Multiple Major Awards Testifying to Wide Recognition of Cango’s High-Quality Development
Recently, thanks to its steady business performance and long-term strategic vision, Cango has won multiple awards including the China Auto Golden Engine Award for “Best Auto Finance Service Provider,” 2020 China Automobile Dealers Industry’s Award for “Innovative Enterprise in Auto Financial Services,” and the “Best Auto Finance Risk Management Innovation Award,” thus proving recognition of the company by the industry and the market.
Cango Ranks among Caijing Annual Conference’s Top 10 Fastest-Growing US-Listed Chinese Stocks
On November 25th – 27th, 2020, Caijing Annual Conference themed on “forecast and strategy” was held in Beijing International Fortune Center. On November 27th, at the forum themed on “opportunities and challenges for US-listed Chinese stocks following the US Presidential Election,” Caijing, the Chinese edition of Barron’s and Tiger Brokers co-released the 2020 Investment Report on the Value of US-Listed Chinese Stocks as well as the list of 2020 Top 10 Fastest-Growing US-Listed Chinese Stocks. By dint of its breakthroughs over recent years in auto financial services and insurance and auto transaction and strong business performance, Cango (CANG.US) was selected to the list, alongside Pinduoduo Inc. (PDD.US), Douyu (DOYU.US), iQIYI (IQ.US), youdao (DAO.US) and other US-listed Chinese companies.
Cango Ranks among “2020 China’s Top 10 Innovators in Auto Marketplaces, Platforms and Services”
On November 27th, 2020, the 2020 Global Technology Mobility Summit ─ Shanghai Forum, sponsored by EqualOcean and EqualOcean Auto, was successfully held in Shanghai. The forum was themed on “envisioning a new decade,” and at the forum, recipients of the Global Technology Mobility Industry Awards were announced. By dint of its stable performance and constant innovation in the auto finance and services field, Cango was named one of “2020 China’s Top 10 Innovators in Auto Marketplaces, Platforms and Services.”
Cango Won the China Auto Golden Engine Award for “Best Auto Finance Service Provider” for the Third Consecutive Time
On November 21st, the 2020 China Automobile Industry Summit themed on “building the future with science and technology” drew to a successful end in Guangzhou. The day saw the unveiling of recipients of the 2020 China Auto Golden Engine Awards, and Cango won the award for “Best Auto Finance Service Provider” for the third consecutive year.
Cango Won 2020 China Automobile Dealers Industry’s Award for “Innovative Enterprise in Auto Financial Services”
From November 17th to 19th, China Automobile Dealers Industry Convention & Expo 2020 was held in Suzhou International Expo Center. Cango was invited to this event as an outstanding member and partner of China Automobile Dealers Association. At the 2020 Auto Finance Development Forum held on November 18th, Cango won the award for “Innovative Enterprise in Auto Financial Services,” thanks to its dedicated efforts and constant innovation in auto finance and sustained strong business performance. This was the second consecutive year that Cango has won this award.
Cango (CANG.US) Won the Award for “Best US-Listed Chinese Financial Stock”
On September 24th, 2020, the 2020 Zhitongcaijing Summit Forum on US-Listed Chinese Stocks was successfully held on the bank of West Lake in Hangzhou. This forum was co-sponsored by Zhitongcaijing, which is the No. 1 information platform for HK- and US-listed stocks, and Value Investment West Lake Association. At the forum, the organizers released the list of Best US-Listed Chinese Stocks for 2020, and nine companies including Cango (CANG.US) were selected to the sub-list of Best US-Listed Chinese Financial Stocks.
Cango Won the “Best Auto Finance Risk Management Innovation Award”
On July 30th, 2020, at the 5th China Auto Finance International Summit held in Shanghai, Cango won the “Best Auto Finance Risk Management Innovation Award,” having been recognized by the organizing committee as a leading auto financial services and technology platform with sustained results in risk management innovation and outstanding services before, during and after loan transactions.
Cango was established in 2010. Its founders and management are trailblazers and leaders in China’s technology-driven auto financial services field. Big data and technological innovation being its core driving force, Cango has always dedicated itself to providing customers with secure, professional, highly efficient and technology-driven auto financial services. It is also committed to metamorphosing from an auto financial service provider to a new auto retail platform, and by offering consumers simple and pleasant auto purchase experience, it is building itself into consumers’ No. 1 choice of auto purchase service platform.
By setting up a new auto retail platform driven by technology and data, Cango has completed deployment in three major fields, which are auto loan facilitation, auto transaction facilitation and auto aftermarket services. Through technology-driven financial enablement and closed-loop services, Cango is reshaping the person-goods-place relationship in auto transaction and creating value for all participants on the auto circulation value chain. As of now, Cango has served a total of more than 1.5 million car buyers, thanks to its collaboration with more than a dozen large- and medium-sized commercial banks including the Industrial and Commercial Bank of China, WeBank, Bank of Shanghai and MYbank, more than a dozen insurance institutions including China Pacific Insurance (Group) Co., Ltd. and ZA Insure, OEMs of gasoline-powered auto brands as well as high-tech and new-energy brands, and close to 50,000 physical dealerships nationwide.
At the end of last month, Cango released its financial report for the third quarter of 2020 which documented business results exceeding market expectations by a liberal margin. The report showed that for this quarter, Cango realized total revenue of RMB 435 million, which was a year-on-year increase of 23.8%. It also realized an operating profit of RMB 135 million, which was a year-over-year increase of 50% and quarter-on-quarter increase of over 100%. Taking into account the large amount of investment income in fair value changes brought about by investing in ideal cars, Cango realized net profit of nearly RMB 1.8 billion for this quarter.
Cango’s main businesses have all recorded strong growth for the third quarter of 2020. The auto loan facilitation business has added new loans totaling RMB 7.5 billion, which was a year-on-year increase of 30%. The auto aftermarket services business, the bulk of which is insurance facilitation, has brought in RMB 68.9 million, accounting for 15.8% of the total revenue. And the auto transaction business has contributed significantly to this quarter’s total revenue as well, to the extent of RMB 70.36 million.
According to Cango’s CEO Lin Jiayuan, such a dazzling performance is the result of Cango’s insistence on advancing its growth strategies, actively deploying new businesses and effectively expanding its business scale.