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Subsequent Events | 12 Months Ended
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Dec. 31, 2021
Subsequent Events [Abstract] |
Subsequent Events |
23. | SUBSEQUENT EVENTS
As of January 2022, Cango has sold all of its equity interest in Li Auto. The Company has sold an aggregate of 2,271,774 ADS of Li Auto at an average price of $31.09 per ADS for US$70,620,565 (RMB449,170,972), net of commission and related service fee. Pursuant to the Share Repurchase Program 2021 authorized on August 19, 2021, the Company had repurchased 1,503,645 ADSs from the open market with cash in the aggregate amount of approximately US$4 million up during the period from January 1, 2022 to April 21, 2022. On April 22, 2022, the Board of Directors of the Company authorized a new share repurchase program (the “New Share Repurchase Program”) under which the Company may repurchase up to US$50 million worth of its outstanding (i) American depositary shares (“ADSs”), each representing two fully paid Class A ordinary shares, and/or (ii) fully paid Class A ordinary shares over the next 12 months starting from April 25, 2022 through open market transactions at prevailing market prices, privately negotiated transactions, block trades or any combination of the foregoing. On April 22, 2022, the Board of Directors of the Company approved an interim special cash dividend of US$0.5 per ordinary share of the Company (or US$1 per ADS of the Company) to holders of the Company’s Class A ordinary shares and Class B ordinary shares as of the close of business of May 25, 2022 (Eastern Time). On April 22, 2022, the Board of Directors of the Company authorized the grant of (i) an option to purchase 6,000,000 Class A ordinary shares to Mr. Xiaojun Zhang, and (ii) an option to purchase 6,000,000 Class A ordinary shares to Mr. Jiayuan Lin. These share options are granted in consideration of Mr. Zhang and Mr. Lin’s roles in guiding the Company’s profitable investment in Li Auto. The share options shall vest immediately upon grant and have an exercise price of US$1.2951 per Class A ordinary share.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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