Cango insider files Form 144 to sell 800,000 ADS valued at $3.78M

Rhea-AI Filing Summary

Cango Inc. (symbol: CANG) filing of a Form 144 notifies a proposed sale of 800,000 American Depositary Shares (ADS) on or about 09/09/2025. Each ADS represents two Class A ordinary shares. The filing lists Futu Securities International (Hong Kong) Ltd. as the broker and reports an aggregate market value of $3,784,000.00 for the ADS offered. The securities were originally acquired on 05/25/2018 under a company share incentive plan from Cango Inc., with 3,890,433 shares shown as acquired in that transaction. The form states the nature of payment as option exercise cost and indicates nothing to report for securities sold in the past three months.

Positive

• None.

Negative

• Proposed sale of 800,000 ADS (aggregate value $3,784,000) is disclosed, indicating insider-originated supply to the market
• Securities were originally acquired under a company share incentive, showing these are insider-originated shares subject to Rule 144 resale

Insights

Securities Compliance Analyst

TL;DR: Insider proposes to sell 800,000 ADS via broker; filing complies with Rule 144 disclosure requirements.

The Form 144 provides the required notice for a proposed sale under Rule 144: it identifies the class (ADS), the broker (Futu Securities International (Hong Kong) Ltd.), the number of ADS to be sold (800,000), the aggregate market value ($3,784,000), and the approximate sale date (09/09/2025). The filing also documents acquisition details (05/25/2018, company share incentive) and the nature of payment (option exercise cost). No sales in the prior three months are reported. From a compliance perspective, the form contains the standard elements needed to proceed with a Rule 144 sale.

Corporate Governance Specialist

TL;DR: This is a routine insider sale notice; materiality to the issuer is limited based on facts disclosed.

The notice documents a proposed disposal of 800,000 ADS—each representing two Class A shares—with an aggregate stated market value of $3.78M. The securities were acquired under a company share incentive plan in 2018. The filing includes a representation that the seller is unaware of undisclosed material adverse information. No contrary details (such as planned acceleration of sales or prior short-interval disposals) are included. Based solely on the disclosed facts, the filing appears to be a routine Rule 144 transaction rather than a corporate governance event affecting operations.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
American Depositary Shares (ADS,One ADS represents two Class A ordinary shares)	Futu Securities International (Hong Kong) Ltd. 34/F, United Centre 95 Queensway Admiral K3 HONG KONG K3 999077	800000	3784000.00	103782668	09/09/2025	NYSE

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
American Depositary Shares (ADS,One ADS represents two Class A ordinary shares)	05/25/2018	Company Share Incentive	Cango Inc.			3890433	09/09/2025	Option exercise cost

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Nothing to Report

144: Remarks and Signature

Remarks

Date of Notice

Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

What does the Form 144 filed for CANG disclose?

The Form 144 discloses a proposed sale of 800,000 ADS (one ADS = two Class A shares) with an aggregate market value of $3,784,000, brokered by Futu Securities International (Hong Kong) Ltd., with approximate sale date 09/09/2025.

When were the ADS being sold originally acquired according to the filing?

The ADS were acquired on 05/25/2018 under a company share incentive from Cango Inc., with 3,890,433 securities recorded as acquired in that transaction.

Does the Form 144 report any securities sold by the seller in the past three months?

No. The filing states "Nothing to Report" for securities sold during the past three months by the person for whose account the securities are to be sold.

What broker is named in the filing for the proposed sale?

The named broker is Futu Securities International (Hong Kong) Ltd., located at 34/F, United Centre, 95 Queensway, Hong Kong.

What is the stated nature of payment for the acquisition in the Form 144?

The filing lists the nature of payment as option exercise cost.