global capital markets. Especially during this critical period when the company is fully promoting its global business layout, this transparent equity structure will create favorable conditions for attracting international long-term capital, reserving ample funds and resources for future development.

Looking back at Cango's strategic transformation journey, from entering Bitcoin mining to rapidly building a global hash rate network, and now advancing into the energy and high-performance computing sectors, the company has demonstrated clear strategic thinking and strong execution capabilities. In just one year, it established a global hash rate platform of 50 EH/s and laid a solid foundation for future business upgrades through acquisitions of energy infrastructure, such as the mining site in Georgia, USA. Notably, the company is leveraging its energy management capabilities and global site resources accumulated from Bitcoin mining as a springboard to enter the AI high-performance computing market. This strategic layout coincides with the eve of a global explosion in demand for AI computing power, opening up a growth channel full of imaginative possibilities for the company.

With the completion of the direct listing, Cango's capital structure and strategic direction have achieved deep alignment. The company is expected to accelerate its strategic layout in the integration of energy and computing power by leveraging a more direct shareholder communication mechanism and a more transparent governance structure. From Bitcoin mining to AI high-performance computing, this evolutionary path not only reflects the company's precise grasp of technological trends but also showcases its unique business model of transforming energy resources into computing power advantages.

Standing at a new starting point, Cango is embracing the next growth cycle with its re-optimized capital platform, clear vision of energy-computing integration, and global business layout. This direct listing is not only an upgrade of the capital structure but also an important opportunity for the company to demonstrate its transformation determination and future value to global investors. With the arrival of the era of energy and computing power integration, Cango's strategic layout is expected to create sustainable long-term returns for its shareholders.

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