Cango Inc. announced that its board of directors has appointed Mr. Rong Liu as an independent director and a member of the Company’s Audit Committee. Mr. Liu has decades of experience in the automotive industry. He served as a deputy chief accountant and executive director of the finance department of SAIC Group Co. Ltd. from December 2004 to May 2013. In addition, Mr. Yongyi Zhang has ceased to serve as a member on the Audit Committee since July 2019, and therefore, the Audit Committee will consist of three independent directors, including Mr. Chi Ming Lee, Mr. Dongsheng Zhou and Mr. Rong Liu.