Chinese online used car marketplace Cango eyes $300m US IPO

Motorists drive through a heavy traffic flow near a passing metro train along the main highway EDSA in Makati, Metro Manila, Philippines June 21, 2016. Photo: REUTERS/ERIK DE CASTRO

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.

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