Cango Inc. to Terminate ADR Program and List Class A Ordinary Shares Directly on NYSE
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.
Cango (NYSE: CANG) ha annunciato che il suo consiglio di amministrazione ha approvato la terminazione del programma di American Depositary Receipt (ADR), effettiva dopo la chiusura di mercato del 14 novembre 2025. Alla terminazione ogni ADS sarà cancellato obbligatoriamente e i detentori riceveranno due azioni ordinarie di classe A per ADS.
La società prevede che le sue azioni ordinarie di classe A inizieranno la quotazione diretta e la negoziazione sulla New York Stock Exchange sotto il ticker esistente CANG all'apertura del mercato il 17 novembre 2025. Il management ha dichiarato che la mossa mira a permettere agli investitori statunitensi di esercitare direttamente i diritti azionari, eliminare le commissioni di deposito per i detentori di ADR, aumentare la visibilità istituzionale e supportare una strategia incentrata sugli Stati Uniti per ampliare la base di investitori.
Cango (NYSE: CANG) anunció que su junta aprobó la terminación del programa de Recibo de Depósito Americano (ADR) de la compañía, efectivo después del cierre del mercado el 14 de noviembre de 2025. En la terminación, cada ADS será cancelado de forma obligatoria y los tenedores recibirán dos acciones ordinarias de clase A por ADS.
La compañía espera que sus acciones ordinarias de clase A comiencen a cotizar directamente y operen en la New York Stock Exchange bajo el ticker existente CANG cuando abra el mercado el 17 de noviembre de 2025. La dirección afirmó que la medida tiene como objetivo permitir a los inversores estadounidenses ejercer directamente sus derechos de accionista, eliminar las tarifas de depósito para los tenedores de ADR, aumentar la visibilidad institucional y apoyar una estrategia centrada en EE. UU. para ampliar la base de inversores.
Cango (NYSE: CANG) 이사회가 회사의 미국 예탁증서(ADR) 프로그램 종료를 승인했으며, 시장 마감 후 2025년 11월 14일에 효력이 발생합니다. 종료 시 각 ADS는 의무적으로 취소되며 보유자에게 ADS당 두 주식의 A등급 일반주가 지급됩니다.
회사는 주식의 A등급 일반주가 CANG라는 기존 티커로 뉴욕 증권거래소에서 직접 상장되고 거래를 시작할 것으로 기대합니다. 개장 시점은 2025년 11월 17일입니다. 경영진은 이 조치가 미국 투자자들이 주주 권리를 직접 행사할 수 있게 하고 ADS 보유자에 대한 예탁 수수료를 제거하며, 제도적 가시성을 높이고 미국 중심의 전략으로 투자자 기반을 확대하는 데 목적이 있다고 말했습니다.
Cango (NYSE: CANG) a annoncé que son conseil d'administration a approuvé la résiliation du programme de certificat de dépôt américain (ADR) de la société, effective après la clôture du marché le 14 novembre 2025. Lors de la résiliation, chaque ADS sera annulé obligatoirement et les détenteurs recevront deux actions ordinaires de classe A par ADS.
La société prévoit que ses actions ordinaires de classe A commenceront à être directement listées et négociées sur le New York Stock Exchange sous le ticker existant CANG à l'ouverture du marché le 17 novembre 2025. La direction a déclaré que cette démarche vise à permettre aux investisseurs américains d'exercer directement leurs droits d'actionnaires, à éliminer les frais de dépôt pour les détenteurs d'ADR, à améliorer la visibilité institutionnelle et à soutenir une stratégie axée sur les États-Unis afin d'élargir la base d'investisseurs.
Cango (NYSE: CANG) hat bekannt gegeben, dass der Vorstand die Beendigung des American Depositary Receipt (ADR)-Programms des Unternehmens beschlossen hat, wirksam nach Marktschluss am 14. November 2025. Bei Beendigung wird jedes ADS obligatorisch storniert, und Inhaber erhalten zwei Class A-Aktien pro ADS.
Das Unternehmen erwartet, dass seine Class A-Aktien direkt gelistet und an der New York Stock Exchange gehandelt werden, unter dem bestehenden Ticker CANG, wenn der Handel am 17. November 2025 öffnet. Das Management sagte, dass die Maßnahme darauf abzielt, US-Investoren zu befähigen, ihre Aktionärsrechte direkt auszuüben, Depositary Fees für ADS-Inhaber zu eliminieren, die institutionelle Sichtbarkeit zu erhöhen und eine auf die USA ausgerichtete Strategie zu unterstützen, um die Investorengruppe zu erweitern.
Cango (NYSE: CANG) أعلنت أن مجلس إدارتها وافق على إنهاء برنامج الإيصالات الأمريكية المودعة (ADR) للشركة، ساري المفعول بعد إغلاق السوق في 14 نوفمبر 2025. عند الإنهاء، سيتم إلغاء كل ADS بشكل إلزامي وسيحصل حاملوه على عقدتين من أسهم Class A العادية لكل ADS.
تتوقع الشركة أن تبدأ أسهمها العادية من فئة A بالتداول المباشر في بورصة نيويورك بالرمز CANG عندما يفتح السوق في 17 نوفمبر 2025. قالت الإدارة إن الهدف من هذه الخطوة هو تمكين المستثمرين الأمريكيين من ممارسة حقوق المساهمين مباشرة، وإلغاء رسوم الإيداع لحاملي ADR، وتعزيز وضوح المؤسسات ودعم استراتيجية مركزة على الولايات المتحدة لتوسيع قاعدة المستثمرين.
Cango (NYSE: CANG) 宣布董事会批准终止公司的美国存托凭证（ADR）计划，该决定在市场收盘后于2025年11月14日生效。终止时，每份ADS将被强制注销，持有者将获得每份ADS 两股A类普通股。
公司预计其A类普通股将直接上市并在纽约证券交易所交易，代码仍为CANG，开盘时间为2025年11月17日。管理层表示，此举旨在使美国投资者能够直接行使股东权利，消除ADS持有人的托管费，提高机构关注度，并支持以美国为中心的战略，以扩大投资者基础。
- 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
- None.
Insights
Board approved terminating the ADR program and converting ADSs into Class A shares for direct NYSE listing on
Cango will mandatorily cancel ADSs after market close on
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
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
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
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?
How many Class A ordinary shares will CANG ADS holders receive per ADS?
Will CANG keep the same ticker when listing Class A ordinary shares on NYSE?
What immediate benefits did Cango cite for terminating the ADR program (CANG)?
Will ADS holders need to take action before Cango's ADR termination on Nov 14, 2025?
