Cango Inc. (NYSE: CANG), a leading company in the Bitcoin mining sector, announced that its Class A ordinary shares will begin trading directly on the New York Stock Exchange (NYSE) starting Monday, November 17, 2025.
This significant milestone comes after the conclusion of the American Depositary Receipt (ADR) program, marking a pivotal shift in the company’s listing strategy.
The end of the ADR program and the transition to direct listing
With the termination of the ADR program, Cango has allowed holders of American depositary shares (ADS) to receive two Class A ordinary shares for each ADS held, effectively executing a 2-for-1 stock split.
The authorization for direct listing by the NYSE arrived on November 14, 2025, paving the way for a new mode of participation for U.S. investors.
This transition allows investors in the United States to directly hold the company’s shares, no longer having to go through the depositary bank that managed the ADR program. A change that eliminates the deposit fees previously borne by ADS holders, simplifying the ownership structure and making the investment more transparent and efficient.
Impacts on Shareholders and Growth Strategy
No Dilution and Increased Institutional Visibility
It is important to emphasize that the direct listing of Class A ordinary shares on the NYSE did not involve the issuance of new shares or the raising of additional capital. As a result, there was no dilution for existing shareholders. Currently, Cango has approximately 356 million Class A ordinary shares outstanding.
The company believes that this move could enhance institutional visibility and align with its strategic focus, gradually expanding its investor base. The ability to directly access the U.S. stock market represents an opportunity to strengthen Cango‘s presence among institutional and retail investors, increasing the liquidity and transparency of its shares.
Cango Inc. on the NYSE: Bitcoin Mining and Global Innovation
Cango Inc. stands out for its core activity in Bitcoin mining, with operations strategically distributed across North America, the Middle East, South America, and East Africa. The entry into the digital asset sector occurred in November 2024, driven by advancements in blockchain technology, the growing adoption of cryptocurrencies, and the desire to diversify its business portfolio.
In parallel, Cango continues to manage the online platform AutoCango.com, dedicated to the international export of used cars. This service facilitates global customers’ access to a wide range of high-quality vehicles from China, confirming the company’s international and innovative vocation.
Outlook and Statements of Intent
In the official statement, Cango emphasizes that statements regarding future plans, expectations, and strategies should be considered forward-looking statements under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements, which include growth intentions, expansion strategies, and business development forecasts, are subject to risks and uncertainties that could lead to outcomes different from those anticipated.
Among the factors that could influence the company’s future performance are the success of the transition from ADR listing to direct listing, the ability to expand the customer base, the demand for offered solutions and services, as well as general economic and market conditions. Cango is committed to providing timely updates in compliance with current regulations, maintaining a transparent dialogue with investors and stakeholders.
Cango: A Future Marked by Innovation and Stability
The direct listing of Class A common shares on the NYSE represents a crucial step for Cango Inc., thereby consolidating its position in the international landscape of Bitcoin mining and digital assets. The elimination of fees associated with the ADR program, increased transparency in share management, and the ability to attract new institutional investors are elements that strengthen the company’s growth strategy.
With a global presence and an innovation-driven vision, Cango is gearing up to tackle the challenges and seize the opportunities presented by the cryptocurrency market and automotive export, establishing itself as a key player in both sectors.
