PANews reported on March 16 that according to PRNewswire, Cango, a New York Stock Exchange-listed company, disclosed that it had received a preliminary non-binding letter of intent from Enduring Wealth Capital Limited (EWCL) to acquire 10 million Class B common shares from the company's co-founders. The purchase price was agreed upon by both parties. In addition, the letter of intent also required the founders of Cango to voluntarily convert all remaining Class B common shares held by them into Class A common shares and resign from the board of directors and senior management positions.

Furthermore, EWCL suggested that Cango sell its existing domestic business and is willing to introduce potential buyers to promote the growth of its overseas business, especially its newly launched cryptocurrency mining business.