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NEW YORK - Cango Inc. (NYSE:CANG) began trading its Class A ordinary shares on the New York Stock Exchange (NYSE) on Monday, following the termination of its American Depositary Receipt (ADR) program. The stock is currently trading at $3.07, down significantly from its 52-week high of $9.66, with InvestingPro data showing a 30.23% decline year-to-date.
The transition, which was authorized by the NYSE on November 14, allows U.S. investors to hold shares in the company directly rather than through a depositary bank. As part of the change, holders of Cango's American depositary shares received two Class A ordinary shares for each ADS they previously held, effectively creating a 2-for-1 share split.
According to the company's press release statement, the direct listing eliminates depositary fees previously paid by ADS holders. The company currently has approximately 356 million Class A ordinary shares outstanding, with a market capitalization of approximately $544 million. InvestingPro analysis indicates the company operates with a moderate debt level, with a debt-to-equity ratio of 0.34 and current ratio of 1.64, suggesting its liquid assets exceed short-term obligations.
Cango emphasized that the termination of its ADR program and direct listing did not involve issuing new shares or raising additional capital, ensuring no dilution to existing shareholders.
The company primarily operates in the Bitcoin mining business with operations across North America, the Middle East, South America, and East Africa. Cango entered the crypto asset space in November 2024 and also maintains an online international used car export business through AutoCango.com. Despite impressive revenue growth of 380.74% in the last twelve months, InvestingPro data shows the company is not currently profitable, with analysts expecting continued challenges when Cango reports earnings on December 1.
The direct listing represents a strategic shift for the company, which believes the move may enhance its institutional visibility and potentially broaden its investor base over time. Investors tracking this development can access comprehensive analysis through InvestingPro, which offers 12 additional investment tips on Cango and in-depth Pro Research Reports available for over 1,400 US equities, transforming complex data into actionable intelligence.
In other recent news, Cango Inc. has expanded its bitcoin mining operations to reach a capacity of 50 exahash per second within its first year of transformation from an automotive transaction service platform. The company initially acquired 32 EH/s of second-hand mining machines, followed by an additional 18 EH/s in June 2025. In October, Cango produced 602.6 bitcoin, slightly less than the 616.6 bitcoin mined in September, while maintaining an operational efficiency of over 90% of its deployed capacity. Cango's board of directors has also approved the termination of its American Depository Receipt program, with plans to directly list Class A ordinary shares on the New York Stock Exchange. This change is expected to take effect after the market close on November 14, 2025, with trading commencing on November 17, 2025. Additionally, H.C. Wainwright has reiterated its Buy rating for Cango, setting a price target of $8.00 following the company's second-quarter financial results. Cango reported a revenue of $139.8 million for Q2 2025, a decrease from the previous quarter's $145.2 million. The company continues to operate with a hashrate of 43.7 EH/s as of the end of August, achieving 87% efficiency of its deployed capacity.
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