Cango (CANG) 20-F 26 Apr 24 2023 FY Annual report (foreign) Financial data

Cover Page

Cover Page	12 Months Ended
	Dec. 31, 2023 shares
Document and Entity Information
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-38590
Entity Registrant Name	Cango Inc.
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	8F, New Bund Oriental Plaza II
Entity Address, Address Line Two	556 West Haiyang Road
Entity Address, City or Town	Shanghai
Entity Address, Postal Zip Code	200124
Entity Address, Country	CN
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Accounting Standard	U.S. GAAP
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Auditor Firm ID	1408
Auditor Name	Ernst & Young Hua Ming LLP
Auditor Location	Shanghai, the People’s Republic of China
Entity Central Index Key	0001725123
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Business Contact
Document and Entity Information
Entity Address, Address Line One	8F, New Bund Oriental Plaza II
Entity Address, City or Town	Shanghai
Entity Address, Postal Zip Code	200124
Entity Address, Country	CN
Contact Personnel Name	Yongyi Zhang
City Area Code	86 21
Local Phone Number	3183 5087
Contact Personnel Email Address	ir@cangoonline.com
American Depositary Shares
Document and Entity Information
Trading Symbol	CANG
Security Exchange Name	NYSE
Title of 12(b) Security	American Depositary Shares, each representing two Class A ordinary shares
Class A ordinary shares
Document and Entity Information
Security Exchange Name	NYSE
Title of 12(b) Security	Class A Ordinary Shares, par value US$0.0001 per share*
No Trading Symbol Flag	true
Entity Common Stock, Shares Outstanding	144,857,131
Class B ordinary shares
Document and Entity Information
Entity Common Stock, Shares Outstanding	72,978,677

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Current assets (including current assets of the consolidated VIEs pledged or collateralized for the VIEs' obligations of RMB372,874,938 and RMB nil (US$ nil) as of December 31, 2022 and 2023, respectively):
Cash and cash equivalents	¥ 1,020,604,191	$ 143,749,094	¥ 378,917,318
Restricted cash - current - others (including restricted cash - current of the consolidated VIEs pledged or collateralized for the VIEs' obligations of RMB136,671,970 and RMB nil (US$ nil) as of December 31, 2022 and 2023, respectively)	14,334,937	2,019,034	152,688,510
Restricted cash - current - bank deposits held for short-term investments	1,670,006,785	235,215,536
Short-term investments	635,070,394	89,447,794	1,941,432,848
Accounts receivable, net	64,791,709	9,125,721	266,836,951
Finance lease receivables - current, net of allowance of RMB15,461,529 and RMB9,970,622 (US$ 1,404,333) as of December 31, 2022 and 2023, respectively (including finance lease receivables - current of the consolidated VIEs pledged or collateralized for the VIEs' obligations of RMB236,202,968 and RMB nil (US$ nil) as of December 31, 2022 and 2023, respectively)	200,459,435	28,234,121	799,438,656
Financing receivables, net of allowance of RMB60,673,961 and RMB57,971,477 (US$8,165,112) as of December 31, 2022 and 2023, respectively	29,522,035	4,158,092	73,818,025
Short-term contract asset, net	170,623,200	24,031,775	500,389,654
Prepayments and other current assets, net of allowance of RMB nil and RMB 114,122,430 (US$16,073,808) as of December 31, 2022 and 2023, respectively	78,606,808	11,071,537	1,356,822,028
Total current assets	3,884,019,494	547,052,704	5,470,343,990
Non-current assets (including non-current assets of the consolidated VIEs pledged or collateralized for the VIEs' obligations of RMB124,522,680 and RMB nil (US$ nil) as of December 31, 2022 and 2023, respectively):
Restricted cash - non-current	583,380,417	82,167,413	750,877,306
Goodwill			148,657,971
Property and equipment, net	8,239,037	1,160,444	14,689,988
Intangible assets	48,373,192	6,813,222	48,317,878
