Cango has reached a securities purchase protocol with EWCL for a total price of 70 million USD.

On June 2, according to PRNewswire, New York Stock Exchange-listed Cango announced that its co-founders Xiaojun Zhang and Jiayuan Lin, as well as its holding company, have entered into a securities purchase agreement with Enduring Wealth Capital Limited (EWCL) to sell 10 million Class B ordinary shares for a total purchase price of $70 million (of which $15 million to be paid only if certain conditions are met).

Previously, it was reported that Cango announced its board of directors has approved a stock buyback plan, intending to repurchase issued American Depositary Shares (ADS) and Class A common stock within the next 12 months starting from April 25, 2025, with a buyback size reaching 30 million dollars.