Cango Inc Stock Price, News & Analysis

Cango Inc. (NYSE: CANG), a premier automotive transaction service platform in China, will announce its Q1 2021 financial results after market close on May 31, 2021. A conference call will follow on the same day at 9:00 PM ET. Investors can access the earnings release and call details via the Company’s investor relations website. Cango connects dealers, financial institutions, and car buyers, utilizing technology and data insights to streamline transactions and enhance service delivery.

Cango Inc. (NYSE: CANG) announced the filing of its annual report on Form 20-F with the SEC for the fiscal year ending December 31, 2020. The report is accessible on the Company's investor relations website and the SEC's site. Cango, based in Shanghai, operates as a leading automotive transaction service platform in China, connecting dealers, financial institutions, and car buyers. Founded in 2010, the company provides automotive financing facilitation, car trading transactions, and after-market services, leveraging technology and data insights for enhanced user experience.

Cango Inc. (NYSE: CANG) announced a strategic partnership between its subsidiary, Cango Network Technology, and Zhengzhou Nissan Auto Sales to innovate a new automotive retail model targeting China's lower-tier markets. This collaboration aims to enhance automotive sales and marketing, utilizing Cango's strong local network of over 50,000 dealers and 80 warehouses. The initiative seeks to improve efficiency and customer experience, complementing Zhengzhou Nissan's existing operations. This agreement signifies a significant development in Cango's automotive transaction services.

Cango (NYSE: CANG) reported its financial results for Q4 and full year 2020, showing significant growth. Q4 revenues surged by 150.2% to RMB1,097.4 million (US$168.2 million), exceeding guidance by 46.3%. The growth is attributed to increased financing and car trading transactions, contributing 49.8% and 51.8% respective revenue increases. However, full-year revenues grew by 42.5% to RMB2,052.4 million (US$314.5 million). Net income for Q4 soared to RMB1,568.5 million (US$240.4 million), a 1,432.1% increase from last year.

Cango Inc. (NYSE: CANG) announced a special cash dividend of US$1.00 per American depositary share, or US$0.50 per ordinary share. The dividend will be paid on April 8, 2021, to shareholders recorded as of March 22, 2021. This substantial payout reflects the company's commitment to enhance shareholder value amidst its growth as a leading automotive transaction service platform in China. Cango aims to connect various participants in the automotive market, leveraging technology and data insights to improve user experience.

Cango, Inc. (NYSE: CANG), a leading automotive transaction service platform in China, plans to release its fourth quarter and full year 2020 financial results after the market closes on March 11, 2021. The earnings release will be available on its investor relations website. Additionally, management will hold a conference call on March 11, 2021, at 8:00 PM Eastern Time to discuss its financial results. Cango's platform connects various participants in the automotive industry, utilizing technology and data insights to enhance the user experience.

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.