[Cango Inc. Terminates ADR Program and Directly Lists Class A Ordinary Shares on NYSE] According to a report by Golden Finance, the board of directors of Cango Inc. has determined that terminating the ADR program and directly listing Class A ordinary shares is in the best interest of the company and its shareholders. Furthermore, the direct listing of Class A ordinary shares on the NYSE will allow U.S. investors to directly exercise shareholder rights without needing to do so indirectly through a depositary institution, and will exempt ADS holders from incurring depositary fees. The company has instructed the depositary institution to issue a termination notice to U.S. ADR holders on October 15, 2025. This notice will provide more information regarding the termination of the U.S. ADR program.