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Joey Chai

Research Analyst at Guojin Securities

Publicly available information does not provide a verified professional profile for a Joey Chai working as an analyst at Guojin Securities, so a detailed, accurate narrative about their title, coverage universe, performance metrics, career timeline, and credentials cannot be reliably established. Without confirmation of their exact role, specific companies covered, or independently tracked performance statistics, any attempt to describe their success rates, rankings, or returns would be speculative. Likewise, there is no authoritative record of their prior employers, years of experience, or formal securities licenses that can be confidently attributed to this individual. As a result, a comprehensive and factual professional biography meeting the requested level of detail cannot be produced from current public data.

Joey Chai's questions to Cango (CANG) leadership

Question · Q3 2025

Joey Chai questioned how the recent Bitcoin price pullback would affect Cango's operating pace for Q4 and 2026, and how long the company could operate under extreme market conditions with its current cash and Bitcoin holdings, including any worst-case plans. He also asked if the Joder site acquisition contradicted the asset-light model and about future expansion favoring owned versus leased sites.

Answer

CFO Michael Zhang confirmed frequent internal stress tests, noting Cango's flexibility to adjust operations and Bitcoin holding strategy under extreme scenarios. CEO Paul Yu clarified the Joder site acquisition as an upgrade for strategic advantages, not a pivot, emphasizing a balanced model of lease-first with selective acquisitions based on strict criteria for cost and scalability.

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Question · Q3 2025

Joey Chai questioned the impact of Bitcoin's sharp pullback from its October high on Cango's operating pace for Q4 and 2026. He also asked how long the company could operate under extreme market conditions with its current cash and Bitcoin holdings, and if a worst-case plan is in place. Furthermore, he inquired if the acquisition of the Joder site, being self-owned, contradicts Cango's asset-light model and whether future expansion would favor owned or leased sites.

Answer

CFO Michael Zhang confirmed that Cango conducts frequent internal stress tests and can dynamically adjust operations, including shutting down high-cost sites and reallocating hash power, to control expenses and manage risk. CEO Paul Yu clarified that the Joder site acquisition is an upgrade to the asset-light model, chosen for low-cost power and grid stability, not a strategic pivot. He stated that Cango will continue a balanced model of lease-first with selective strategic acquisitions, prioritizing efficiency and cost advantages.

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