According to online reports, Cango, a company listed on the New York Stock Exchange, announced that its co-founders Xiaojun Zhang and Jiayuan Lin, and its holding company have entered into a securities purchase agreement with Enduring Wealth Capital Limited (EWCL) to sell 10 million Class B common shares at a total purchase price of US$70 million (of which US$15 million will only be paid after certain conditions are met). Previously, Cango announced that its board of directors has approved a share repurchase plan to repurchase issued American Depositary Shares (ADS) and Class A common shares in the next 12 months starting on April 25, 2025. The repurchase scale will reach US$30 million.