ZCZC
BCN-41
CHINA-ONLINE-CAR-MARKET
Chinese online car marketplace Cango makes NYSE debut
NEW YORK, July 27, 2018 (BSS/Xinhua) – Cango, a Chinese online car
marketplace, rang the New York Stock Exchange (NYSE) opening bell on Thursday
in celebration of its initial public offering (IPO).
Cango, trading under the ticker symbol of “CANG”, priced its IPO of
4,000,000 American depository shares (ADSs), at 11.00 U.S. dollars per ADS
for a total offering size of approximately 44 million dollars.
Morgan Stanley, BofA Merrill Lynch and Goldman Sachs (Asia) are the joint
bookrunners on the deal.
Cango started trading at 12.50 dollars per share on Thursday, climbing
13.64 percent from its pricing, and was traded at 12.51 dollars apiece around
midday.
Zhang Xiaojun, Chairman of Cango, told Xinhua on Thursday that the money
raised will be used in future technology research and offline marketing.
As an automotive transaction service platform, Cango had connected 37,667
registered dealers, 11 third-party financial institutions and 734,336 car
buyers as of March 31, 2018, according to its filing.
Founded in 2010, the company booked 194 million U.S. dollars in sales for
the 12 months ended March 31, 2018.
China’s automotive finance market grew at a CAGR (Compound Annual Growth
Rate) of 32 percent from 2013 to 2016, according to Oliver Wyman, a third-
party management consulting firm.
BSS/XINHUA/HR/1435