Cango Inc. (NYSE:CANG) Q4 2021 Earnings Conference Call March 10, 2022 8:00 PM ET Company Participants Jiayuan Lin - Chief Executive Officer Michael Zhang - Chief Financial Officer Conference Call Participants Shelley Wang - Morgan Stanley David Pan - Goldman Sachs Tim Moore - Zacks Brent Lee - Bamboo Works Operator Good morning, and good evening, everyone, and welcome to Cango, Inc.’s Fourth Quarter and Full Year 2021 Earnings Conference Call. At this time, all participants are in a listen-only mode. This ...

Financial Data and Key Metrics Changes - Total revenues for Q3 2021 were RMB 801 million, exceeding guidance, with a year-over-year increase [4][18] - Net loss was RMB 417 million, primarily due to the fair value change of the investment in Li Auto [4][24] - Cost of revenue increased to RMB 610.5 million, representing 76.3% of total revenue, compared to 41.6% in the same period of 2020 [19][22] Business Line Data and Key Metrics Changes - Revenues from car trading transactions were RMB 429 million, accounting for 53.6% of total revenues [4][18] - Automotive financing facilitation revenues were RMB 267 million, while aftermarket services facilitation revenues were RMB 42.7 million [4][18] - Financing transactions facilitated totaled RMB 6,211 million, down 20% quarter-over-quarter due to insufficient car supply [5] Market Data and Key Metrics Changes - The automotive market in China faced significant disruptions due to a chip shortage and COVID-19, leading to a decline in car production and sales [3][4] - The company maintained stable growth in high-end and used car segments despite overall market weakness [8] Company Strategy and Development Direction - The company aims to transform into a comprehensive automotive transaction service platform, consolidating dealers and empowering them with integrated auto supply chain services [9][13] - Cango Haoche, a B2B WeChat mini program, was launched to enhance dealer services and improve transaction efficiency [10][11] - The company is expanding its business into higher-tier cities and collaborating with luxury 4S dealers and large-scale dealer groups [31][32] Management's Comments on Operating Environment and Future Outlook - Management expects market disruptions from the chip shortage to continue into the next year, but sees opportunities in the NEV market [16][36] - The company is optimistic about the support from banks for automotive loans, as banks shift focus towards automotive assets [27] Other Important Information - The company had cash and cash equivalents of RMB 906.4 million as of September 30, 2021, down from RMB 1.5 billion as of June 30, 2021 [25] - The company expects total revenue for Q4 2021 to be between RMB 950 million and RMB 1 billion [25] Q&A Session Summary Question: What is the outlook for retail sales recovery? - The chip shortage continues to impact the auto industry, leading to inventory depletion and a drop in deliveries, affecting new car sales [26] Question: Is it easier to get car loans from banks? - There is a shift in banks' preferences towards automotive loans, and the current loan volume has been increasing steadily [27] Question: Why did gross margin decline despite revenue growth? - The car trading transactions business is low-margin, and increased costs from higher-tier market operations have impacted gross margins [28][30] Question: What is the strategy for expanding into higher-tier cities? - The company is extending its business to higher-tier cities to collaborate with luxury dealers and enhance its service platform [31][32]

Financial Data and Key Metrics Changes - Total revenue for Q2 2021 was RMB 947 million, a significant increase from the previous year [4][14] - Net income reached RMB 558 million, largely due to investment gains from Li Auto [4][18] - Automotive financing facilitation revenues grew to RMB 303 million, up 111% year-on-year [9][18] - Cost of revenue increased to RMB 697.8 million, representing 73.7% of total revenue [16][18] - Net loss on risk assurance liabilities was RMB 35.9 million, compared to a net gain of RMB 42.9 million in the same period of 2020 [17][18] Business Line Data and Key Metrics Changes - Revenues from car trading transactions reached RMB 523 million, accounting for approximately 55.2% of total revenues [4][14] - Revenues from aftermarket services facilitation were RMB 51.9 million, contributing to total revenues [8][14] - New financing transactions for cars amounted to RMB 7.79 billion, up 57.5% year-on-year [9] Market Data and Key Metrics Changes - The company had 47,740 registered dealers as of June 30, 2021, with a notable increase in high-end market segment share [10] - The penetration rate of new energy vehicles (NEVs) in China is expected