Cango Ditches China for Crypto Gold 🤑

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In a move that would make even the most jaded of socialites raise an eyebrow, Shanghai’s own Cango has quite literally swapped its China operations for a treasure chest of $351.94 million in cold, hard cash, all in the name of a fashionable pivot to cryptocurrency mining. 🎩✨

Enter Ursalpha Digital Limited, a shadowy figure registered in the British Virgin Islands, who shall inherit Cango’s PRC legacy. The deal, a veritable pot of gold, begins with a $210.64 million down payment—no small change for a spot of restructuring, one must admit. 🏦💰

This whole escapade follows a rather loose proposal from Enduring Wealth Capital Limited in March, which, like a suitor at a ball, sought the hand of Cango while arranging the sale of its China operations. A most strategic dance, indeed. 💃🏻

The sale, however, is not without its strings; it awaits the nod from shareholders and an internal reshuffling that would separate Cango’s China endeavors from its more exotic offshore pursuits, including the tantalizing world of Bitcoin mining and automotive trading beyond China’s borders. 🚗🌍

Should all go according to plan, Cango shall shed its “China Concept Stock” label, much like one would discard last season’s fashion. But fear not, the buyer holds the trump card and may call off this grand ball if China’s securities regulators prove to be the ultimate party poopers. 🎭🚫

Cango’s Cryptic Conversion

Cango’s metamorphosis into a crypto butterfly is well underway. The company has already agreed to a share-settled deal for Bitcoin mining rigs with a hashrate of 18 EH/s, which one can only assume is a number of great importance in the cryptic realm. 🔢💻

But wait, the plot thickens! The disposal of the PRC business has necessitated a few scribbles on the contract, with more revisions surely to come. 🖋️🔄

This transaction is but a beacon, signaling Cango’s full-throttled dive into the crypto sector, where it hopes to become the belle of the Bitcoin mining ball. 🌟🛡️

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2025-04-03 22:54