Cango Inc Stock Price, News & Analysis

Cango, Inc. (NYSE: CANG) has authorized a share repurchase program allowing for the purchase of up to US$50 million worth of its American depositary shares and Class A ordinary shares. This program will commence two trading days after the earnings release for Q4 2020, expected on or about March 12, 2021. The buyback will occur through various methods including open market transactions and is designed to enhance shareholder value. Funding for repurchases will come from existing cash balances.

Cango, Inc. (NYSE: CANG), a top automotive transaction service platform in China, announced its participation in two key conferences in January 2021. The events include the Morgan Stanley China New Economy Summit on January 6 and the Jefferies China Auto & Industrial Access Days on January 20. Cango's management will engage in virtual meetings with institutional investors during these conferences. Founded in 2010, Cango specializes in automotive financing and transaction facilitation, leveraging technology and data insights to enhance user experience.

Cango, Inc. (NYSE: CANG) reported third-quarter 2020 revenues of RMB434.9 million (US$64.1 million), a 23.8% increase from RMB351.3 million in the prior year. The growth was driven by increased financing and car trading transactions. Notably, after-market services revenue rose 69.4% to RMB68.9 million, contributing 15.8% of total revenue. Net income soared 1,348.7% to RMB1,769.4 million (US$260.6 million), bolstered by a fair value gain from investments in Li Auto. The company anticipates Q4 revenues between RMB700 million and RMB750 million.

Cango, a leading automotive transaction service platform in China, will release its third quarter 2020 financial results after market close on November 23, 2020. The earnings report will be accessible on Cango's investor relations website. Management will host a conference call on the same date at 8:00 PM ET to discuss the results, with access available through specific dialing numbers. A live and archived webcast of the call will also be available on their website.

Cango, Inc. (NYSE: CANG) reported second quarter 2020 revenues of RMB274.1 million (US$38.8 million), down from RMB336.3 million in Q2 2019, primarily due to COVID-19 impacts. After-market services revenue grew 46.3% to RMB52.5 million (US$7.4 million). Financing transactions facilitated were RMB4,946 million (US$700.1 million). The company achieved net income of RMB70.2 million (US$9.9 million), reversing a previous loss and maintaining solid gross margins. Guidance for Q3 2020 anticipates revenues between RMB300 million and RMB330 million, while their investment in Li Auto is expected to enhance liquidity.

Cango Inc. (NYSE: CANG) announced it will release its second quarter 2020 financial results after market close on August 24, 2020. A conference call will follow at 9:00 P.M. ET the same day, with access numbers provided for international listeners. The earnings release and details will be available on the company’s investor relations website. Cango is a leading automotive transaction service platform in China, connecting dealers, financial institutions, and car buyers since 2010, leveraging technology and data insights to enhance user experience.

Cango Inc. (NYSE: CANG) announced the Nasdaq listing of its investee, Li Auto Inc., on July 30, 2020. Li Auto, a major player in China's new energy vehicle sector, is set to finalize its initial public offering by August 3, 2020. Cango will own 39,194,413 Class A ordinary shares of Li Auto post-listing, which is expected to boost Cango's investment liquidity. Founded in 2010, Cango connects various automotive market participants through its innovative service platform in China.