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CANG - Macro Headwinds Accelerate Cango's Drive To Car Trading From Auto Finance
Cango Inc. American Depositary Shares each representing two Class A
Cango’s revenue fell 30% in the first quarter, led by a 74% decline in its legacy auto financing business that the company is de-emphasizing in favor of broader auto trading services.
The company launched an app version of its Cango Haoche this month, expanding last year’s rollout of a WeChat mini-app that it is positioning at the center of its new business model.
Last but certainly not least, Cango’s management is taking a similar tack to many of its Chinese peers by pumping the brakes on spending and becoming more conservative with its investments.