board of directors of Cango Inc. has determined that terminating the ADR program and listing Class A common stock directly is in the best interest of the company and its shareholders. In addition, listing Class A common stock directly on the NYSE will allow American investors to exercise shareholder rights directly without the need for an intermediary depositary institution, and will eliminate the depositary fees borne by ADS holders. The company has instructed the depositary institution to send a termination notice to American depositary receipt holders on October 15, 2025, which will provide more information about the termination of the American depositary receipt program.