Cango Inc. Announces Up to US$50 Million New Share Repurchase Program

Core Viewpoint - Cango Inc. has announced a new share repurchase program allowing for the repurchase of up to US$50 million worth of its outstanding American depositary shares (ADSs) and/or Class A ordinary shares over the next 12 months starting from April 25, 2024 [1] Group 1: Share Repurchase Program - The new share repurchase program will allow Cango to buy back shares on the open market at prevailing prices, through privately negotiated transactions, block trades, or other legal means [2] - The timing and number of shares repurchased will depend on various factors including price, trading volume, market conditions, and Cango's working capital requirements [2] - Cango's board will periodically review the program and may adjust its terms and size, with repurchases funded from existing cash [2] Group 2: Previous Share Repurchase Program - Prior to the new program, Cango had an existing share repurchase program announced on April 21, 2023, which also allowed for the repurchase of up to US$50 million worth of ADSs and/or Class A ordinary shares [3] - Under the existing program, Cango repurchased 30,833,867 ADSs for approximately US$44.6 million up to April 16, 2024 [3] - The existing program will remain in effect until its expiration on April 25, 2024 [3] Group 3: Company Overview - Cango Inc. is a leading automotive transaction service platform in China, connecting car buyers, dealers, financial institutions, and other industry participants [4] - Founded in 2010, Cango leverages technological innovation and big data to create an automotive supply chain ecosystem and a range of products focused on customer needs in auto transactions, financing, and after-market services [4] - The company aims to simplify car purchases and establish itself as the preferred service platform for customers [4]