Schedule 13G/A: Tencent discloses 3.9% holding in Cango ADSs

Rhea-AI Filing Summary

Cango Inc's American depositary shares (ADSs) are the subject of a Schedule 13G/A filed jointly by Tencent Holdings Limited and its wholly owned subsidiary Tencent Mobility Limited. Together they report beneficial ownership of 13,434,808 ADSs, representing 3.9% of the Class A ordinary share class based on 344,530,449 Class A Ordinary Shares outstanding. The filing notes each ADS represents two Class A Ordinary Shares and that the CUSIP 137586103 applies to the ADSs.

The statement identifies sole voting and dispositive power over the reported ADSs and includes a joint filing agreement as an exhibit. Items reporting ownership above 5% or group control are marked not applicable, indicating this is a routine disclosure of a sub-5% stake.

Positive

• Transparent disclosure of beneficial ownership totaling 13,434,808 ADSs and an explicit 3.9% ownership figure
• Clarification of ADS structure: each ADS represents two Class A Ordinary Shares and CUSIP 137586103 applies to the ADSs
• Joint Filing Agreement included as an exhibit, formalizing the joint filing by Tencent Holdings and its subsidiary

Negative

• None.

Insights

Financial Analyst

TL;DR: Tencent discloses a 3.9% stake in Cango via 13,434,808 ADSs; this is a routine, sub-5% holding.

The filing documents clear beneficial ownership metrics: 13,434,808 ADSs and a 3.9% stake calculated against 344,530,449 Class A shares outstanding. The report clarifies voting and dispositive powers are solely held and confirms ADS conversion (two Class A shares per ADS). For investors, this provides transparent ownership disclosure but does not indicate control or a material change in capital structure given the stake is below 5%.

Corporate Governance Expert

TL;DR: Formal joint Schedule 13G/A filing with exhibit of a Joint Filing Agreement; governance implications are limited due to sub-5% ownership.

The document is a compliant, joint filing by a parent and its subsidiary that discloses sole voting and dispositive authority over the reported ADSs. Item disclosures show no group formation or control claims and items on higher ownership thresholds are marked not applicable. The inclusion of the Joint Filing Agreement exhibit is standard practice to clarify the joint filing relationship.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 4)

Cango Inc

(Name of Issuer)

Class A Ordinary Shares, US$0.0001 par value per share

(Title of Class of Securities)

137586103

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 137586103

1

Names of Reporting Persons

Tencent Holdings Limited

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 13,434,808.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 13,434,808.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

13,434,808.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

3.9 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. 137586103

1

Names of Reporting Persons

Tencent Mobility Limited

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

HONG KONG

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 13,434,808.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 13,434,808.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

13,434,808.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

3.9 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Cango Inc
(b)	Address of issuer's principal executive offices: 8F, New Bund Oriental Plaza II, 556 West Haiyang Road, Pudong New Area,Shanghai 200124, People's Republic of China
Item 2.
(a)	Name of person filing: Tencent Holdings Limited Tencent Mobility Limited
(b)	Address or principal business office or, if none, residence: For both Tencent Holdings Limited and Tencent Mobility Limited: Level 29, Three Pacific Place, No.1 Queen's Road East, Wanchai, Hong Kong
(c)	Citizenship: Tencent Holdings Limited - Cayman Islands; Tencent Mobility Limited - Hong Kong
(d)	Title of class of securities: Class A Ordinary Shares, US$0.0001 par value per share
(e)	CUSIP No.: 137586103
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: The information required by Item 4(a) is set forth in Row (9) of the cover page for each Reporting Person and is incorporated herein by reference.
(b)	Percent of class: The information required by Item 4(b) is set forth in Row (11) of the cover page for each Reporting Person and is incorporated herein by reference. Percent of class determined is based on 344,530,449 Class A Ordinary Shares (as defined below) of Cango Inc. (the "Issuer") outstanding as of July 22, 2025 provided by the Issuer. Tencent Holdings Limited may be deemed to have beneficial ownership of the 13,434,808 Class A Ordinary Shares represented by American Depositary Shares ("ADSs") held by Tencent Mobility Limited, its wholly-owned subsidiary. There is no CUSIP number assigned to the Class A Ordinary Shares, US$0.0001 par value per share ("Class A Ordinary Shares"). CUSIP number 137586103 has been assigned to the ADSs of the Issuer, which are quoted on the New York Stock Exchange under the symbol "CANG." Each ADS represents two Class A Ordinary Shares.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: The information required by Item 4(c) is set forth in Row 5 of the cover page for each Reporting Person and is incorporated herein by reference.
	(ii) Shared power to vote or to direct the vote: The information required by Item 4(c) is set forth in Row 6 of the cover page for each Reporting Person and is incorporated herein by reference.
	(iii) Sole power to dispose or to direct the disposition of: The information required by Item 4(c) is set forth in Row 7 of the cover page for each Reporting Person and is incorporated herein by reference.
	(iv) Shared power to dispose or to direct the disposition of: The information required by Item 4(c) is set forth in Row 8 of the cover page for each Reporting Person and is incorporated herein by reference.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.	Certifications:
	Not Applicable

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Tencent Holdings Limited

Signature:	/s/ Ma Huateng
Name/Title:	Ma Huateng, Director
Date:	08/12/2025

Tencent Mobility Limited

Signature:	/s/ Pu Hai Tao
Name/Title:	Pu Hai Tao, Director
Date:	08/12/2025

Comments accompanying signature: LIST OF EXHIBITS Exhibit No. Description A Joint Filing Agreement

FAQ

Who filed the Schedule 13G/A for Cango Inc (CANG)?

The filing was made jointly by Tencent Holdings Limited and Tencent Mobility Limited.

How many ADSs and what percentage of Cango does Tencent report owning?

The filers report beneficial ownership of 13,434,808 ADSs, representing 3.9% of the Class A ordinary shares.

How is the 3.9% stake calculated?

The percentage is calculated based on 344,530,449 Class A Ordinary Shares outstanding; each ADS represents two Class A Ordinary Shares.

Does the filing indicate control or a group ownership greater than 5%?

No. The filing states ownership of 5 percent or less and marks items regarding group control and larger ownership as not applicable.

Is there an exhibit or agreement attached to the filing?

Yes. The filing includes a Joint Filing Agreement as an exhibit.