Cango announces the termination of its ADR program and will switch to direct listing of its common stock on the NYSE in November.

Cango Inc. announced today that its board of directors has approved the termination of its American Depositary Receipt (ADR) program, which will result in the cancellation of its ADSs and the direct listing of its Class A common stock on the New York Stock Exchange (NYSE). The ADR program will terminate after the close of trading on November 14, 2025. At that time, holders will receive two Class A common shares for each ADS they hold. The Class A common stock is expected to begin trading on the NYSE at the opening of trading on November 17, continuing under the symbol "CANG." Cango stated in the announcement that this restructuring is intended to enable U.S. investors to directly exercise their shareholder rights, eliminate custodial fees for ADS holders, enhance the company's appeal to institutional investors, and further strengthen its positioning in the U.S. market.