Cango Inc. (CANG), an automotive transaction service platform in China, on Thursday announced a new share repurchase program of up to $30 million worth of its outstanding shares.
Shares of Cango are increasing in the pre-market.
The share buyback includes both American depositary shares each representing two Class A ordinary shares, and Class A ordinary shares. The repurchase program will be in effect for 12 months starting from April 25.
On April 23, 2024, the company had announced a $50 million share repurchase program and purchased 996,640 ADSs from the open market for about $1.7 million as of March 10. The program will remain active until it expires on April 25.
The repurchases will be funded from the company's existing cash balance.
In the pre-market trading, Cango is 4.82% higher at $3.48 on the New York Stock Exchange.
For comments and feedback contact: editorial@rttnews.com
Business News
May 01, 2026 15:54 ET Central banks dominated the economics news flow this week with almost all major ones announcing their latest policy decisions and many boosted expectations for a rate hike in June. In other news, several countries released the preliminary data for first quarter economic growth. In the U.S., comments by Fed Chair Jerome Powell were also in focus as his term ends this month.