Cango Inc. Enters Strategic Agreement with Pudao Credit

SHANGHAI, July 13th, 2021 -- Cango Inc. (NYSE: CANG) ("Cango" or the "Company"), a leading automotive transaction service platform in China, today announced that it has entered into a strategic agreement with Pudao Credit Co., Ltd. (“Pudao Credit”), a Chinese licensed agency for personal credit investigation, to implement an in-depth cooperation in information security, construction of credit investigation infrastructure and innovation in big data.

As part of the agreement, the two parties will strengthen their cooperation in credit information services, using their respective business scopes and professional qualifications to jointly explore credit reporting solutions and develop new products in functionality, data, channels, technologies and services. The agreement will help provide customers with safe, convenient, fast and reliable data services.

Through this new cooperation, Cango is enhancing its risk control and compliance capabilities, and developing big data as the core value of its basic strategic resources. The Company remains dedicated to improving its auto transaction services platform ecosystem, while delivering a more user-centric product matrix centered around automotive financing facilitation, car trading transactions and after-market services facilitation.

About Cango Inc.

Cango Inc. (NYSE: CANG) is a leading automotive transaction service platform in China connecting dealers, financial institutions, car buyers, and other industry participants. Founded in 2010 by a group of pioneers in China’s automotive finance industry, the Company is headquartered in Shanghai and engages car buyers through a nationwide dealer network. The Company’s services primarily consist of automotive financing facilitation, car trading transactions, and after-market services facilitation. By utilizing its competitive advantages in technology, data insights, and cloud-based infrastructure, Cango is able to connect its platform participants while bringing them a premium user experience. Cango’s platform model puts it in a unique position to add value for its platform participants and business partners as the automotive and mobility markets in China continue to grow and evolve. For more information, please visit: www.cangoonline.com.

About Pudao Credit

Founded in 2020 in Beijing, Pudao Credit is China’s second market-oriented credit investigation agency with a personal credit investigation business license. Leveraging its core competency in credit reporting with technology, Pudao Credit focuses on non-credit substitution data mining and analysis within the legal framework and is firmly committed to developing financing support solutions for white or quasi-white credit accounts, which are unlikely to be covered by traditional financial services. With the establishment of an open and transparent information disclosure mechanism, Pudao Credit provides independent, fair, professional and safe credit investigation products and services.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the “Business Outlook” section and quotations from management in this announcement, contain forward-looking statements. Cango may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Cango’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Cango’s goal and strategies; Cango’s expansion plans; Cango’s future business development, financial condition and results of operations; Cango’s expectations regarding demand for, and market acceptance of, its solutions and services; Cango’s expectations regarding keeping and strengthening its relationships with dealers, financial institutions, car buyers and other platform participants; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Cango’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Cango does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Investor Relations Contact

Juliet Ye
Cango Inc.
Tel: +86 21 3183 5088 ext.5581
Email: ir@cangoonline.com 

Emilie Wu
The Piacente Group, Inc.
Tel: +86 21 6039 8363
Email: ir@cangoonline.com