Long-term contract asset	36,310,769	5,114,265	173,457,178
Deferred tax assets			62,497,781
Finance lease receivables - non-current, net of allowance of RMB6,709,737 and RMB2,730,769 (US$384,621) as of December 31, 2022 and 2023, respectively (including finance lease receivables - non-current of the consolidated VIEs pledged or collateralized for the VIEs' obligations of RMB124,522,680 and RMB nil (US$ nil) as of December 31, 2022 and 2023, respectively)	36,426,617	5,130,582	260,049,967
Operating lease right-of-use assets	47,154,944	6,641,635	80,726,757
Other non-current assets	4,705,544	662,762	6,633,517
Total non-current assets	764,590,520	107,690,323	1,545,908,343
TOTAL ASSETS	4,648,610,014	654,743,027	7,016,252,333
Current liabilities (including current liabilities of the consolidated VIEs without recourse to the Company of RMB 2,211,107,583 and RMB 454,773,564 (US$64,053,517) as of December 31, 2022 and 2023, respectively):
Short-term debts (including short-term debts of the consolidated VIEs without recourse to the Company of RMB 349,299,134 and RMB 39,071,500 (US$5,503,106) as of December 31, 2022 and 2023, respectively)	39,071,500	5,503,106	349,299,134
Long-term debts - current (including long-term debts - current of the consolidated VIEs without recourse to the Company of RMB 565,143,340 and RMB 926,237 (US$130,458) as of December 31, 2022 and 2023, respectively)	926,237	130,458	565,143,340
Short-term lease liabilities (including short-term lease liabilities of the consolidated VIEs without recourse to the Company of RMB 9,913,073 and RMB 6,932,332 (US$976,399) as of December 31, 2022 and 2023, respectively)	7,603,380	1,070,914	9,913,073
Accrued expenses and other current liabilities (including accrued expenses and other current liabilities of the consolidated VIEs without recourse to the Company of RMB 881,977,535 and RMB 196,282,964 (US$27,645,877) as of December 31, 2022 and 2023, respectively)	206,877,626	29,138,104	890,836,699
Deferred guarantee income (including deferred guarantee income of the consolidated VIEs without recourse to the Company of RMB nil and RMB86,218,888 (US$12,143,676) as of December 31, 2022 and 2023, respectively)	86,218,888	12,143,676	298,306,038
Contingent risk assurance liabilities (including contingent risk assurance liabilities of the consolidated VIEs without recourse to the Company of RMB nil and RMB125,140,991 (US$17,625,740) as of December 31, 2022 and 2023, respectively)	125,140,991	17,625,740	103,997,383
Risk assurance liabilities (including risk assurance liabilities of the consolidated VIEs without recourse to the Company of RMB 402,303,421 and RMB nil (US$ nil) as of December 31, 2022 and 2023, respectively)			402,303,421
Income tax payable (including income tax payable of the consolidated VIEs without recourse to the Company of RMB 2,471,080 and RMB 200,652 (US$28,261) as of December 31, 2022 and 2023, respectively)	311,904,279	43,930,799	313,406,680
Total current liabilities	777,742,901	109,542,797	2,530,902,347
Non-current liabilities (including non-current liabilities of the consolidated VIEs without recourse to the Company of RMB 162,007,505 and RMB 53,849,261 (US$7,584,509) as of December 31, 2022 and 2023, respectively):
Long-term debts (including long-term debts of the consolidated VIEs without recourse to the Company of RMB 75,869,353 and RMB 712,023 (US$100,286) as of December 31, 2022 and 2023, respectively)	712,023	100,286	75,869,353
Deferred tax liability (including deferred tax liability of the consolidated VIEs without recourse to the Company of RMB 10,724,126 and RMB 10,724,126 (US$1,510,462) as of December 31, 2022 and 2023, respectively)	10,724,133	1,510,463	10,724,133
Long-term lease liabilities (including long-term lease liabilities of the consolidated VIEs without recourse to the Company of RMB75,099,739 and RMB42,187,077 (US$5,941,925) as of December 31, 2022 and 2023, respectively)	42,228,435	5,947,751	76,533,208
