BEIJING, July 30 (Xinhua) -- China’s automotive transaction service platform Cango officially made a debut on the New York Stock Exchange (NYSE) on July 26 under the stock code of “CANG”.
The company priced its initial public offering (IPO) at 11 U.S. dollars for each American depository share and finally raised 44 million U.S. dollars.
Zhang Xiaojun, CEO of Cango, said that the raised fund will be used for technology R&D, offline promotion, the company’s operation, etc.
The company said in the prospectus that nearly 38,000 car dealers, 11 third-party financial institutions and more than 730,000 car consumers have registered on its network platform as of March 31 this year.
(Edited by Yang Yifan, yangyifan@xinhua.org)
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