Davis Polk advised the representatives of the underwriters on the SEC-registered initial public offering by Cango Inc. of 4,000,000 American Depositary Shares, each representing two Class A ordinary shares, for total proceeds of $44 million. Cango has granted the underwriters an option to purchase up to an additional 600,000 ADSs. The ADSs are listed on NYSE under the symbol “CANG.”
Cango is a leading automotive transaction service platform in China connecting dealers, financial institutions, car buyers and other industry participants. Through its extensive dealership network, Cango provides various technology-enabled services along the automotive value chain.
The Davis Polk corporate team included partners James C. Lin and Li He and registered foreign lawyer Xuelin (Steve) Wang. Counsel Alon Gurfinkel and associate Veronica Orecharova provided tax advice. Counsel Marcie A. Goldstein provided FINRA advice. Members of the Davis Polk team are based in the Hong Kong, London and New York offices.