Other non-current liabilities (including other non-current liabilities of the consolidated VIEs without recourse to the Company of RMB 314,287 and RMB 226,035 (US$31,836) as of December 31, 2022 and 2023, respectively)	226,035	31,836	314,287
Total non-current liabilities	53,890,626	7,590,336	163,440,981
Total liabilities	831,633,527	117,133,133	2,694,343,328
Commitments and contingencies
Shareholders' equity
Treasury shares	(773,130,748)	(108,893,188)	(559,005,216)
Additional paid-in capital	4,813,679,585	677,992,589	4,805,240,472
Accumulated other comprehensive income	111,849,166	15,753,626	66,359,902
Retained earnings (accumulated deficit)	(335,625,776)	(47,271,902)	9,109,587
Total Cango Inc.'s equity	3,816,976,487	537,609,894	4,321,909,005
Total shareholders' equity	3,816,976,487	537,609,894	4,321,909,005
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	4,648,610,014	654,743,027	7,016,252,333
Class A Ordinary shares
Shareholders' equity
Ordinary shares	154,483	21,758	154,483
Class B Ordinary shares
Shareholders' equity
Ordinary shares	¥ 49,777	$ 7,011	¥ 49,777

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical)	Dec. 31, 2023 CNY (¥) shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 CNY (¥) shares
Current assets	¥ 3,884,019,494	$ 547,052,704	¥ 5,470,343,990
Restricted cash	14,334,937	2,019,034	152,688,510
Short-term investments	635,070,394	89,447,794	1,941,432,848
Accounts receivable, allowance	60,019	8,453
Finance lease receivables - current, net of allowance	9,970,622	1,404,333	15,461,529
Finance lease receivables-current	200,459,435	28,234,121	799,438,656
Financing receivables, allowance	57,971,477	8,165,112	60,673,961
Allowance for Prepayments and Other Current Assets	114,122,430	16,073,808	0
Non-current assets	764,590,520	107,690,323	1,545,908,343
Finance lease receivables - non-current, net of allowance	2,730,769	384,621	6,709,737
Finance lease receivables-non-current	36,426,617	5,130,582	260,049,967
Current liabilities	777,742,901	109,542,797	2,530,902,347
Short-term debts	39,071,500	5,503,106	349,299,134
Long-term debts-current	926,237	130,458	565,143,340
Short-term lease liabilities	7,603,380	1,070,914	9,913,073
Accrued expenses and other current liabilities	206,877,626	29,138,104	890,836,699
Deferred guarantee income	86,218,888	12,143,676	298,306,038
Contingent risk assurance liabilities	125,140,991	17,625,740	103,997,383
Risk assurance liabilities | ¥			402,303,421
Income tax payable	311,904,279	43,930,799	313,406,680
Non-current liabilities	53,890,626	7,590,336	163,440,981
Long-term debts-Non-current	712,023	100,286	75,869,353
Deferred tax liability	10,724,133	1,510,463	10,724,133
Long-term lease liabilities	42,228,435	5,947,751	76,533,208
Consolidated VIE
Current assets	2,545,962,250	358,591,283	3,986,520,369
Non-current assets	763,869,097	107,588,712	1,506,866,116
Finance lease receivables-non-current	36,426,617	5,130,582	260,049,967
Current liabilities	454,773,564	64,053,517	2,211,107,583
Short-term debts	39,071,500	5,503,106	349,299,134
Long-term debts-current	926,237	130,458	565,143,340
Short-term lease liabilities	6,932,332	976,399	9,913,073
Accrued expenses and other current liabilities	196,282,964	27,645,877	881,977,535
Deferred guarantee income	86,218,888	12,143,676	0
Contingent risk assurance liabilities	125,140,991	17,625,740	0
Risk assurance liabilities	0	0	402,303,421
Income tax payable	200,652	28,261	2,471,080
Non-current liabilities	53,849,261	7,584,509	162,007,505
Long-term debts-Non-current	712,023	100,286	75,869,353
Deferred tax liability	10,724,126	1,510,462	10,724,126
Long-term lease liabilities	42,187,077	5,941,925	75,099,739
Other non-current liabilities	226,035	31,836	314,287
Consolidated VIE
Current assets	0	0	372,874,938
Restricted cash	0	0	136,671,970