to increase, aligning with national carbon emission goals [10] Company Strategy and Development Direction - Cango aims to empower dealers through integrated services, enhancing efficiency in the automotive transaction value chain [5][11] - The launch of Cango Haoche, a B2B service platform for dealers, is a strategic move to address unmet needs in lower-tier markets [5][6] - The company is committed to supporting NEV manufacturers and leveraging its extensive dealership network [11] Management's Comments on Operating Environment and Future Outlook - The global chip shortage is expected to continue impacting the automotive market, affecting production and sales [3][11] - Management anticipates challenges in the second half of 2021 due to ongoing supply chain disruptions and regulatory changes [11][19] - Despite challenges, the company remains focused on improving operational efficiency and delivering value to dealers and partners [14] Other Important Information - The company has co-developed 110 warehouses across 86 cities, enhancing supply chain operations [7] - As of June 30, 2021, total outstanding balance of financing transactions facilitated by the company was RMB 48.64 billion [9] Q&A Session Summary Question: Guidance for Q3 revenue and impact of chip shortage - Management expects Q3 revenue to be between RMB 700 million and RMB 750 million, with car trading transactions contributing about RMB 400 million [20][21] Question: Gross margin for car trading transactions - Gross margin is influenced more by car models than the chip shortage, with popular models typically having lower margins [22][24] Question: Trends in risk assurance liabilities and provisions - Management expects overdue ratios to improve by the end of Q3, following strategic adjustments made earlier in the year [26][27] Question: Performance of auto loan facilitation and aftermarket services - Revenue from auto loan facilitation nearly doubled, while aftermarket services remained flat due to changes in insurance business models [29][31] Question: Partnerships with NEV makers - Cango provides integrated services for NEV manufacturers, directly linking their systems for financing and insurance [32][33]

Cango Inc (NYSE:CANG) Q1 2021 Earnings Conference Call May 31, 2021 9:00 PM ET Company Participants Jiayuan Lin - CEO Caroline Li - Head of IR Yongyi Zhang - CFO Conference Call Participants Shelley Wang - Morgan Stanley Derek Su - Goldman Sachs Operator Good morning and good evening, everyone. Welcome to Cango Incorporated First Quarter 2021 Earnings Conference Call. At this time, all participants are in a listen-only mode. This call is also being broadcast live on the company's IR website. Joining us toda ...

PART I [ITEM 3. KEY INFORMATION](index=8&type=section&id=Item%203.%20Key%20Information) This section presents Cango Inc.'s selected financial data and outlines key business, operational, and ADS-related risk factors [Selected Financial Data](index=8&type=section&id=A.%20Selected%20Financial%20Data) This section presents Cango Inc.'s selected consolidated financial data, highlighting revenue growth, significant net income increase from investment gains, and asset expansion Selected Consolidated Statements of Comprehensive Income Data (2018-2020) | Indicator | 2018 (RMB, in thousands) | 2019 (RMB, in thousands) | 2020 (RMB, in thousands) | | :--- | :--- | :--- | :--- | | **Total revenues** | 1,091,414 | 1,440,069 | 2,052,432 | | **Income from operations** | 276,720 | 323,296 | 318,297 | | **Fair value change of equity investment** | — | 41,582 | 3,315,476 | | **Net income** | 306,924 | 404,859 | 3,373,420 | | **Net income attributable to Cango Inc.'s shareholders** | 302,692 | 390,914 | 3,369,518 | | **Diluted Earnings per ADS** | 2.16 | 2.58 | 22.18 | Selected Consolidated Balance Sheet Data (as of Dec 31) | Indicator | 2018 (RMB, in thousands) | 2019 (RMB, in thousands) | 2020 (RMB, in thousands) | | :--- | :--- | :--- | :--- | | **Total assets** | 7,301,140 | 8,736,574 | 12,145,933 | | **Total liabilities** | 2,045,773 | 3,244,914 | 3,770,723 | | **Total shareholders' equity** | 5,255,367 | 5,491,660 | 8,375,209 | Reconciliation of Net Income to Adjusted Net Income (Non-GAAP) | Indicator | 2018 (RMB, in thousands) | 2019 (RMB, in thousands) | 2020 (RMB, in thousands) | | :--- | :--- | :--- | :--- | | **Net income** | 306,924 | 404,859 | 3,373,420 | | Add: ESOP Expenses | 33,411 | 82,266 | 78,755 | | **Adjusted net income** | 340,335 | 487,125 | 3,452,175 | [Risk Factors](index=11&type=section&id=D.