Cango, an online used car platform based in Shanghai, is looking to raise up to $300 million in an initial public offering (IPO) in the US, joining a list of Chinese firms seeking to tap America’s public markets for fundraising.
In its US SEC filing, the company said it plans to use the proceeds of the offering to invest in R&D capabilities, expand its sales and marketing efforts, inject capital into Shanghai Autohome to increase financing leases, and expand its automotive transaction facilitation services.
