Cango Inc. to Terminate ADR Program and List Class A Ordinary Shares Directly on NYSE

Core Viewpoint - Cango Inc. has announced the termination of its American Depository Receipt (ADR) program, with the transition to direct listing of its Class A ordinary shares on the NYSE, aimed at enhancing shareholder rights and reducing fees [1][2]. Group 1: ADR Program Termination - The board of directors approved the termination of the ADR program, which will take effect after market closes on November 14, 2025 [1]. - Upon termination, each holder of one ADS will receive two Class A ordinary shares, and trading of these shares will commence on November 17, 2025, under the existing symbol "CANG" [1][2]. Group 2: Benefits of Direct Listing - The direct listing of Class A ordinary shares is expected to allow U.S. investors to exercise their rights directly as shareholders, eliminating depositary fees associated with ADS holders [2]. - This transition may enhance institutional visibility for the company and support its strategy of becoming a U.S.-centric organization, potentially broadening its investor base [2]. Group 3: Company Overview - Cango Inc. is primarily engaged in Bitcoin mining, with operations across North America, the Middle East, South America, and East Africa, having entered the crypto asset space in November 2024 [4]. - The company also operates an online international used car export business through AutoCango.com, facilitating access to high-quality vehicle inventory from China [4].