Cango (CANG) IPO Opens 14% Higher

Today's IPO for Cango Inc. (NYSE: CANG) opened for trading at $12.50 after pricing 4,000,000 American depositary shares ("ADSs"), each representing two of its Class A ordinary shares, at a price to the public of US$11.00 per ADS for a total base offering size of US$44 million.

In addition, Cango has granted the underwriters an option, exercisable within 30 days from the date of the final prospectus, to purchase up to an additional 600,000 ADSs to cover over-allotments.

Morgan Stanley & Co. International plc, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Goldman Sachs (Asia) L.L.C. are acting as joint bookrunners of this offering and as the representatives of the underwriters.

Cango Inc. 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 has a nationwide 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 mobility market in China continues to grow and evolv

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