Exhibit 99.1

Cango Inc. Reports Third Quarter 2018 Unaudited Financial Results

SHANGHAI, Nov. 22, 2018 /PRNewswire/ — Cango, Inc. (NYSE: CANG) (“Cango” or the “Company”), a leading automotive transaction service platform in China, today announced its unaudited financial results for the third quarter of 2018.

Financial and Operational Highlights

• Total revenues in the third quarter of 2018 were RMB285.2 million (US$41.5 million).

• Net income in the third quarter of 2018 was RMB106.3million (US$15.5 million). Net income per ADS in the third quarter of 2018 was RMB0.73 (US$0.11). Each ADS represents two of the Company’s Class A ordinary shares.

• The number of dealers covered by the Company increased to 44,279 as of September 30, 2018, representing a year-over-year increase of 45.1%.

• M1+ and M3+ overdue ratios for all financing transactions which the Company facilitated and remained outstanding were 0.83% and 0.36%, respectively as of September 30, 2018, as compared to 0.92% and 0.46%, respectively as of June 30, 2018.

Recent Developments

The Company has made significant progress under the strategic cooperation with Industrial and Commercial Bank of China (“ICBC”) and Didi Chuxing (“Didi”). The Company has completed the system integration with ICBC, and started to facilitate auto loans for ICBC. The Company has also established 39 subsidiaries in key ride-sharing cities across China for Didi, among which we have started operations in 7 cities, including the pilot city Changzhou.

Mr. Jiayuan Lin, Chief Executive Officer of Cango, stated, “During the third quarter of 2018, we adhered to our asset-light business model, focused on high-quality services for consumers, dealers and financial institutions, and pushed forward strategic growth initiatives. First, we continued to expand and optimize our dealer coverage. Leveraging our extensive dealer network, our proprietary SaaS management system helps dealers with loan facilitation, supply chain financing, and car sourcing. Our dealer relationship has become more deeply integrated in many operational fronts, which provided multiple sustainable monetizing opportunities for Cango. Second, our after-market service, has become a meaningful source of revenue despite being launched for less than a year. We observed a satisfying attach rate, along with the potential for providing after-market services as a standalone product.”

Mr. Lin continued, “Third, our strategic cooperation with ICBC and Didi has been progressing as planned. Our system integration with ICBC has achieved initial success. Auto loan products with OEM subsidies represent a tremendous market segment we currently have little presence in. As to the cooperation with Didi, we have established 39 subsidiaries in key ride-sharing cities. Looking ahead, we expect the growth rate of car transactions in China to remain soft. Our strategy is to grow our market share with competitive products and solid execution; and to enter into new market segments through cooperation with our strategic partners. We have confidence in the transparent growth path ahead. We believe we will continue delivering value to our shareholders.”

Mr. Yongyi Zhang, Chief Financial Officer of Cango, stated, “During the third quarter of 2018, our business remained highly profitable and our operation cash flow positive. Third quarter revenues increased by 2.4% year-over-year, and after-market services started to make a meaningful revenue contribution. Our after-market services incurred minimum incremental labor and system costs and expenses, resulting in high profit margins and generating great return on our investment. As we continue cultivating dealership and customer life-long monetization opportunities, and developing operations and systems for new market opportunities, we believe we are well positioned to implement our growth strategies.”

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Third Quarter 2018 Financial Results

REVENUES

Total revenues increased by 2.4% to RMB285.2 million (US$41.5 million) in the third quarter of 2018 from RMB278.4 million in the corresponding period of 2017. The increase was primarily due to the contribution of after-market services. Total revenues for the first nine months of 2018 were RMB770.3 million (US$112.2 million), an increase of 4.0% compared to the corresponding period of 2017.

Revenue from after-market services in the third quarter of 2018 was RMB39.0 million (US$5.7 million), which accounted for 14% of total revenues.

OPERATING COST AND EXPENSES

Total operating cost and expenses in the third quarter of 2018 were RMB209.0 million (US$30.4 million), compared to RMB103.1 million in the corresponding period of 2017. The increase in operating cost and expenses was primarily attributable to the increases in cost of revenue, general and administrative expenses as well as sales and marketing expenses.

