Cango layoffs, on the record
Every job cut, severance charge and restructuring Cango reported in its annual reports, 2023 to 2025, quoted from the filings. Headcount went from 632 to 217.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 20-F for 2023 | 632 | — |
| 20-F for 2024 | 217 | — |
Job cuts, severance and restructuring
Our summaryThe company reduced its employee count during 2023, which the filing attributes to an organizational restructuring for business transitions.
Word for word“The decrease in the Group’s employees in 2023 was primarily due to the organizational restructuring for business transitions.” 20-F for 2023
Our summaryThe Group's headcount decreased in 2024 mainly because of an organizational restructuring for business transitions.
Word for word“The decrease in the Group's employees in 2024 was primarily due to the organizational restructuring for business transitions.” 20-F for 2024
Our summaryThe Group restructured its traditional business units, which raised general and administrative expenses through professional and restructuring-related costs.
Word for word“The Group's general and administrative expenses increased from RMB157.0 million in 2023 to RMB250.2 million (US$34.3 million) in 2024, primarily due to higher amounts of professional consulting fees and due diligence costs associated with the mining machine acquisition in 2024, as well as the costs related to the organizational restructuring of our traditional business units.” 20-F for 2024
Our summaryThe company restructured its board and management, appointing a new chairman and CEO as the co-founders resigned.
Word for word“In July 2025, we underwent a board and management restructuring, appointing a new chairman and chief executive officer, concurrent with the resignation of our co-founders.” 20-F for 2025
Our summaryThe company restructured and re-evaluated its business model to find new strategic directions, moving toward an energy and computing power strategy.
Word for word“Starting in 2022, Cango systematically restructured and re-evaluated our business model to identify new strategic development directions.” 20-F for 2025
Cango has filed no restructuring notice (Form 8-K, Item 2.05) since 2016. Companies file one only for a cut they judge material, so many announced layoffs never appear as one. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from Cango’s annual reports (20-F for 2025, 20-F for 2024, 20-F for 2023) and the financial data it files with the SEC, as of 2026-04-10. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.