Cango Inc. (China)

The Company, through its subsidiaries, variable interest entities (“VIEs”), and subsidiaries of the VIEs, are principally engaged in the provision of automobile trading transactions, automotive financing facilitation, and aftermarket service facilitation in the People's Republic of China (the “PRC”).
BUSINESS
The Company is a automotive transaction service platform in China connecting dealers, financial institutions, car buyers and other industry participants.
The Company has extensive, technology-enabled service offerings along the automotive value chain, which enable it to attract more participants to its platform and enhance engagement of existing participants. The Company s services primarily consist of: automotive financing facilitation (which includes finance lease services), automotive transaction facilitation and after-market service facilitation. The Company generate substantially all of its revenue from service fees for providing automotive financing facilitation, and to a lesser degree from service fees and other income from providing automotive transaction facilitation and after-market services facilitation.
The Company provide automotive financing facilitation services primarily by connecting financial institutions and car buyers, leveraging our vast dealer network. For financial institutions, it offer integrated solutions that support the full life cycle of automotive financing transactions, including credit origination, credit assessment, credit servicing and delinquent asset management services. The Company has established in-depth collaboration with a number of third-party financial institutions, and it do not bear credit risk under its arrangement with two of such financial institutions, Jincheng Bank and Jiangnan Rural Commercial Bank.
The Company operates its business primarily through the VIE and the subsidiaries of the VIE. The Company, through the WFOE, entered into power of attorney and an exclusive option agreement with the nominee shareholders of the VIE, that gave the WFOE the power to direct the activities that most significantly affect the economic performance of the VIE and to acquire the equity interests in the VIE when permitted by the PRC laws, respectively.
In addition, through the other exclusive agreements, which consist of exclusive option agreement, exclusive business cooperation agreement, and equity pledge agreement, the Company, through its wholly-owned subsidiaries in the PRC, have the right to receive economic benefits from the VIE that potentially could be significant to the VIE.

HISTORY
2017 The Company was incorporated in the Cayman Islands on October 9, 2017 under name Cango Inc. .
2018 The Company listed its ADSs on the New York Stock Exchange under the symbol “CANG” on July 26, 2018.