• Cost of revenue in the third quarter of 2018 increased by 50.9% to RMB113.5 million (US$16.5 million) from RMB75.2 million in the corresponding period of 2017. As a percentage of total revenues, cost of revenue in the third quarter of 2018 increased to 39.8% from 27.0% in the corresponding period of 2017. The increase was due to a higher average amount of commissions paid to dealers in each financing transaction.

• Sales and marketing expenses in the third quarter of 2018 increased to RMB48.5 million (US$7.1 million) from RMB23.3 million in the corresponding period of 2017. As a percentage of total revenues, sales and marketing expenses in the third quarter of 2018 increased to 17.0% from 8.4% in the corresponding period of 2017. The increase was due to the expansion of the Company’s sales personnel to 2,203 as of September 30, 2018 from 1,260 as of September 30, 2017, to further improve the Company’s dealer coverage and dealers’ stickiness. The Company expects its sales and marketing expenses as a percentage of total revenues to decrease in the future due to economies of scale.

• General and administrative expenses were RMB40.7 million (US$5.9 million) or 14.3% of total revenues in the third quarter of 2018, compared with RMB16.5 million or 5.9% of revenues in the corresponding period of 2017. The increase was primarily due to increased administrative staff headcount and compensation, as well as the share-based compensation expenses.

• Research and development expenses in the third quarter of 2018 increased to RMB10.8 million (US$1.6 million) from RMB3.8 million in the corresponding period of 2017. As a percentage of total revenues, research and development expenses in the third quarter of 2018 increased to 3.8% from 1.4% in the corresponding period of 2017, mostly due to the expansion of the Company’s research and development team.

NET INCOME

Net income was RMB 106.3 million (US$15.5 million) in the third quarter of 2018, compared to RMB135.5 million in the corresponding period of 2017. Non-GAAP adjusted net income was RMB120.2 million (US$17.5 million), compared to RMB135.5 million in the same period last year. Non-GAAP adjusted net income excludes the impact of share-based compensation expenses. For further information, see “Use of Non-GAAP Financial Measure.”

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NET INCOME PER ADS

Net income per ADS was RMB0.73 (US$0.11) in the third quarter of 2018, and RMB0.73 (US$0.11) on a diluted basis. Non-GAAP adjusted net income per ADS was RMB0.82 (US$0.12) in the third quarter of 2018, and RMB0.82 (US$0.12) on a diluted basis. Each ADS represents two of the Company’s Class A ordinary shares.

BALANCE SHEET

As of September 30, 2018, the Company had cash and cash equivalents of RMB3,643 million (US$530.4 million), compared with RMB3,121 million as of June 30, 2018.

Business Outlook

For the fourth quarter of 2018, the Company expects total revenues to be between RMB280 million and RMB295 million. This forecast reflects the Company’s current and preliminary views on the market and operational conditions, which are subject to change.

Conference Call Information

The Company will hold a conference call on Thursday, November 22, 2018 at 8:00 pm Eastern Time or Friday, November 23, 2018 at 9:00 am Beijing Time to discuss the financial results. Participants may access the call by dialing the following numbers:

International:	+1-412-902-4272
United States Toll Free:	+1-888-346-8982
China Toll Free:	4001-201-203
Hong Kong Toll Free:	800-905-945
Conference ID:	Cango Inc.

The replay will be accessible through November 30, 2018, by dialing the following numbers:

United States Toll Free:	+1-877-344-7529
International:	+1-412-317-0088
Access Code:	10123205

A live and archived webcast of the conference call will also be available at the Company’s investor relations website at http://ir.cangoonline.com/.

About Cango, Inc.

Cango Inc. (NYSE: CANG) is a leading automotive transaction service platform in China connecting dealers, financial institutions, car buyers, and other industry participants. Founded in 2010 by a group of pioneers in China’s automotive finance industry, the Company is headquartered in Shanghai and engages car buyers through a nationwide dealer network. The Company’s services primarily consist of automotive financing facilitation, automotive transaction facilitation, 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 in China continue to grow and evolve. For more information, please visit: www.cangoonline.com.