Finance lease receivables-current	0	0	236,202,968
Non-current assets	0	0	124,522,680
Finance lease receivables-non-current	0	0	124,522,680
Current liabilities	¥ 454,773,564	$ 64,053,517	¥ 2,211,107,583
Class A Ordinary shares
Ordinary shares, par value | $ / shares		$ 0.0001
Ordinary shares, shares authorized	420,647,280	420,647,280	420,647,280
Ordinary shares, shares issued	229,831,213	229,831,213	229,831,213
Ordinary shares, shares outstanding	144,857,131	144,857,131	196,605,493
Class B Ordinary shares
Ordinary shares, par value | $ / shares		$ 0.0001
Ordinary shares, shares authorized	79,325,720	79,325,720	79,325,720
Ordinary shares, shares issued	72,978,677	72,978,677	72,978,677
Ordinary shares, shares outstanding	72,978,677	72,978,677	72,978,677

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME	12 Months Ended
	Dec. 31, 2023 CNY (¥) ¥ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 CNY (¥) ¥ / shares shares	Dec. 31, 2021 CNY (¥) ¥ / shares shares
Revenues
Guarantee income	¥ 212,121,156	$ 29,876,640
Leasing income	57,430,571	8,088,927	¥ 155,522,046	¥ 251,295,105
Total Revenues	1,701,918,741	239,710,241	1,980,453,461	3,921,716,406
Operating cost and expenses
Cost of Revenue	1,511,863,115	212,941,466	1,830,089,773	2,958,009,872
Sales and marketing	38,921,589	5,481,991	132,779,488	239,333,085
General and administrative	156,966,463	22,108,264	299,545,363	276,179,441
Research and development	30,114,175	4,241,493	45,958,842	70,278,081
Net loss on contingent risk assurance liabilities	25,631,610	3,610,137
Net loss on risk assurance liabilities | ¥			299,863,403	197,750,449
Provision (net recovery on provision) for credit losses	(136,485,155)	(19,223,532)	319,359,716	203,415,094
Goodwill impaired	148,657,971	20,938,037	0
Total operating cost and expense	1,775,669,768	250,097,856	2,927,596,585	3,944,966,022
Loss from operations	(73,751,027)	(10,387,615)	(947,143,124)	(23,249,616)
Interest income	79,164,929	11,150,147	43,732,652	26,373,471
Net (loss) gain on equity securities	24,093,019	3,393,431	(9,810,585)	(12,991,522)
Interest expense	(4,099,783)	(577,442)	(16,809,263)	(14,481,195)
Foreign exchange gain, net	1,099,229	154,823	5,918,231	1,351,400
Other income	30,701,851	4,324,265	52,066,718	41,911,589
Other expenses	(1,624,789)	(228,847)	(2,465,972)	(6,605,833)
Net income (loss) before income taxes	55,583,429	7,828,762	(874,511,343)	12,308,294
Income tax expenses	(93,456,703)	(13,163,101)	(236,696,540)	(20,852,646)
Net loss	(37,873,274)	(5,334,339)	(1,111,207,883)	(8,544,352)
Net loss attributable to Cango Inc.'s shareholders	¥ (37,873,274)	$ (5,334,339)	¥ (1,111,207,883)	¥ (8,544,352)
Weighted average shares used to compute losses per Class A and Class B share:
Basic (in shares)	243,048,785	243,048,785	274,084,890	289,892,905
Diluted (in shares)	243,048,785	243,048,785	274,084,890	289,892,905
Other comprehensive (loss) income, net of tax
Foreign currency translation adjustment	¥ 45,489,264	$ 6,407,029	¥ 253,877,012	¥ (72,130,683)
Total comprehensive (loss) income, net of tax	7,615,990	1,072,690	(857,330,871)	(80,675,035)
Total comprehensive (loss) income attributable to Cango Inc.'s shareholders	¥ 7,615,990	$ 1,072,690	¥ (857,330,871)	¥ (80,675,035)
Class A and Class B Ordinary Shares
Losses per Class A and Class B ordinary share:
Basic (in dollars per share) | (per share)	¥ (0.16)	$ (0.02)	¥ (4.05)	¥ (0.03)
Diluted (in dollars per share) | (per share)	(0.16)	(0.02)	(4.05)	(0.03)
Losses per ADS (2 ordinary shares equal 1 ADS):
Basic (in dollars per share) | (per share)	(0.16)	(0.02)	(4.05)	(0.03)
Diluted (in dollars per share) | (per share)	(0.16)	(0.02)	(4.05)	(0.03)
American depository shares
Losses per Class A and Class B ordinary share:
Basic (in dollars per share) | (per share)	(0.31)	(0.04)	(8.11)	(0.06)
Diluted (in dollars per share) | (per share)	(0.31)	(0.04)	(8.11)	(0.06)