%20Risk%20Factors) The company faces various risks related to its business operations, corporate structure, evolving regulatory landscape in China, and potential adverse consequences for ADS holders - The company operates in an emerging and fast-growing market with a limited operating history, making future performance difficult to predict, with key challenges including maintaining relationships with dealers and financial institutions, managing credit risk, and adapting to regulatory changes[29](index=29&type=chunk)[31](index=31&type=chunk) - The COVID-19 pandemic adversely affected operations in the first half of 2020, causing a decrease in revenue and an increase in delinquency rates, though business recovered in the second half, future impacts remain uncertain[33](index=33&type=chunk) - The company relies on a limited number of financial institutions, with WeBank, MYbank, and Bank of Shanghai being key partners, and in 2020, collaborations with these three institutions accounted for **32.6%**, **51.5%**, and **4.0%** of automotive financing facilitation revenues, respectively, where any disruption could materially impact the business[46](index=46&type=chunk) - There is a significant risk that the company may be classified as a Passive Foreign Investment Company (PFIC) for U.S. federal income tax purposes, which could result in adverse tax consequences for U.S. investors[286](index=286&type=chunk)[287](index=287&type=chunk) - The company's auditor is not inspected by the Public Company Accounting Oversight Board (PCAOB), and the Holding Foreign Companies Accountable Act (HFCA Act) could lead to the delisting of the company's securities from U.S. exchanges if the PCAOB is unable to inspect the auditor for three consecutive years[238](index=238&type=chunk)[241](index=241&type=chunk) [ITEM 4. INFORMATION ON THE COMPANY](index=80&type=section&id=Item%204.%20Information%20On%20The%20Company) This section details the company's history, technology-enabled automotive transaction service platform business model, and its organizational structure, including the VIE arrangement [History and Development of the Company](index=80&type=section&id=A.%20History%20and%20Development%20of%20the%20Company) This section outlines Cango Inc.'s development from its 2010 founding, including its IPO, strategic acquisitions, and key equity investments - The company was founded in August 2010 through Shanghai Cango, initially focusing on automotive financing solutions[293](index=293&type=chunk) - Completed its initial public offering on the New York Stock Exchange on **July 26, 2018**, under the symbol "CANG"[298](index=298&type=chunk) - Acquired Shanghai Chejia at the end of September 2018, making it a wholly-owned consolidated subsidiary, and in 2019, acquired Fushun Insurance Brokerage Co., Ltd. to enhance its after-market services[296](index=296&type=chunk) - Made a series of equity investments in Li Auto (formerly Chehejia) in 2018 and 2019, holding **39,194,413 Class A ordinary shares** of Li Auto as of December 31, 2020[297](index=297&type=chunk) [Business Overview](index=81&type=section&id=B.%20Business%20Overview) Cango operates a technology-enabled automotive transaction service platform offering trading, financing facilitation, and after-market services, leveraging a vast dealer network and financial institution partnerships - The company's platform offers three core services: pre-sale automobile trading solutions, during-sale automotive financing facilitation, and post-sale after-market services facilitation[299](index=299&type=chunk)[304](index=304&type=chunk) Key Operational Metrics (2020) | Metric | Value | | :--- | :--- | | Registered Dealers | 48,487 | | Active Dealers (Q4 2020) | 19,667 | | Financing Transactions Facilitated | 329,293 | | Total Amount of Financing | RMB 27.7 billion | | Automobile Trading Transactions | 4,999 cars | | Automobile Trading Value | RMB 624.8 million | - The company collaborates with **12 third-party financial institutions**, and in 2020, **98.1%** of financing was funded by these institutions, with the remaining **1.9%** funded by the company's subsidiary, Shanghai Chejia[309](index=309&type=chunk)[327](index=327&type=chunk) - A strategic partnership with Didi Chuxing provides access to its large driver base for services like vehicle sourcing, financing, and insurance, with Cango serving **509 licensed Didi Chuxing drivers** in 2020[373](index=373&type=chunk) [Organizational Structure](index=128&type=section&id=C.