Definition of Overdue Ratios

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We define “M1+ overdue ratio” as (i) exposure at risk relating to financing transactions for which any installment payment is 30 to 179 calendar days past due as of a specified date, divided by (ii) exposure at risk relating to all financing transactions which remain outstanding as of such date, excluding amounts of outstanding principal that are 180 calendar days or more past due.

We define “M3+ overdue ratio” as (i) exposure at risk relating to financing transactions for which any installment payment is 90 to 179 calendar days past due as of a specified date, divided by (ii) exposure at risk relating to all financing transactions which remain outstanding as of such date, excluding amounts of outstanding principal that are 180 calendar days or more past due.

Use of Non-GAAP Financial Measure

In evaluating the business, the Company considers and uses Non-GAAP adjusted net income, a non-GAAP measure, as a supplemental measure to review and assess its operating performance. The presentation of the non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. The Company defines Non-GAAP adjusted net income as net income excluding share-based compensation expenses. The Company presents the non-GAAP financial measure because it is used by the management to evaluate the operating performance and formulate business plans. Non-GAAP adjusted net income enables the management to assess the Company’s operating results without considering the impact of share-based compensation expenses, which are non-cash charges. The Company also believes that the use of the non-GAAP measure facilitates investors’ assessment of its operating performance.

Non-GAAP adjusted net income is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. This non-GAAP financial measure has limitations as analytical tools. One of the key limitations of using Non-GAAP adjusted net income is that it does not reflect all items of expense that affect the Company’s operations. Share-based compensation expenses have been and may continue to be incurred in the business and is not reflected in the presentation of Non-GAAP adjusted net income. Further, the non-GAAP measure may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited.

The Company compensates for these limitations by reconciling the non-GAAP financial measure to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating the Company’s performance. The Company encourages you to review its financial information in its entirety and not rely on a single financial measure.

Reconciliations of Cango’s non-GAAP financial measure to the most comparable U.S. GAAP measure are included at the end of this press release.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB6.8680 to US$1.00, the noon buying rate in effect on September 28, 2018 in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all.

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Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the “Business Outlook” section and quotations from management in this announcement, contain forward-looking statements. Cango may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Cango’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Cango’s goal and strategies; Cango’s expansion plans; Cango’s future business development, financial condition and results of operations; Cango’s expectations regarding demand for, and market acceptance of, its solutions and services; Cango’s expectations regarding keeping and strengthening its relationships with dealers, financial institutions, car buyers and other platform participants; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Cango’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Cango does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Investor Relations Contact

Caroline Li

Cango Inc.

+86 21 3183 5087

ir@cangoonline.com

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CANGO INC.

UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEET

(Amounts in Renminbi (“RMB”) and US dollar (“US$”), except for number of shares and per share data)

