Cango Inc. Announces Change to Board of Directors

Rhea-AI Summary

Cango Inc. (NYSE: CANG) announced the resignation of Ms. Yun Ye from its Board of Directors, effective June 19, 2020, for personal reasons. The Company expressed gratitude for her contributions. Cango is a leading automotive transaction service platform in China, connecting various participants such as dealers and financial institutions. Founded in 2010 and headquartered in Shanghai, Cango's services include automotive financing and transaction facilitation, leveraging technology and data insights to enhance user experience.

Positive

• Cango's strong market position as a leading automotive transaction service platform in China.
• Utilization of technology and data insights to improve service delivery.

Negative

• Concerns regarding continuity of leadership with the departure of a board member.
• Potential experience gap that may affect strategic decision-making.

SHANGHAI, June 22, 2020 /PRNewswire/ -- Cango Inc. ("Cango" or the "Company") (NYSE: CANG), a leading automotive transaction service platform in China, today announced that Ms. Yun Ye has tendered her resignation as a director of the Company for personal reasons. Her resignation was effective as of June 19, 2020. The Company would like to express its gratitude for services provided by Ms. Yun Ye.

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, automotive transaction facilitation, 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.

Investor Relations Contact

Caesar Cao
Cango Inc.
Tel: +86 21 3183 5088 ext.5521
Email: ir@cangoonline.com  

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

View original content:http://www.prnewswire.com/news-releases/cango-inc-announces-change-to-board-of-directors-301080924.html

SOURCE Cango Inc.

FAQ

What prompted Ms. Yun Ye's resignation from Cango Inc.?

Ms. Yun Ye resigned for personal reasons, effective June 19, 2020.

How does Ms. Yun Ye's resignation impact Cango Inc.?

Her resignation may raise concerns about continuity and strategic leadership within the Company.

What is the significance of Cango Inc. in the automotive industry?

Cango Inc. is a leading automotive transaction service platform in China, facilitating transactions among dealers, financial institutions, and car buyers.