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ORGANIZATION | 6 Months Ended
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Jun. 30, 2025
ORGANIZATION |
ORGANIZATION | 1.ORGANIZATION Cango Inc. (the “Company”, and where appropriate, the term “Company” also refers to its subsidiaries) is an exempt company incorporated in the Cayman Islands with limited liability under the laws of the Cayman Islands on October 9, 2017. The Company has previously conducted loan facilitations, aftermarket services, financing leasing services, automotible trading and related services in the PRC (the “PRC Business”) through a series of VIE contractual agreements. On May 27, 2025, the Company has finalized the divestment of all its PRC Business. Since then, the Company no longer retained any financial interest over the PRC business related VIEs and accordingly deconsolidated the PRC business related VIE’s financial statements from the Company’s consolidated financial statements. The disposal of PRC business represented a strategic shift and has a major effect on the Company’s result of operations. Accordingly, assets, liabilities, and results of operations related to PRC business have been reported as discontinued operations. The disposal groups related to the operations mentioned above included the following entities:
Subsidiaries
Stonebridge Investment First Limited (British Virgin Islands)
Stonebridge Investments Holdings Limited (British Virgin Islands)
Crystal Peak Investments Limited (Mauritius)
Cango Group Limited (Hong Kong)
Express Group Development Limited (Hong Kong)
Can Gu Long (Shanghai) Information Technology Consultation Service Co., Ltd. (PRC)
VIEs
Shanghai Cango Investment and Management Consultation Service Co., Ltd. (“Shanghai Cango”) and its subsidiaries
Shanghai Yunguhaoche Electronic Technology Co., Ltd. (“Shanghai Yungu”) and its subsidiary
​ As of June 30, 2025, the Company no longer retains any interests in the VIEs following the disposal of PRC business. The bitcoin mining services and the international automobile trading transaction are conducted through the Company’s subsidiaries as follows. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Percentage of | ​ | ​
​ | ​ | ​ | ​ | Place of | ​ | legal ownership | ​ |
Entity |  | Date of incorporation |  | incorporation |  | by the Company |  | Principal activities
Subsidiaries |  |  |  |  |  |  |  |
GreenVolt Innovations HK Limited | ​ | January 27, 2025 |  | Hong Kong |  | 100 | % | Engaged in group managerial activities and bitcoin mining
AutoCango Limited | ​ | April 25, 2025 |  | Hong Kong |  | 100 | % | Engaged in international automobile trading transactions
NEW ENERGY INNOVATION PTE LTD | ​ | November 29, 2024 |  | Singapore |  | 100 | % | Engaged in group managerial activities
GreenVolt Innovations Limited | ​ | May 24, 2024 |  | British Virgin Islands |  | 100 | % | Investment holding
GreenVolt Innovations LLC | ​ | November 8, 2024 |  | USA |  | 100 | % | Bitcoin Mining Operations
Green Volt Innovations AA1 Limited | ​ | February 25, 2025 |  | British Virgin Islands |  | 100 | % | Investment holding
Green Volt Innovations AA1 LLC | ​ | March 4, 2025 |  | USA |  | 100 | % | Bitcoin Mining Operations
Green Volt Innovations AA2 Limited | ​ | February 25, 2025 |  | British Virgin Islands |  | 100 | % | Investment holding
Green Volt Innovations AA2 LLC | ​ | March 4, 2025 |  | USA |  | 100 | % | Bitcoin Mining Operations
GreenVolt Innovations CA Limited | ​ | January 8, 2025 |  | British Virgin Islands |  | 100 | % | Investment holding
GREENVOLT INNOVATIONS CANADA LIMITED | ​ | January 28, 2025 |  | Canada |  | 100 | % | Bitcoin Mining Operations
GreenVolt Innovations ET Limited | ​ | January 8, 2025 |  | British Virgin Islands |  | 100 | % | Bitcoin Mining Operations
GreenVolt Technology LLC | ​ | May 29, 2025 |  | USA |  | 100 | % | For potential strategic acquisition
EcoHash LLC | ​ | June 4, 2025 |  | USA |  | 100 | % | Group managerial activites
GreenVolt Innovations RP Limited | ​ | January 8, 2025 |  | British Virgin Islands |  | 100 | % | Investment holding
Green Volt Innovations OM Limited | ​ | February 25, 2025 |  | British Virgin Islands |  | 100 | % | Investment holding
​

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