%20Organizational%20Structure) Cango Inc. operates in the PRC primarily through a Variable Interest Entity (VIE) structure to comply with foreign investment restrictions, maintaining control via contractual arrangements - The company uses a VIE structure to conduct its operations in China, mainly through Shanghai Cango, to comply with PRC restrictions on foreign ownership in certain business areas like VATS[486](index=486&type=chunk) - Control over the VIE is established through a series of contractual arrangements, including Equity Interest Pledge Agreements, Powers of Attorney, an Exclusive Business Cooperation Agreement, and an Exclusive Option Agreement[486](index=486&type=chunk)[489](index=489&type=chunk) - As a result of these arrangements, Cango Inc. is the primary beneficiary of Shanghai Cango, allowing it to consolidate the VIE's financial results into its own financial statements under U.S. GAAP[487](index=487&type=chunk) [ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS](index=129&type=section&id=Item%205.%20Operating%20and%20Financial%20Review%20and%20Prospects) This section provides management's discussion and analysis of the company's financial condition and operating results, including revenue, costs, liquidity, and capital resources [Operating Results](index=129&type=section&id=A.%20Operating%20Results) This section details the company's operating performance, highlighting significant revenue growth, a surge in net income driven by investment gains, and changes in credit performance metrics Comparison of Results of Operations (2019 vs. 2020) | Indicator (RMB, in millions) | 2019 | 2020 | Change (%) | | :--- | :--- | :--- | :--- | | **Total Revenues** | 1,440.1 | 2,052.4 | +42.5% | | Automobile trading income | 11.4 | 624.8 | +5375.9% | | After-market services income | 206.0 | 241.2 | +17.1% | | **Total operating cost and expenses** | 1,116.8 | 1,734.1 | +55.3% | | **Fair value change of equity investment** | 41.6 | 3,315.5 | +7870.0% | | **Net income** | 404.9 | 3,373.4 | +733.1% | - The significant increase in 2020 net income was primarily driven by a **RMB 3,315.5 million** gain from the fair value change of the company's equity investment in Li Auto, which went public in July 2020[608](index=608&type=chunk) Credit Performance Metrics (as of Dec 31) | Ratio | 2019 | 2020 | | :--- | :--- | :--- | | M1+ overdue ratio | 0.85% | 0.98% | | M3+ overdue ratio | 0.40% | 0.42% | [Liquidity and Capital Resources](index=157&type=section&id=B.%20Liquidity%20and%20Capital%20Resources) This section discusses the company's liquidity sources, including cash balances, operating cash flows, and various debt financing activities like credit facilities and asset-backed securities Summary of Cash Flows (RMB, in millions) | Cash Flow Activity | 2018 | 2019 | 2020 | | :--- | :--- | :--- | :--- | | Net cash from/(used in) operating activities | 184.8 | 422.9 | (621.6) | | Net cash used in investing activities | (1,638.6) | (1,198.4) | (493.6) | | Net cash from/(used in) financing activities | 4,091.1 | 730.5 | (380.8) | - As of December 31, 2020, the company had cash and cash equivalents of **RMB 1,426.9 million** and restricted cash of **RMB 888.0 million**[618](index=618&type=chunk)[619](index=619&type=chunk) - The company utilizes debt financing, including credit agreements with banks like Bank of Shanghai and CITIC Bank, and has issued Asset-Backed Notes (ABNs) and Asset-Backed Securities (ABSs) to raise capital[620](index=620&type=chunk)[621](index=621&type=chunk)[623](index=623&type=chunk)[624](index=624&type=chunk) [ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES](index=159&type=section&id=Item%206.%20Directors%2C%20Senior%20Management%20and%20Employees) This section details the company's leadership, compensation practices, board structure, and employee breakdown, including share ownership of key personnel [Compensation](index=162&type=section&id=B.%20Compensation) This section outlines the aggregate cash compensation for directors and executive officers, details the Share Incentive Plan, and mentions employment agreement clauses - In 2020, aggregate cash compensation for directors and executive officers was approximately **RMB 26.5 million (US$4.1 million)**[667](index=667&type=chunk) - The company adopted the Share Incentive Plan 2018, initially reserving **27,845,526 ordinary shares** for grants, and as of December 31, 2020, **18,510,727 options** remained outstanding after grants in May 2018, February 2019, and October 2020[674](index=674&type=chunk)[680](index=680&type=chunk) - Share-based compensation expenses recognized in 2020 amounted to **RMB 78.8 million (US$12.1 million)**[680](index=680&type=chunk) [Employees](index=169&type=section&id=D.%20Employees) This section provides a breakdown of the company's total employees by functional area as of year-end 2020, highlighting the sales and marketing concentration Employee Breakdown by Function (as of Dec 31, 2020) | Function | Number of Employees | % of Total | | :--- | :--- | :--- | | Sales and marketing | 2,053 | 68.2% | | Operations | 364 | 12.1% | | Risk management | 233 | 7.7% | | General administration | 215 | 7.2% | | Research and development | 144 | 4.8% | | **Total** | **3,009** | **100.0%** | [Share Ownership](index=170&type=section&id=E.