PANews reported on April 1st that, according to PR Newswire , Cango Inc. ( NYSE: CANG ) announced the completion of two financing transactions: First, an entity controlled by Chairman Jin Xin and Director Qiu Changwei subscribed for a total of 49,242,424 Class A ordinary shares, raising net proceeds of US$ 65 million, settled in USDT . Second, it signed a securities purchase agreement with Hong Kong-listed financial group DL Holdings Group Limited ( HKEX: 1709 ) to issue US$ 10 million in zero-coupon convertible bonds and warrants to subscribe for 370,370 Class A ordinary shares at US$ 2.70 per share. The initial conversion price of the convertible bonds is US$ 1.62 per share, with a term until April 1 , 2028. Holders can choose to convert the bonds from April 1 , 2027. The company can redeem part or all of the principal if the share price reaches 130% or more of the conversion price. Cango stated that it will use the funds for upstream mergers and acquisitions and the expansion of AI and computing infrastructure.