Losses per ADS (2 ordinary shares equal 1 ADS):
Basic (in dollars per share) | (per share)	(0.31)	(0.04)	(8.11)	(0.06)
Diluted (in dollars per share) | (per share)	¥ (0.31)	$ (0.04)	¥ (8.11)	¥ (0.06)
Weighted average shares used to compute losses per Class A and Class B share:
Basic (in shares)	85,040,000	85,040,000	100,550,000	108,140,000
Diluted (in shares)	121,530,000	121,530,000	137,040,000	144,950,000
Automobile trading income
Revenues
Revenues	¥ 1,309,633,693	$ 184,458,048	¥ 1,596,306,698	¥ 2,227,171,554
Loan facilitation income and other related income
Revenues
Revenues	19,962,063	2,811,598	146,428,758	1,233,556,212
After-market services income
Revenues
Revenues	65,388,466	9,209,773	71,456,769	193,786,856
Others
Revenues
Revenues	¥ 37,382,792	$ 5,265,255	¥ 10,739,190	¥ 15,906,679

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Parenthetical) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
American depository shares
Ordinary shares equal to 1 ADS	2	2	2

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY	Ordinary Shares Adjustment CNY (¥)	Ordinary Shares CNY (¥) shares	Ordinary Shares USD ($) shares	Treasury shares Adjustment CNY (¥)	Treasury shares CNY (¥)	Treasury shares USD ($)	Additional paid-in capital Adjustment CNY (¥)	Additional paid-in capital CNY (¥)	Additional paid-in capital USD ($)	Accumulated other comprehensive (loss) income Adjustment CNY (¥)	Accumulated other comprehensive (loss) income CNY (¥)	Accumulated other comprehensive (loss) income USD ($)	Retained earnings (Accumulated deficit) Adjustment CNY (¥)	Retained earnings (Accumulated deficit) CNY (¥)	Retained earnings (Accumulated deficit) USD ($)	Total Cango Inc.'s equity Adjustment CNY (¥)	Total Cango Inc.'s equity CNY (¥)	Total Cango Inc.'s equity USD ($)	Adjustment CNY (¥)	CNY (¥) shares	USD ($) shares
Equity, Attributable to Parent, Beginning Balance at Dec. 31, 2020		¥ 204,260			¥ (56,419,225)			¥ 4,591,455,557			¥ (115,386,427)			¥ 3,955,354,972			¥ 8,375,209,137			¥ 8,375,209,137
Balance Beginning (in shares) at Dec. 31, 2020 | shares		299,749,760	299,749,760
Repurchase of ordinary shares					(444,401,172)												(444,401,172)			(444,401,172)
Repurchase of ordinary shares (in shares) | shares		(21,001,856)	(21,001,856)
Exercise of share options					15,557,184			(7,320,571)									8,236,613			¥ 8,236,613
Exercise of share options (in shares) | shares		737,228	737,228																	737,228	737,228
Share-based compensation (note 21)								87,634,835									87,634,835			¥ 87,634,835
Net loss														(8,544,352)			(8,544,352)			(8,544,352)
Other comprehensive loss											(72,130,683)						(72,130,683)			(72,130,683)
Dividends to shareholders														(955,437,557)			(955,437,557)			(955,437,557)
Equity, Attributable to Parent, Ending Balance at Dec. 31, 2021		¥ 204,260			(485,263,213)			4,671,769,821			(187,517,110)			2,991,373,063			6,990,566,821			6,990,566,821
Balance Ending (in shares) at Dec. 31, 2021 | shares		279,485,132	279,485,132
Repurchase of ordinary shares		¥ 0			(105,835,309)			0			0			0			(105,835,309)			(105,835,309)
Repurchase of ordinary shares (in shares) | shares		(11,718,250)	(11,718,250)
Exercise of share options		¥ 0			32,093,306			(25,051,869)			0			0			7,041,437			¥ 7,041,437
Exercise of share options (in shares) | shares		1,817,288	1,817,288																	1,817,288	1,817,288
Share-based compensation (note 21)		¥ 0			0			158,522,520			0			0			158,522,520			¥ 158,522,520
Net loss		0			0			0			0			(1,111,207,883)			(1,111,207,883)			(1,111,207,883)
Other comprehensive loss		0			0			0			253,877,012			0			253,877,012			253,877,012
Dividends to shareholders		0			0			0			0			(1,871,055,593)			(1,871,055,593)			(1,871,055,593)
Equity, Attributable to Parent, Ending Balance at Dec. 31, 2022		¥ 204,260			(559,005,216)			4,805,240,472			66,359,902			9,109,587			4,321,909,005			4,321,909,005