%20Share%20Ownership) This section details the company's concentrated voting power, primarily held by co-founders through super-voting shares, and lists other principal shareholders - Co-founders Mr. Xiaojun Zhang and Mr. Jiayuan Lin collectively exercise **87.6%** of the aggregate voting power as of March 31, 2021, due to their ownership of super-voting Class B shares[709](index=709&type=chunk) - Each Class A ordinary share is entitled to **one vote**, while each Class B ordinary share is entitled to **20 votes**[704](index=704&type=chunk) - Other principal shareholders (owning over **5%**) include WP Fintech (**18.3%**), Tencent Mobility Limited (**10.8%**), Didi Chuxing (**9.7%**), and Taikang Offshore Entities (**5.6%**)[704](index=704&type=chunk) [ITEM 8. FINANCIAL INFORMATION](index=174&type=section&id=Item%208.%20Financial%20Information) This section presents the company's consolidated financial statements and outlines its dividend policy, including past special cash dividends and future payment considerations - The company's board approved special cash dividends in three consecutive years Special Cash Dividend History | Approval Date | Dividend per Share (Ordinary) | Dividend per ADS | Aggregate Amount | | :--- | :--- | :--- | :--- | | April 22, 2019 | US$0.125 | US$0.25 | Approx. US$37.9M | | April 22, 2020 | US$0.125 | US$0.25 | Approx. US$37.9M | | March 11, 2021 | US$0.50 | US$1.00 | Approx. US$151.4M | - Future dividend payments are not guaranteed and will depend on the company's earnings, financial condition, and other factors, with distributions also constrained by PRC laws requiring statutory reserves to be set aside by its PRC subsidiaries[723](index=723&type=chunk)[724](index=724&type=chunk) [ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](index=185&type=section&id=Item%2011.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section discusses the company's exposure to market risks, primarily foreign exchange and interest rate fluctuations, and assesses the impact of inflation on operations - **Foreign Exchange Risk:** All revenues are denominated in RMB, and fluctuations in the RMB against the U.S. dollar can affect translated financial results, with the company recording a foreign exchange loss of **RMB 8.8 million** in 2020[766](index=766&type=chunk) - **Interest Rate Risk:** The company has not been materially exposed to interest rate risk and has not used derivative instruments to manage this exposure, however, future changes in market interest rates could pose a risk[771](index=771&type=chunk) - **Inflation Risk:** Inflation in China has not materially affected results of operations, with the consumer price index increasing by **2.5%** in 2020[772](index=772&type=chunk)[645](index=645&type=chunk) PART III [ITEM 18. FINANCIAL STATEMENTS](index=192&type=section&id=Item%2018.%20Financial%20Statements) This section presents the full audited consolidated financial statements of Cango Inc. for 2018-2020, prepared under U.S. GAAP, including the auditor's report and detailed notes [Notes to the Consolidated Financial Statements](index=211&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) These notes provide detailed explanations of the company's significant accounting policies, including VIE consolidation, revenue recognition, share-based compensation, and fair value measurements - **VIE Structure:** The company operates in the PRC through a VIE, Shanghai Cango, due to foreign ownership restrictions, and is considered the primary beneficiary, consolidating the VIE's financial results[843](index=843&type=chunk)[848](index=848&type=chunk) - **Revenue Recognition:** The company adopted ASC 606 on January 1, 2019, with revenue derived from loan facilitation, finance leases, after-market services, and automobile trading, and revenue from loan facilitation and post-origination services is allocated and recognized accordingly[875](index=875&type=chunk)[878](index=878&type=chunk) - **Risk Assurance Liabilities:** For certain financing arrangements, the company provides risk assurance to financial institutions, with this liability having two components: a non-contingent aspect accounted for under ASC 460 and a contingent loss aspect under ASC 450, totaling **RMB 460.8 million** as of December 31, 2020[915](index=915&type=chunk)[1007](index=1007&type=chunk) - **Share-Based Compensation:** The company uses the binomial tree option pricing model to value stock options granted under its 2018 ESOP, with total share-based compensation expense amounting to **RMB 78.8 million** in 2020[1054](index=1054&type=chunk)[1055](index=1055&type=chunk) - **Investment in Li Auto:** The investment in Li Auto was reclassified to short-term investments in 2020 following its IPO, and as of December 31, 2020, the fair value of this investment was **RMB 3.69 billion**, resulting in a significant unrealized gain[972](index=972&type=chunk)[973](index=973&type=chunk)

