Cango Wins 2021 Philanthropy Practice Award

SHANGHAI,Feb. 18,2022 -- Cango Inc. (NYSE: CANG) ("Cango" or the "Company"),a leading automotive transaction service platform in China,today announced that Cango received a "2021 Philanthropy Practice Award" at the 11th China Philanthropy Festival in recognition of the Company's outstanding performance in fulfilling its corporate social responsibilities.As a leader in corporate philanthropy,Cango's ongoing charitable initiatives focus on helping children in need,and include programs for orphaned children,children with disabilities and children living in povertyto promote their physical and mental health and intellectual development.

Cango and its employees have long been and remain dedicated to charitable giving and corporate philanthropy. In 2019,a group of Cango's employees spontaneously created Cango Charity,a philanthropic organization focused on improving the lives of children in need. Since its inception,Cango Charity has donated more than RMB1.5 million to Chunhui Children,a Beijing-based children's aid foundation,sponsoring more than 10 orphaned children with serious illness seeking medical care in Shanghai and facilitating their adoption by loving families. Inspired by Cango Charity,Cango's employees have also volunteered to participate in a host of public welfare events,such as the Egg Walkathon,the J.P. Morgan Corporate Challenge,the Lujiazui Financial District Decathlon and others.

At the end of 2020,in collaboration with Bairen Benevolent Foundation,Cango Charitylaunched its Rural Education Support Campaign - CANGO Dream Fund for children attending elementary schools in remote areas with the goal of encouraging their well-rounded and healthy development. CANGO Dream Fund initiated"CANGO Book Corner" tocultivate rural children's interest in reading and improve their literacy skills. The campaign is ongoing and book corners have already been set up at four village elementary schools with over 2,500 donated books.

In addition,CANGO Dream Fund solicits charitable projects from Bairen's volunteer teachers and has funded a number of successful projects,including mental health counseling for left-behind children,and a physical health care project for girls,contributing to rural children's comprehensive moral,intellectual,physical and creative development.

Founded in 2011 by a diverse cohort of media organizations in China,the China Philanthropy Festival promotes awareness of the importance of contributing to charitable causes and provides a forum for stakeholders to engage in in-depth dialogue,cooperation and communication with respect to corporate social responsibility. After eleven years of evolution,the festival has now become the most influential annual public welfare event in China.

About Cango Inc.

Cango Inc. (NYSE: CANG) is a leading automotive transaction service platform inChinaconnecting dealers,financial institutions,car buyers,and other industry participants. Founded in 2010 by a group of pioneers inChina'sautomotive finance industry,the Company is headquartered inShanghaiand engages car buyers through a nationwide dealer network. The Company's services primarily consist of automotive financing facilitation,car trading transactions,and after-market services facilitation. By utilizing its competitive advantages in technology,data insights,and cloud-based infrastructure,Cango is able to connect its platform participants while bringing them a premium user experience. Cango's platform model puts it in a unique position to add value for its platform participants and business partners as the automotive and mobility markets inChinacontinue to grow and evolve. For more information,please visit:www.cangoonline.com.

Media Contact:

Juliet Ye

Cango Inc.

Tel: +86 21 3183 5088 ext.5581

Email: pr@cangoonline.com

Twitter: https://twitter.com/Cango_Group

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