Balance Ending (in shares) at Dec. 31, 2022 | shares		269,584,170	269,584,170
Repurchase of ordinary shares		¥ 0			(246,882,138)			0			0			0			(246,882,138)			(246,882,138)
Repurchase of ordinary shares (in shares) | shares		(53,034,002)	(53,034,002)
Exercise of share options		¥ 0			32,756,606			(30,051,400)			0			0			2,705,206			¥ 2,705,206
Exercise of share options (in shares) | shares		1,285,640	1,285,640																	1,285,640	1,285,640
Share-based compensation (note 21)		¥ 0			0			38,490,513			0			0			38,490,513			¥ 38,490,513
Net loss		0			0			0			0			(37,873,274)			(37,873,274)			(37,873,274)	$ (5,334,339)
Other comprehensive loss		0			0			0			45,489,264			0			45,489,264			45,489,264
Equity, Attributable to Parent, Ending Balance (Adoption of ASC 326) at Dec. 31, 2023	¥ 0			¥ 0			¥ 0			¥ 0			¥ (306,862,089)			¥ (306,862,089)			¥ (306,862,089)
Equity, Attributable to Parent, Ending Balance at Dec. 31, 2023		¥ 204,260	$ 28,769		¥ (773,130,748)	$ (108,893,188)		¥ 4,813,679,585	$ 677,992,589		¥ 111,849,166	$ 15,753,626		¥ (335,625,776)	$ (47,271,902)		¥ 3,816,976,487	$ 537,609,894		¥ 3,816,976,487	$ 537,609,894
Balance Ending (in shares) at Dec. 31, 2023 | shares		217,835,808	217,835,808

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Cash flows from operating activities:
Net loss	¥ (37,873,274)	$ (5,334,339)	¥ (1,111,207,883)	¥ (8,544,352)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	7,860,269	1,107,096	6,740,027	8,514,969
Amortization of lease right-of-use assets	10,784,256	1,518,931	10,750,177
Share-based compensation expense	38,490,513	5,421,275	158,522,520	87,634,835
Loss on risk assurance liabilities			299,863,403	197,750,449
Loss on contingent risk assurance liabilities	25,631,610	3,610,137
Provision (net recovery on provision) for credit losses	(136,485,155)	(19,223,532)	319,359,716	203,415,094
Impairment loss from goodwill	148,657,971	20,938,037	0
Impairment loss from inventory	1,112,890	156,747
Guarantee income	(212,121,156)	(29,876,640)
Net loss on derivative instruments			1,162,556	5,346,389
Net loss on equity securities	49,125	6,919	15,331,464	27,278,116
Loss (gain) on disposal of property and equipment	(372,889)	(52,520)	228,463	78,221
Unrealized foreign exchange gain, net	(1,099,229)	(154,823)	(5,918,231)	(1,351,400)
Deferred income tax (benefit) expense	89,534,883	12,610,725	371,325,673	(582,913,268)
Changes in operating assets and liabilities:
Accounts receivable	201,988,722	28,449,516	(43,292,555)	(78,030,840)
Financing receivables	264,739,425	37,287,768	(277,894,354)	(217,252,025)
Contract assets	466,848,191	65,754,192	651,550,665	(679,404,752)
Operating lease right-of-use assets	22,787,557	3,209,560	(91,476,934)
Other current and non-current assets	1,164,481,183	164,013,744	(370,316,107)	(180,898,244)
Risk assurance liabilities			(596,582,896)	40,443,166
Deferred guarantee income	34,006	4,790
Contingent risk assurance liabilities	(306,894,746)	(43,225,221)
Short-term and long-term operating lease liabilities	(36,614,466)	(5,157,040)	86,446,281
Other current and non-current liabilities	(685,513,226)	(96,552,518)	8,022,963	773,542,811
Net cash (used in) provided by operating activities	1,026,026,460	144,512,804	(567,385,052)	(404,390,831)
Cash flows from investing activities:
Repayments of finance lease receivables	822,008,245	115,777,440	1,408,147,460	2,112,046,802
Origination of finance lease receivables			(75,819,047)	(1,091,415,329)
Purchase of held-to-maturity investment	(4,805,030,501)	(676,774,391)	(3,934,700,190)	(2,342,226,408)
Maturities of held-to-maturity investment	5,541,620,387	780,520,907	4,353,760,611	1,158,122,796
Proceeds from redemption of other short-term investments, net	567,191,889	79,887,307	212,638,848	2,841,860,867
Disposal of property and equipment	692,889	97,591	123,354	51,241
