Cango Inc. Declares Special Cash Dividend

Rhea-AI Summary

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.

Positive

• Declaration of a special cash dividend of US$1.00 per American depositary share, enhancing shareholder returns.
• Strengthened position as a leading automotive transaction service platform in China, suggesting robust business fundamentals.

Negative

• None.

SHANGHAI, March 11, 2021 /PRNewswire/ -- Cango Inc. (NYSE: CANG) ("Cango" or the "Company"), a leading automotive transaction service platform in China, today announced that its Board of Directors has approved and declared a special cash dividend of US$1.00 per American depositary share (or US$0.50 per ordinary share) on its outstanding shares, to be paid on April 8, 2021 (Eastern Time) to shareholders of record as of the close of trading on March 22, 2021 (Eastern Time).

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.

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

Caesar Cao
Cango Inc.
Tel: +86 21 3183 5088 ext.5581
Email: ir@cangoonline.com

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

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SOURCE Cango Inc.

FAQ

What is the dividend amount declared by Cango (CANG)?

Cango Inc. declared a special cash dividend of US$1.00 per American depositary share.

When will Cango's dividend be paid?

The dividend will be paid on April 8, 2021.

What is the record date for Cango's dividend?

The record date for the dividend is March 22, 2021.

How does Cango's dividend affect shareholders?

The dividend payout enhances shareholder value, reflecting the company's commitment to returning capital to investors.

What is Cango's business focus?

Cango focuses on providing an automotive transaction service platform, connecting dealers, financial institutions, and car buyers in China.