SHANGHAI, Dec. 5, 2024 /PRNewswire/ -- Cango Inc. (NYSE: CANG) ("Cango" or the "Company"), a leading automotive transaction service platform in China, today announced its production update for crypto mining business in November 2024.As previously announced by the Company on November 19, 2024, the Company has completed the acquisition of on-rack crypto mining machines with an aggregate hashrate of 32 Exahash per second ("EH") for a total purchase price of US$256 million in cash (the "Cash-Settled Transaction ...

SHANGHAI, Nov. 18, 2024 /PRNewswire/ -- Cango Inc. (NYSE: CANG) ("Cango" or the "Company"), a leading automotive transaction service platform in China, today announced the appointment of MaloneBailey, LLP ("MaloneBailey") as the Company's independent registered public accounting firm for the year ending December 31, 2024 and on the effectiveness of the Company's internal control over financial reporting as of December 31, 2024, effective on November 18, 2024.MaloneBailey succeeds Ernst & Young Hua Ming LLP ...

SHANGHAI, Nov. 15, 2024 /PRNewswire/ -- Cango Inc. (NYSE: CANG) ("Cango" or the "Company"), a leading automotive transaction service platform in China, today announced that it has completed the previously announced acquisition of on-rack crypto mining machines with an aggregate hashrate of 32 Exahash per second ("EH") for a total purchase price of US$256 million in cash (the "Cash-Settled Transaction") from Bitmain Technologies Georgia Limited and Bitmain Development Limited (together, "Bitmain"), a leading ...

SHANGHAI, Nov. 6, 2024 /PRNewswire/ -- Cango Inc. (NYSE: CANG) ("Cango" or the "Company"), a leading automotive transaction service platform in China, today announced that it has entered into agreements to purchase on-rack crypto mining machines with an aggregate hashrate of 50 Exahash per second ("EH") for total considerations valued at approximately US$400 million from a group of sellers. The largest seller will be Bitmain Technologies Georgia Limited and Bitmain Development Limited (together, "Bitmain"), ...

Financial Data and Key Metrics - Total revenue for Q3 2024 was RMB26.95 million, with an operating profit of RMB35.24 million and a net profit of RMB67.88 million [4] - Total outstanding loan balance as of September 30 was approximately RMB4.8 billion, with M1+ at 3.17% and M3+ at 1.76% [5] - The company's total cash, cash equivalents, and short-term investments amounted to approximately RMB3.8 billion, an increase of RMB89.27 million compared to the previous quarter [5] - Non-GAAP adjusted net income for Q3 2024 was RMB71.3 million, with basic and diluted net income per ADS at 0.66% and 0.60%, respectively [22] Business Line Data and Key Metrics - The Cango U-Car app accumulated 280,000 page views by the end of Q3, a 21% increase from the previous quarter [7] - AutoCango.com, the international used car platform, had over 370,000 page views and nearly 60,000 registered users, offering more than 100,000 used car SKUs covering over 65,000 models [10] - AutoCango.com's visibility in search engine results pages (SERP) exceeded 2.41 million impressions, with expectations to surpass 4 million by the end of the year [12] Market Data and Key Metrics - The company has received inquiries from over 130 countries and regions regarding vehicle purchases, indicating strong international interest [12] - The company plans to expand AutoCango.com's multilingual support to 15 languages by early 2025 to enhance user experience and market reach [34] Company Strategy and Industry Competition - The company is focusing on enhancing AutoCango.com's quality and functionality to meet diverse user needs in different regions [13] - Strategic partnerships with used car marketplaces have been established to ensure a diverse and abundant supply of vehicles for the Cango U-Car app [7] - The company is actively pursuing forward-looking strategic investment opportunities globally, focusing on high-quality projects that complement its core competencies [15] Management Commentary on Operating Environment and Future Outlook - Management believes that China's moderate economic recovery will positively impact the business by boosting consumer confidence and purchasing power, particularly in the used car market [26] - The company is monitoring macroeconomic indicators and market dynamics to respond quickly to potential economic changes [28] - Management is optimistic about future growth, driven by operational efficiency improvements, customer experience enhancements, and digital capabilities [28] Other Important Information - The company has introduced a rapid vehicle inspection and listing service in collaboration with third-party inspection teams to enhance transaction transparency [8] - A dedicated team has been established to handle customer feedback and improve service quality [30] - The company is streamlining business processes, automating workflows, and leveraging cloud computing to reduce costs and improve efficiency [37] Q&A Session Summary Question: Impact of China's economic recovery on the business - Management believes the economic recovery will boost consumer confidence and purchasing power, driving demand in the used car market [26][28] Question: Vehicle quality assurance measures - The company collaborates with reputable dealers and conducts over 100 professional technical inspections for each vehicle before listing [29][30] Question: Integration with overseas markets and feature optimization - The company is conducting comprehensive research on overseas markets and plans to offer multilingual support on AutoCango.com by early 2025 [33][34] - A direct sourcing feature for the Chinese used car market is being introduced to enhance user experience [35] Question: Cost control and risk management strategies - The company has streamlined business processes, automated workflows, and leveraged cloud computing to reduce costs [37] - A robust internal control system has been established to manage risks and ensure compliance with laws and regulations [39]

