Cango Inc. Announces a Change to Its Board of Directors

Rhea-AI Summary

Cango Inc. (NYSE: CANG) announced the resignation of Mr. Xiaoyu Liu from its board of directors, effective May 19, 2022. The company expressed gratitude for Mr. Liu's contributions. Cango is a leading automotive transaction service platform in China, connecting dealers, financial institutions, and car buyers. Founded in 2010 and headquartered in Shanghai, it provides services such as automotive financing facilitation and car trading transactions. The platform aims to enhance user experience through technology and data insights as the automotive market evolves.

Positive

• Cango's strategic leadership change may bring new perspectives to the board.
• Continuous growth in the automotive transaction service market in China could benefit Cango.

Negative

• The resignation of a board member may create uncertainties regarding governance continuity and expertise.
• Potential impact on strategic initiatives due to the loss of Mr. Liu's experience.

SHANGHAI, May 19, 2022 /PRNewswire/ -- Cango Inc. (NYSE: CANG) ("Cango" or the "Company"), a leading automotive transaction service platform in China, today announced that Mr. Xiaoyu Liu has tendered his resignation as a director of Cango for personal reasons. Mr. Liu's resignation became effective on May 19, 2022. The Company would like to express its gratitude for services provided by Mr. Liu.

About Cango Inc.

Cango Inc. (NYSE: CANG) is a leading automotive transaction service platform in China connecting dealers, financial institutions, car buyers, and other industry participants. Founded in 2010 by a group of pioneers in China's automotive finance industry, the Company is headquartered in Shanghai and engages car buyers through a nationwide dealer network. The Company's services primarily consist of automotive financing facilitation, car trading transactions, and after-market services facilitation. By utilizing its competitive advantages in technology, data insights, and cloud-based infrastructure, Cango is able to connect its platform participants while bringing them a premium user experience. Cango's platform model puts it in a unique position to add value for its platform participants and business partners as the automotive and mobility markets in China continue to grow and evolve. For more information, please visit: www.cangoonline.com.

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 "Business Outlook" 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 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; Cango's expectations regarding keeping and strengthening its relationships with dealers, financial institutions, car buyers and other platform participants; 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

Yihe Liu
Cango Inc.
Tel: +86 21 3183 5088 ext.5581
Email: ir@cangoonline.com 
Twitter: https://twitter.com/Cango_Group

Emilie Wu
The Piacente Group, Inc.
Tel: +86 21 6039 8363
Email: ir@cangoonline.com

View original content:https://www.prnewswire.com/news-releases/cango-inc-announces-a-change-to-its-board-of-directors-301551091.html

SOURCE Cango Inc.

FAQ

What prompted Mr. Xiaoyu Liu's resignation from Cango's board?

Mr. Xiaoyu Liu resigned for personal reasons, effective May 19, 2022.

How might the resignation of Mr. Liu impact Cango Inc.?

His resignation could introduce uncertainties in governance and strategic direction as the company moves forward.

When did Mr. Liu's resignation take effect?

Mr. Liu's resignation took effect on May 19, 2022.

What is Cango Inc.'s primary business focus?

Cango Inc. focuses on facilitating automotive transactions by connecting dealers, financial institutions, and car buyers.

What opportunities exist for Cango Inc. in the automotive market?

Cango is positioned to leverage its technology and data insights to enhance user experience as the automotive market in China grows.