China's E-Commerce Giant Seeks Exit from Domestic Operations to Focus on Global Ambitions

Cango Paves Way for Takeover by Agreeing to Sell China-Based Business

Hong Kong-based ride-hailing and lending platform Cango has taken a significant step towards a potential takeover by agreeing to sell its China-based business to a consortium of investors.

According to reports, the consortium, which includes a group of Chinese investors, has acquired Cango's China-based business for an undisclosed sum. The deal is expected to pave the way for a potential takeover of the entire company.

Cango's China-based business has been a major contributor to the company's revenue, and the sale is seen as a strategic move to focus on its core operations in Southeast Asia.

The sale is also expected to help Cango reduce its debt and improve its financial position, making it a more attractive target for potential acquirers.

Cango's shares have been under pressure in recent months, and the sale of its China-based business is seen as a necessary step to revive the company's fortunes.

The deal is subject to regulatory approval and is expected to be completed in the coming months.

Cango's China-based business has been a major contributor to the company's revenue, and the sale is seen as a strategic move to focus on its core operations in Southeast Asia.

The sale is also expected to help Cango reduce its debt and improve its financial position, making it a more attractive target for potential acquirers.

Cango's shares have been under pressure in recent months, and the sale of its China-based business is seen as a necessary step to revive the company's fortunes.

The deal is subject to regulatory approval and is expected to be completed in the coming months.