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

Rhea-AI Summary

Cango (NYSE: CANG) announced its board approved termination of the company's American Depositary Receipt (ADR) program, effective after market close on November 14, 2025. At termination each ADS will be mandatorily cancelled and holders will receive two Class A ordinary shares per ADS.

The company expects its Class A ordinary shares to commence direct listing and trading on the New York Stock Exchange under the existing ticker CANG when market opens on November 17, 2025. Management said the move aims to allow U.S. investors to exercise shareholder rights directly, eliminate depositary fees for ADS holders, enhance institutional visibility, and support a U.S.-centric strategy to broaden the investor base.

Positive

• Each ADS converts to 2 Class A shares
• Direct NYSE listing under CANG starting Nov 17, 2025
• Eliminates depositary fees paid by ADS holders
• Allows U.S. investors to hold shares directly
• May enhance institutional visibility and U.S. investor appeal

Negative

• None.

Insights

Equity listing strategist

Board approved terminating the ADR program and converting ADSs into Class A shares for direct NYSE listing on November 17, 2025.

Cango will mandatorily cancel ADSs after market close on November 14, 2025 and distribute two Class A ordinary shares for each ADS. Trading of the Class A shares is expected to begin on November 17, 2025 under the existing symbol "CANG." This moves U.S. holders from an indirect ADS structure to direct shareholder status and removes depositary fees borne by ADS holders.

The business mechanism is straightforward: conversion of ADR/ADS mechanics into direct-listed ordinary shares on the NYSE, preserving the ticker. Dependencies and risks are operational and timing-related: successful distribution of shares by the Depositary, broker handling of the share conversion on the noted dates, and market acceptance of the new share register. Watch the Depositary termination notice to holders (distributed on October 15, 2025) and confirmation from the NYSE around the close of business on November 14, 2025 and the open on November 17, 2025 for final execution and trading continuity over the immediate one-week transition horizon.

HONG KONG, Oct. 15, 2025 /PRNewswire/ -- Cango Inc. (NYSE: CANG) ("Cango" or the "Company") today announced that its board of directors has approved the termination of its American depository receipt ("ADR") program*. The ADR program and the related Deposit Agreement are expected to terminate after market closes on Friday, November 14, 2025.  At such time, the Company's ADSs will be mandatorily cancelled and the Class A ordinary shares underlying the ADSs will be distributed to holders of the ADSs. Each holder of one ADS will receive two Class A ordinary shares of the Company. The Company expects its Class A ordinary shares will be listed and commence trading on the New York Stock Exchange ("NYSE") under the Company's existing symbol "CANG" when market opens on Monday, November 17, 2025, the trading day immediately after termination of the ADR program.

The Company's  board of directors has determined that termination of the ADR program and listing of the Class A ordinary shares directly is in the best interest of the Company and its shareholders. Among others, a direct listing of the Class A ordinary shares on NYSE will allow U.S. investors to exercise their rights directly as shareholders of the Company, as opposed to indirectly through the Depositary, and will eliminate depositary fees born by ADS holders. The transition may also enhance institutional visibility for the Company and support the Company's strategy of becoming a U.S.-centric organization, which may broaden its investor base and appeal.

The Company has instructed the Depositary to distribute a termination notice to holders of ADSs on October 15, 2025, which will provide more information regarding the termination of the ADR program.

*Note: The ADR program being terminated was established pursuant to the Deposit Agreement, dated as of July 25, 2018, as amended, among the Company, Citibank, N.A. (the "Depositary"), and the holders and beneficial owners of American Depositary Shares ("ADSs") issued thereunder (the "Deposit Agreement").

About Cango Inc.

Cango Inc. (NYSE: CANG) is primarily engaged in the Bitcoin mining business, with operations strategically deployed across North America, the Middle East, South America, and East Africa. The Company entered the crypto asset space in November 2024, driven by advancements in blockchain technology, the growing adoption of digital assets, and its commitment to diversifying its business portfolio. In parallel, Cango continues to operate an online international used car export business through AutoCango.com, making it easier for global customers to access high-quality vehicle inventory from China. For more information, please visit: www.cangoonline.com.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the "Roadmap Forward" section and quotations from management in this announcement, contain forward-looking statements. Cango may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Cango's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Cango's plan to terminate its ADR program and list its Class A ordinary shares directly on the NYSE and potential benefits from such change; Cango's goal and strategies; Cango's expansion plans; Cango's future business development, financial condition and results of operations; Cango's expectations regarding demand for, and market acceptance of, its solutions and services; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Cango's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Cango does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Investor Relations Contact

Juliet Ye, Head of Communications
Cango Inc.
Email: ir@cangoonline.com 

Christensen Advisory
Tel: +852 2117 0861
Email: ir@cangoonline.com

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SOURCE Cango Inc.

FAQ

When will Cango's ADR program terminate and what are the key dates for CANG?

The ADR program is expected to terminate after market close on November 14, 2025, and Class A shares are expected to begin trading on NYSE on November 17, 2025.

How many Class A ordinary shares will CANG ADS holders receive per ADS?

Each holder of one ADS will receive two Class A ordinary shares when the ADSs are cancelled.

Will CANG keep the same ticker when listing Class A ordinary shares on NYSE?

Yes. The company expects its Class A ordinary shares to trade on NYSE under the existing symbol CANG.

What immediate benefits did Cango cite for terminating the ADR program (CANG)?

The company cited direct shareholder rights for U.S. investors, elimination of depositary fees for ADS holders, and potential increased institutional visibility.

Will ADS holders need to take action before Cango's ADR termination on Nov 14, 2025?

The company instructed the Depositary to send a termination notice on October 15, 2025 with more information; ADS holders should follow that notice for any required steps.