Cango Inc 6-K, filed Mar 12, 2021

Cango Inc. (CANG)

6-K 2021-03-12 For: 2021-03-12

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Added on July 08, 2026

About this 6-K

Cango Inc filed this 6-K on March 12, 2021.

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CANGO INC.

By:		/s/ Yongyi Zhang
Name:		Yongyi Zhang
Title:		Chief Financial Officer


International:		+1-412-902-4272

United States Toll Free:		+1-888-346-8982

Mainland China Toll Free:		4001-201-203

Hong Kong, China Toll Free:		800-905-945

Conference ID:		Cango Inc.


International:		+1-412-317-0088

United States Toll Free:		+1-877-344-7529

Access Code:		10153000


	As of December 31, 2019			As of December 31, 2020
	RMB			RMB			US$
ASSETS:
Current assets:
Cash and cash equivalents		2,002,314,688			1,426,899,576			218,681,927
Restricted cash—current		970,993,759			9,693,008			1,485,518
Short-term investments		597,265,740			4,342,356,612			665,495,266
Accounts receivable, net		148,562,946			141,594,170			21,700,256
Finance lease receivables—current, net		1,661,082,122			2,035,397,525			311,938,318
Short-term consumer financing receivables, net		13,298,562			23,168			3,551
Financing receivables, net		9,103,522			20,105,893			3,081,363
Short-term contract asset		20,688,424			364,618,635			55,880,251
Prepayments and other current assets		117,445,282			558,360,959			85,572,561

Total current assets		5,540,755,045			8,899,049,546			1,363,839,011

Non-current assets:
Restricted cash—non-current		873,674,276			878,299,140			134,605,232
Long-term investments		547,888,818			—			—
Goodwill		145,063,857			145,063,857			22,232,009
Property and equipment, net		14,736,767			10,311,971			1,580,379
Intangible assets		44,758,242			44,887,871			6,879,367
Long-term contract asset		11,655,356			281,374,110			43,122,469
Deferred tax assets		100,667,946			170,951,082			26,199,400
Finance lease receivables—non-current, net		1,448,958,373			1,454,499,864			222,911,857
Other non-current assets		8,415,694			261,495,158			40,075,886

Total non-current assets		3,195,819,329			3,246,883,053			497,606,599

TOTAL ASSETS		8,736,574,374			12,145,932,599			1,861,445,610

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Short-term debts		1,439,749,760			355,816,940			54,531,332
Long-term debts—current		863,418,789			1,228,783,730			188,319,346
Accrued expenses and other current liabilities		278,690,234			324,734,202			49,767,695
Risk assurance liabilities		259,952,473			460,829,299			70,625,180
Income tax payable		67,308,814			87,132,455			13,353,633

Total current liabilities		2,909,120,070			2,457,296,626			376,597,186

Non-current liabilities:
Long-term debts		301,667,717			977,791,191			149,853,056
Deferred tax liability		12,329,929			330,765,029			50,691,958
Other non-current liabilities		21,796,367			4,870,616			746,455

Total non-current liabilities		335,794,013			1,313,426,836			201,291,469

Total liabilities		3,244,914,083			3,770,723,462			577,888,655

Shareholders’ equity
Ordinary shares		204,260			204,260			31,304
Treasury shares		(20,638,881	)		(56,419,225	)		(8,646,625	)
Additional paid-in capital		4,526,344,454			4,591,455,557			703,671,350
Accumulated other comprehensive income		119,430,738			(115,386,427	)		(17,683,744	)
Retained earnings		852,508,968			3,955,354,972			606,184,670

Total Cango Inc.’s equity		5,477,849,539			8,375,209,137			1,283,556,955

Non-controlling interests		13,810,752			—			—

Total shareholders’ equity		5,491,660,291			8,375,209,137			1,283,556,955

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		8,736,574,374			12,145,932,599			1,861,445,610


	For the three months ended									For the years ended
	December 31, 2019			December 31, 2020						December 31, 2019			December 31, 2020
	RMB			RMB			US$			RMB			RMB			US$
Revenues		438,533,179			1,097,429,135			168,188,373			1,440,068,825			2,052,431,752			314,548,928
Loan facilitation income and other related income		262,295,288			398,055,300			61,004,644			913,836,623			891,836,601			136,679,939
Leasing income		82,418,353			79,117,567			12,125,298			300,078,043			286,079,245			43,843,562
After-market services income		89,629,125			70,763,076			10,844,916			205,998,075			241,193,243			36,964,482
Automobile trading income		2,166,064			546,810,484			83,802,373			11,414,382			624,773,721			95,750,762
Others		2,024,349			2,682,708			411,142			8,741,702			8,548,942			1,310,183
Operating cost and expenses:
Cost of revenue		157,220,585			723,834,701			110,932,521			539,267,417			1,098,120,749			168,294,368
Sales and marketing		55,183,623			65,828,565			10,088,669			192,811,348			195,893,662			30,022,017
General and administrative		66,050,217			90,084,628			13,806,073			236,551,077			265,691,411			40,718,990
Research and development		18,630,984			22,986,127			3,522,778			57,405,921			62,596,195			9,593,287
Net loss (gain) on risk assurance liabilities		6,537,857			(18,804,024	)		(2,881,843	)		34,257,754			2,268,180			347,614
Provision for credit losses		17,205,137			15,063,030			2,308,510			56,478,959			109,564,631			16,791,514