Financial Data and Key Metrics Changes - Total revenues in Q4 2020 reached a record RMB 1,097 million, exceeding previous guidance by approximately 46% [3] - Net income for Q4 2020 was RMB 1.6 billion, primarily due to an investment gain of about RMB 1.5 billion [3][20] - For the full year 2020, total net revenues increased by 42.5% to RMB 2.1 billion, with net income of RMB 3.4 billion [20][21] Business Line Data and Key Metrics Changes - Car trading transactions generated revenue of RMB 547 million in Q4 2020, accounting for about 50% of total revenue [5][16] - Automotive financing facilitation revenues were RMB 398.1 million, up 51.8% year-on-year [11][20] - Aftermarket services facilitation revenue in Q4 was RMB 70.76 million, contributing to total revenue growth [12][20] Market Data and Key Metrics Changes - The total outstanding balance of financing transactions facilitated by the company reached RMB 43.5 billion as of December 31, 2020 [12] - The M1+ overdue ratio decreased to 0.98% from 1.11% as of September 30, 2020, indicating improved asset quality [12] Company Strategy and Development Direction - Cango aims to expand its service capabilities in the auto transaction value chain, focusing on lower-tier markets [4][10] - The company is committed to technological innovation and big data as core drivers for growth [10] - Plans for 2021 include facilitating 45,000 to 50,000 car trading transactions and enhancing logistics and supply chain capabilities [25][29] Management's Comments on Operating Environment and Future Outlook - Management noted that the auto market in China is recovering steadily post-pandemic, with pent-up demand from lower-tier markets [3] - The tightening of credit supply has not directly impacted business, with macro policies favoring companies like Cango [29] - The company expects total revenues in Q1 2021 to be between RMB 1,000 million and RMB 1,050 million [21] Other Important Information - Cango has a network of nearly 50,000 registered dealers nationwide, enhancing its position in the market [4][13] - The company received multiple industry awards, including the innovative auto finance services enterprises award for seven consecutive years [14] Q&A Session Summary Question: Outlook for car trading transactions business in 2021 - Cango expects to facilitate 45,000 to 50,000 car trading transactions in 2021, targeting non-authorized dealers in lower-tier cities [25][26] Question: Risk management for independent sales rep model - The company has strict controls over the qualification and eligibility of independent sales reps, ensuring authenticity in transactions [27][28] Question: Impact of macro credit policies on demand for auto loans - Macro policies are favorable for Cango, and tightening credit supply has not significantly impacted business performance [29] Question: Outlook for take rate and cost of funding - Cango aims to maintain steady funding costs and take rates by expanding partnerships with high-quality funding sources [31]

Cango, Inc. (NYSE:CANG) Q3 2020 Earnings Conference Call November 23, 2020 8:00 PM ET Company Participants Jiayuan Lin - Co-Founder, CEO & Director Michael Zhang - CFO & Director Conference Call Participants Shelley Wang - Morgan Stanley David Tang - Goldman Sachs Operator Good morning and good evening, everyone. Welcome to Cango Inc.'s Third Quarter 2020 Earnings Conference Call. [Operator Instructions]. Joining us today are Mr. Jiayuan Lin, Chief Executive Officer; and Mr. Michael Zhang, Chief Financial ...

Cango Inc. (NYSE:CANG) Q2 2020 Earnings Conference Call August 24, 2020 9:00 PM ET Company Participants Jiayuan Lin - Chief Executive Officer Michael Zhang - Chief Financial Officer Conference Call Participants Shelley Wang - Morgan Stanley Operator Good morning, and good evening, everyone. Welcome to Cango, Inc.'s Second Quarter 2020 Earnings Conference Call. At this time, all participants are in a listen-only mode. This call is also being broadcast live on the company's IR website. Joining us today are Mr ...

Cango, Inc. (NYSE:CANG) Q1 2020 Earnings Conference Call May 27, 2020 9:00 PM ET Company Participants Jiayuan Lin - Co-Founder, CEO & Director Yongyi Zhang - CFO & Director Conference Call Participants Wen Li - Goldman Sachs Group John Cai - Morgan Stanley Operator Good evening, everyone. Welcome to the Cango, Inc. First Quarter 2020 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 Of ...