	As of December 31, 2017			As of September 30, 2018
	RMB			RMB		US$
ASSETS:
Current assets:
Cash and cash equivalents		803,270,815			3,642,758,351		530,395,800
Restricted Cash		10,060,360			10,129,155		1,474,833
Short-term investments		62,380,000			201,454,000		29,332,266
Accounts and financing receivable, net		86,427,259			100,671,704		14,658,082
Short-term finance leasing receivable, net		—			751,934,198		109,483,721
Short-term amounts due from related parties		1,253,833			—		—
Prepaid expenses and other current assets		144,858,222			63,304,040		9,217,245
Total current assets		1,108,250,489			4,770,251,448		694,561,947
Non-current assets:
Restricted Cash		319,352,347			580,965,889		84,590,258
Long-term investments		191,002,602			291,225,956		42,403,313
Equity method investments		165,659,951			1,451,427		211,332
Goodwill		—			145,063,857		21,121,703
Property and equipment, net		9,751,738			19,570,541		2,849,525
Intangible assets		1,701,770			1,774,670		258,397
Deferred tax assets		67,774,187			76,286,734		11,107,562
Long-term amounts due from related parties		122,383,094			—		—
Long-term finance leasing receivable, net		—			748,241,928		108,946,116
Other non-current assets		10,991,399			22,078,402		3,214,677
Total non-current assets		888,617,088			1,886,659,404		274,702,883
TOTAL ASSETS		1,996,867,577			6,656,910,852		969,264,830
LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY
Current liabilities:
Short-term borrowings		—			171,400,000		24,956,319
Long-term debts—current		—			303,521,920		44,193,640
Accrued expenses and other current liabilities		328,522,735			156,482,317		22,784,263
Short-term amounts due to related parties		5,525,000			—		—
Risk assurance liabilities		129,935,457			161,743,140		23,550,253
Income tax payable		62,320,855			55,515,820		8,083,259
Total current liabilities		526,304,047			848,663,197		123,567,734
Non-current liabilities:
Long-term borrowings		175,000,000			581,876,978		84,722,915
Other non-current liabilities		35,555,908			32,870,283		4,786,005
Total non-current liabilities		210,555,908			614,747,261		89,508,920
Total liabilities		736,859,955			1,463,410,458		213,076,654
Mezzanine equity
Convertible Preferred Shares
Series A-1		1,501,153,698			—		—
Series A-3		307,816,408			—		—
Series B		2,132,875,970			—		—
Series C		—			—		—
Total mezzanine equity		3,941,846,076			—		—
Shareholders’ equity
Ordinary shares		83,145			204,260		29,741
Series A-2 Convertible Preferred Shares		1,450			—		—
Additional paid-in capital		4,100,000			19,439,077		2,830,384
Accumulated other comprehensive income/(loss)		(398,698	)		107,045,840		15,586,174
Accumulated (deficit) retained earnings		(2,711,414,472	)		5,058,446,424		736,523,940
Total Cango Inc.’s (deficit) equity		(2,707,628,575	)		5,185,135,601		754,970,239
Non-controlling interests		25,790,121			8,364,793		1,217,937
Total shareholders’ (deficit) equity		(2,681,838,454	)		5,193,500,394		756,188,176
TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY		1,996,867,577			6,656,910,852		969,264,830

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CANGO INC.

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF

COMPREHENSIVE INCOME

(Amounts in Renminbi (“RMB”) and US dollar (“US$”), except for number of shares and per share data)

	Three months ended September 30,									Nine months ended September 30,
	2017			2018						2017			2018
	RMB			RMB			US$			RMB			RMB			US$
Revenues		278,442,720			285,171,140			41,521,715			740,876,311			770,278,151			112,154,652
Operating cost and expenses:
Cost of revenue		75,237,589			113,539,426			16,531,658			237,831,135			275,576,495			40,124,708
Sales and marketing		23,285,963			48,494,188			7,060,889			57,058,501			120,292,212			17,514,882
General and administrative		16,521,980			40,703,732			5,926,577			43,449,576			98,798,322			14,385,312
Research and development		3,788,950			10,833,449			1,577,380			9,182,263			26,766,990			3,897,349
Net (gain) on risk assurance liabilities		(15,725,161	)		(14,055,654	)		(2,046,543	)		(37,640,739	)		(15,239,157	)		(2,218,864	)
Provision for financing receivables		—			9,464,769			1,378,097			—			22,928,882			3,338,509
Total operation cost and expense		103,109,321			208,979,910			30,428,058			309,880,736			529,123,744			77,041,896
Income from operations		175,333,399			76,191,230			11,093,657			430,995,575			241,154,407			35,112,756
Interest income		3,562,379			15,045,281			2,190,635			9,777,092			41,368,719			6,023,401
income from equity method investments		3,883,027			43,795,483			6,376,745			4,155,139			42,399,341			6,173,463
Interest expense		(5,119,996	)		(4,757,534	)		(692,710	)		(10,013,277	)		(14,259,589	)		(2,076,236	)
Foreign exchange loss, net		(15,655,457	)		(6,739,620	)		(981,308	)		(24,345,001	)		682,896			99,432
Other income		13,428,261			11,925,506			1,736,387			15,981,449			32,971,660			4,800,765
Other expenses		(174,390	)		6,669,254			971,062			(282,578	)		(528,669	)		(76,976	)
Net income before income taxes		175,257,223			142,129,600			20,694,468			426,268,399			343,788,765			50,056,605
Income tax expenses		(39,749,961	)		(35,866,227	)		(5,222,223	)		(107,030,659	)		(88,882,439	)		(12,941,532	)
Net income		135,507,262			106,263,373			15,472,245			319,237,740			254,906,326			37,115,073
Less: Net income attributable to the noncontrolling interest shareholders		10,818,050			3,447,788			502,008			13,105,836			7,546,938			1,098,854
Net income attributable to Cango Inc.’s shareholders		124,689,212			102,815,585			14,970,237			306,131,904			247,359,388			36,016,219
Less: Accretion of Series C Preferred Shares		—			(6,991,289	)		(1,017,951	)		—			—			—
Net income attributable to Cango Inc.’s ordinary shareholders		124,689,212			109,806,874			15,988,188			306,131,904			247,359,388			36,016,219
Net income per ADS (Note 1):
Basic		1.00			0.73			0.11			2.42			1.82			0.27
Diluted		1.00			0.73			0.11			2.42			1.80			0.26
ADSs used in net income per ADS computation (Note 1):
Basic		63,574,601			150,049,511			150,049,511			63,574,601			135,592,860			135,592,860
Diluted		126,415,858			150,049,511			150,049,511			126,415,858			137,062,696			137,062,696
Other comprehensive income, net of tax
Unrealized losses on available-for-sale securities		(3,647,669	)		11,384			1,658			(2,065,258	)		167,515			24,391
Reclassification of losses to net income		2,065,258			—			—			2,065,258			—			—
Foreign currency translation adjustment		—			63,386,168			9,229,203			—			107,277,023			15,619,834
Total comprehensive income		133,924,851			169,660,925			24,703,106			319,237,740			362,350,864			52,759,298
Total comprehensive income attributable to Cango Inc.’s shareholders		123,106,801			166,213,137			24,201,098			306,131,904			354,803,926			51,660,444
Note1: Each ADS represents two ordinary shares.