Total operation cost and expense		320,828,403			898,993,027			137,776,708			1,116,772,476			1,734,134,828			265,767,790

Income from operations		117,704,776			198,436,108			30,411,665			323,296,349			318,296,924			48,781,138

Interest and investment Income, net		13,305,220			12,123,098			1,857,946			96,004,567			72,806,814			11,158,132
Loss from equity method investments		—			—			—			(926,205	)		—			—
Fair value change of equity investment		—			1,487,757,246			228,008,773			41,581,818			3,315,475,734			508,118,886
Interest expense		(162,691	)		(508,084	)		(77,867	)		(13,457,818	)		(2,758,629	)		(422,778	)
Foreign exchange gain (loss), net		3,053,854			(3,646,480	)		(558,848	)		5,141,112			(8,848,354	)		(1,356,070	)
Other income, net		2,402,484			15,333,721			2,349,996			41,300,464			49,139,337			7,530,933
Other expenses		(3,635,688	)		(240,239	)		(36,818	)		(5,121,054	)		(838,115	)		(128,447	)

Net income before income taxes		132,667,955			1,709,255,370			261,954,847			487,819,233			3,743,273,711			573,681,794

Income tax expenses		(30,295,127	)		(140,762,635	)		(21,572,818	)		(82,960,493	)		(369,853,650	)		(56,682,552	)

Net income		102,372,828			1,568,492,735			240,382,029			404,858,740			3,373,420,061			516,999,242

Less: Net income attributable to non-controlling interests		8,252,659			—			—			13,944,848			3,902,214			598,040

Net income attributable to Cango Inc.’s shareholders		94,120,169			1,568,492,735			240,382,029			390,913,892			3,369,517,847			516,401,202

Earnings per ADS attributable to ordinary shareholders:
Basic		0.62			10.48			1.61			2.59			22.43			3.44
Diluted		0.62			10.40			1.59			2.58			22.17			3.40
Weighted average ADS used to compute earnings per ADS attributable to ordinary shareholders:
Basic		150,973,390			149,696,285			149,696,285			151,208,677			150,242,378			150,242,378
Diluted		151,231,854			150,822,105			150,822,105			151,641,830			151,955,546			151,955,546
Other comprehensive (loss) income, net of tax
Unrealized losses on available-for-sale securities		—			—			—			(146,801	)		—			—

Reclassification of losses to net income		—			—			—			(276,843	)		—			—

Foreign currency translation adjustment		(32,850,858	)		(152,747,428	)		(23,409,568	)		10,401,386			(234,817,165	)		(35,987,305	)

Total comprehensive income		69,521,970			1,415,745,307			216,972,461			414,836,482			3,138,602,896			481,011,937

Total comprehensive income attributable to Cango Inc.’s shareholders		61,269,311			1,415,745,307			216,972,461			400,891,634			3,134,700,682			480,413,897


	For the three months ended						For the years ended
	December 31, 2019		December 31, 2020				December 31, 2019		December 31, 2020
	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
	RMB		RMB		US$		RMB		RMB		US$
Net income		102,372,828		1,568,492,735		240,382,029		404,858,740		3,373,420,061		516,999,242
Add: Share-based compensation expenses		20,805,269		19,486,068		2,986,371		82,265,990		78,754,828		12,069,705
Cost of revenue		853,017		645,296		98,896		3,372,908		3,075,317		471,313
Sales and marketing		4,431,522		3,379,241		517,891		17,522,654		16,003,486		2,452,642
General and administrative		14,438,854		14,458,117		2,215,804		57,092,589		55,590,630		8,519,636
Research and development		1,081,876		1,003,414		153,780		4,277,839		4,085,395		626,114

Non-GAAP adjusted net income		123,178,097		1,587,978,803		243,368,400		487,124,730		3,452,174,889		529,068,947

Less: Net income attributable to non-controlling interests		8,252,659		—		—		13,944,848		3,902,214		598,040
Net income attributable to Cango Inc.’s shareholders		114,925,438		1,587,978,803		243,368,400		473,179,882		3,448,272,675		528,470,907

Non-GAAP adjusted net income per ADS-basic		0.76		10.61		1.63		3.13		22.95		3.52
Non-GAAP adjusted net income per ADS-diluted		0.76		10.53		1.61		3.12		22.69		3.48
Weighted average ADS outstanding—basic		150,973,390		149,696,285		149,696,285		151,208,677		150,242,378		150,242,378
Weighted average ADS outstanding—diluted		151,231,854		150,822,105		150,822,105		151,641,830		151,955,546		151,955,546