Cango Inc. Announces Closing of PRC Business Disposal and Certain Changes to Board of Directors and Senior Management

Momentum Percentile Rankings: Three IT services stocks—Ibex Ltd., 9F Inc. ADR, and GDS Holdings Ltd. ADR—have entered the top 10th momentum percentile, indicating strong technical signals and increasing investor interest in the sector.

Stock Performance Highlights: Ibex saw a significant rise in its momentum percentile from 86.34 to 92.45, while 9F and GDS also experienced notable increases, reflecting robust upward trends in their stock prices with year-to-date gains of 88.66%, 88.49%, and 68.08%, respectively.

Non-compliance Notification: 9F Inc. received a notification from Nasdaq for failing to file its annual report on Form 20-F by the deadline, which puts its listing status at risk but does not have immediate consequences for its American depositary shares.

Compliance Plan Submission: The company has 60 days to submit a plan to regain compliance with Nasdaq rules and is working to complete the necessary audit and filing of the 2024 Form 20-F as soon as possible.

Compliance Notice: 9F Inc. received a notice from Nasdaq on May 23, 2025, for failing to file its 2024 annual report on time, indicating non-compliance with Nasdaq regulations.

Next Steps: The company has 60 days to submit a compliance plan, and if accepted, it may receive an extension until November 11, 2025, to regain compliance.

Cango Inc. Business Disposal: Cango Inc. has completed the sale of its entire business in China to Ursalpha Digital Limited for approximately $351.94 million, with all closing conditions satisfied as of May 27, 2025.

Management Changes and Future Plans: Following the disposal, several directors resigned, and new independent directors were appointed; Cango will also file for termination of its status as a "China Concept Stock" with the China Securities Regulatory Commission.