Cango Inc. (灿谷) has successfully listed directly on the New York Stock Exchange, marking a key step in its internationalization strategy.

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 in the world with a deployed Computing Power of 50 EH/s. By terminating the American Depositary Shares program, the existing ADS was converted into common stock for direct trading at a ratio of 1:2, essentially a technical stock split. The total value held by each shareholder remains unchanged before and after the conversion, just like exchanging a hundred-dollar bill for two fifty-dollar bills, with no actual loss of value. The market provided a clear answer through its performance, with the Closing Price rising by 6.2% 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. Direct listing completely eliminates the custody fees arising from indirect shareholding through depositary banks, allowing investors to share in the company's growth dividends in a purer way. More importantly, this process does not issue any new shares, completely avoiding the risk of equity dilution, enabling existing shareholders to maintain the integrity of their ownership stake in the company while enjoying a zero-cost structural optimization.

This direct listing is an important move in Cangu's internationalization strategy. After bidding farewell to the ADR model, the company's stock structure is more in line with the trading habits of global institutional investors, which will effectively enhance its visibility and attractiveness in the global capital market. Especially during this crucial 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 and reserve sufficient funds and resources for subsequent development.

Looking back at Cangu's strategic transformation journey, starting from Bitcoin mining, quickly building a global computing power network, and now moving into the energy and high-performance computing sectors, the company has demonstrated clear strategic thinking and strong execution capabilities. Within just one year, it established a global computing power platform of 50 EH/s and laid a solid foundation for future business upgrades through the acquisition of energy infrastructure such as the mining site in Georgia, USA. More importantly, the company is leveraging the 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 an explosion in global artificial intelligence computing power demand, opening up a growth channel full of imaginative potential for the company.

With the completion of the direct listing, the capital structure and strategic direction of Cangu have achieved deep alignment. The company is expected to accelerate its strategic layout in the field of energy and Computing Power integration 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, Cangu is embracing the next growth cycle with its re-optimized capital platform, clear vision of energy and computing power 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, Cangu's strategic layout is expected to create sustainable long-term returns for its shareholders.