Pioneering the Future of Digital Economy

SHANGHAI, April 3, 2025 -- Cango Inc. (NYSE: CANG) ("Cango" or the "Company") today announced that it has entered into definitive agreements to sell its existing business in the PRC (the “PRC Business”) to Ursalpha Digital Limited, a company incorporated under the laws of British Virgin Islands (the “Purchaser”), for a total consideration of approximately US$351.94 million in cash (with initial payment of approximately US$210.64 million on the cloisng date and the remaining amount to be paid subject to the Company's fulfillment of certain tax filing and payment obligations and in quarterly installments based on reduction in the credit risk exposure, as of February 28, 2025, of the legal entities sold to the Purchaser due to outstanding balance of loans facilitated and financing leasing originated by these entities) (the “PRC Business Disposal”).