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CANGO INC.

RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS

(Amounts in Renminbi (“RMB”) and US dollar (“US$”), except for number of shares and per share data)

	Three months ended September 30,								Nine months ended September 30,
	2017		2018						2017		2018
	(Unaudited)		(Unaudited)			(Unaudited)			(Unaudited)		(Unaudited)		(Unaudited)
	RMB		RMB			US$			RMB		RMB		US$
Net income		135,507,262		106,263,373			15,472,244			319,237,740		254,906,326		37,115,074
Add: Share-based compensation expenses		—		13,971,837			2,034,338			—		19,439,077		2,830,384
Cost of revenue		—		572,846			83,408			—		797,003		116,046
Sales and marketing		—		2,976,001			433,314			—		4,140,523		602,872
General and administrative		—		9,696,453			1,411,831			—		13,490,717		1,964,286
Research and development		—		726,537			105,786			—		1,010,834		147,180
Non-GAAP adjusted net income		135,507,262		120,235,210			17,506,582			319,237,740		274,345,403		39,945,458
Less: Net income attributable to the noncontrolling interest shareholders		10,818,050		3,447,788			502,008			13,105,836		7,546,938		1,098,855
Non-GAAP adjusted net income attributable to Cango Inc.’s shareholders		124,689,212		116,787,422			17,004,575			306,131,904		266,798,465		38,846,603
Accretion of Series C Preferred Shares		—		(6,991,289	)		(1,017,951	)		—		—		—
Non-GAAP adjusted net income attributable to Cango Inc.’s ordinary shareholders		124,689,212		123,778,711			18,022,526			306,131,904		266,798,465		38,846,603
Non-GAAP adjusted net income per ADS-basic (Note 1)		1.00		0.82			0.12			2.42		1.97		0.29
Non-GAAP adjusted net income per ADS-diluted (Note 1)		1.00		0.82			0.12			2.42		1.97		0.29
Weighted average ADS outstanding—basic		63,574,601		150,049,511			150,049,511			63,574,601		135,592,860		135,592,860
Weighted average ADS outstanding—diluted		126,415,858		150,049,511			150,049,511			126,415,858		137,062,696		137,062,696
Note1: Each ADS represents two ordinary shares.

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