SHANGHAI, Nov. 4, 2024 /PRNewswire/ -- Cango Inc. (NYSE: CANG) ("Cango" or the "Company"), a leading automotive transaction service platform in China, today announced its unaudited financial results for the third quarter of 2024.Third Quarter 2024 Financial and Operational Highlights Total revenues were RMB27.0 million (US$3.8 million), compared with RMB353.6 million in the same period of 2023. Income from operations was RMB35.2 million (US$5.0 million) for the three months ended September 30, 2024, compare ...

SHANGHAI, Oct. 31, 2024 /PRNewswire/ -- Cango Inc. (NYSE: CANG) ("Cango" or the "Company"), a leading automotive transaction service platform in China, today announced that it plans to release its third quarter 2024 financial results after the market closes on Monday, November 4, 2024. The earnings release will be available on the Company's investor relations website at http://ir.cangoonline.com/.Cango's management will hold a conference call on Monday, November 4, 2024 at 8:00 P.M. Eastern Time or Tuesday, ...

Cango Inc. (NYSE:CANG) Q2 2024 Earnings Conference Call August 30, 2024 9:00 PM ET Company Participants Jiayuan Lin - CEO Yongyi Zhang - CFO Conference Call Participants Operator Good morning, and good evening, everyone. Welcome to Cango Inc.'s Second Quarter 2024 Earnings Conference Call. [Operator Instructions] This call is also being broadcast live on the company's IR website. Joining us today are Mr. Jiayuan Lin, Chief Executive Officer; and Mr. Yongyi Zhang, Chief Financial Officer of the company. Foll ...

SHANGHAI, Aug. 29, 2024 /PRNewswire/ -- Cango Inc. (NYSE: CANG) ("Cango" or the "Company"), a leading automotive transaction service platform in China, today announced its unaudited financial results for the second quarter of 2024.Second Quarter 2024 Financial and Operational HighlightsTotal revenues were RMB45.1 million (US$6.2 million), compared with RMB675.4 million in the same period of 2023. Income from operations was RMB47.0 million (US$6.5 million) for the three months ended June 30, 2024, compared w ...

SHANGHAI, Aug. 23, 2024 /PRNewswire/ -- Cango Inc. (NYSE: CANG) ("Cango" or the "Company"), a leading automotive transaction service platform in China, today announced that it plans to release its second quarter 2024 financial results after the market closes on Thursday, August 29, 2024. The earnings release will be available on the Company's investor relations website at http://ir.cangoonline.com/.Cango's management will hold a conference call on Thursday, August 29, 2024 at 9:00 P.M. Eastern Time or Frida ...