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Cango Inc. finalizes disposal of PRC business

Published 27/05/2025, 21:52
Cango Inc. finalizes disposal of PRC business
CANG
0.84%

SHANGHAI, May 27, 2025 – Cango Inc . (NYSE:CANG), a leading player in the prepackaged software services industry, has announced the completion of its business disposal in the People’s Republic of China (PRC), as reported in its latest Form 6-K filed with the U.S. Securities and Exchange Commission today.

The Shanghai-based company, which operates under the organization name ’06 Technology’, has also made significant changes to its Board of Directors and senior management team. The details of the disposal and the changes in leadership have not been disclosed in the filing.

This strategic move comes as part of Cango Inc.’s ongoing efforts to restructure its operations. The company has been actively adjusting its business model and management team to better align with its long-term goals and market demands.

As part of the SEC filing, Cango Inc. has also submitted an amendment and waiver to the Share Purchase Agreement dated May 23, 2025. This document is part of the exhibits indexed in the filing, which indicates formal modifications to the terms of the agreement.

The disposal of the PRC business and the reshuffling of the company’s leadership are expected to have a significant impact on Cango’s operational structure and future direction. The company’s CEO, Jiayuan Lin, duly authorized the report, underscoring the management’s commitment to these changes.

This filing is in compliance with the SEC’s rules for foreign private issuers and is part of Cango’s regular reporting for the month of May 2025. As the company continues to navigate through a period of transition, stakeholders are keeping a close watch on how these developments will shape Cango’s trajectory in the competitive software services sector.

Investors and interested parties can refer to the full details of the announcement in the Form 6-K filing, which is based on a press release statement from Cango Inc.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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