PANews reported on June 2 that according to PRNewswire, Cango, a New York Stock Exchange-listed company, announced that its co-founders Xiaojun Zhang and Jiayuan Lin, and its holding company have reached a securities purchase agreement with Enduring Wealth Capital Limited (EWCL) to sell 10 million Class B common shares for a total purchase price of US$70 million (of which US$15 million will be paid only after certain conditions are met).

Earlier, Cango announced that its board of directors has approved a share repurchase plan to repurchase issued American Depositary Shares (ADS) and Class A common stock in the next 12 months starting from April 25, 2025, with a repurchase amount of US$30 million.