On April 25, CANG.US (CANG.US) announced the launch of a new share repurchase program, authorizing the repurchase of its American Depositary Receipts (ADSs) and/or Class A common shares within the next 12 months, with a maximum repurchase amount of 50 million US dollars. The purpose of this repurchase is to optimize the company's capital structure and enhance shareholder value. The capital will be derived from Cango's current cash balance, and the repurchase will be carried out in the open market or through negotiated transactions.
According to the announcement, on April 21, 2023, the company announced a share repurchase plan under which the company can repurchase up to $50 million worth of issued American Depositary Shares and/or Class A common shares. As of April 16, 2024, the company has repurchased 30,833,867 American Depositary Shares from the open market with a total of approximately $44.6 million in cash.