Cango Inc. Class A Ordinary Shares Begin Trading on NYSE

Core Viewpoint - Cango Inc. has transitioned from an American Depositary Receipt (ADR) program to a direct listing of its Class A ordinary shares on the NYSE, effective November 17, 2025, which is expected to enhance visibility and broaden its investor base without diluting existing shareholders [1][2]. Group 1: Company Actions - The termination of the ADR program allowed holders of American depositary shares (ADS) to receive two Class A ordinary shares for each ADS, effectively functioning as a 2-for-1 share split [1]. - The NYSE authorized the direct listing of Class A ordinary shares on November 14, 2025, enabling U.S. investors to hold shares directly, eliminating depositary fees previously incurred by ADS holders [1][2]. - Cango has approximately 356 million Class A ordinary shares outstanding as of the announcement date [2]. Group 2: Business Operations - Cango Inc. is primarily engaged in the Bitcoin mining business, with operations across North America, the Middle East, South America, and East Africa, having entered the crypto asset space in November 2024 [2]. - The company also operates an online international used car export business through AutoCango.com, facilitating access to high-quality vehicle inventory from China for global customers [2].