Purchases of property and equipment and intangible assets	(1,784,632)	(251,360)	(4,622,233)	(18,922,066)
Payment for acquiring subsidiary, net of cash acquired				1,705,083
Net cash provided by investing activities	2,124,698,277	299,257,494	1,959,528,803	2,661,222,986
Cash flows from financing activities:
Payment to repurchase treasury shares	(246,882,138)	(34,772,622)	(105,835,309)	(444,401,172)
Proceeds from borrowings	228,081,410	32,124,595	684,819,308	1,546,736,325
Proceeds from exercise of share options	2,705,206	381,020	7,041,437	8,236,613
Repayment of borrowings	(1,177,683,477)	(165,873,248)	(1,705,178,591)	(2,101,568,517)
Distribution to shareholders			(1,871,055,593)	(955,437,557)
Net cash used in financing activities	(1,193,778,999)	(168,140,255)	(2,990,208,748)	(1,946,434,308)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	48,897,458	6,887,063	270,267,366	(15,008,806)
Net increase (decrease) in cash, cash equivalents and restricted cash	2,005,843,196	282,517,106	(1,327,797,631)	295,389,041
Cash, cash equivalents and restricted cash at beginning of the year	1,282,483,134	180,633,971	2,610,280,765	2,314,891,724
Cash, cash equivalents and restricted cash at the end of the year	3,288,326,330	463,151,077	1,282,483,134	2,610,280,765
Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets
Cash and cash equivalents	1,020,604,191	143,749,094	378,917,318	1,434,806,922
Restricted cash - current - bank deposits held for short-term investments	1,670,006,785
Restricted cash - current - others	14,334,937	2,019,034	152,688,510	61,293,114
Restricted cash - non-current	583,380,417	82,167,413	750,877,306	1,114,180,729
Total cash, cash equivalents and restricted cash shown in the statements of cash flows	3,288,326,330		1,282,483,134	2,610,280,765
Supplemental disclosures of cash flow information:
Cash paid for income taxes	7,844,174	1,104,829	33,818,292	209,044,264
Cash paid for interest	¥ 17,116,510	$ 2,410,810	¥ 83,133,433	¥ 134,173,921

ORGANIZATION

ORGANIZATION	12 Months Ended
	Dec. 31, 2023
ORGANIZATION
ORGANIZATION	1. Cango Inc. (the “Company”, and where appropriate, the term “Company” also refers to its subsidiaries, variable interest entities, and subsidiaries of the variable interest entities as a whole) is an exempt company incorporated in the Cayman Islands with limited liability under the laws of the Cayman Islands on October 9, 2017. The Company, through its subsidiaries, variable interest entities (“VIEs”), and subsidiaries of the VIEs, are principally engaged in the provision of automobile trading transaction, automotive financing facilitation, and aftermarket service facilitation in the People’s Republic of China (the “PRC”). The Company conducts its primary business operations through its VIEs and the subsidiaries of the VIEs. As of December 31, 2023, the Company effectively controls a number of VIEs through the Primary Beneficiaries, as defined below. Entity Date of incorporation Place of Percentage of Principal activities Subsidiaries ​ ​ ​ ​ ​ ​ ​ ​ Cango Group Limited (“Cango HK”) ​ October 31, 2017 ​ Hong Kong (“HK”) ​ 100 % Investment holding Express Group Development Limited (“Express Limited”) ​ June 30, 2016 ​ HK ​ 100 % Investment holding Can Gu Long (Shanghai) Information Technology Consultation Service Co., Ltd. (“Cangulong” or Wholly Foreign Owned Enterprise “WFOE”) ​ January 25, 2018 ​ PR ​ 100 % Investment holding ​ ​ ​ ​ ​ ​ ​ ​ ​ VIEs ​ ​ ​ ​ ​ ​ ​ ​ Shanghai Cango Investment and Management Consultation Service Co., Ltd. (“Shanghai Cango”) ​ August 30, 2010 ​ PR ​ Nil ​ Provision of automotive financing facilitation, automobile trading transaction and aftermarket service facilitation. Shanghai Yunguhaoche Electronic Technology Co., Ltd. (“Shanghai Yungu”) ​ March 15, 2022 ​ PR ​ Nil ​ Provision of automobile trading transaction. ​ On October 31, 2017, the Company incorporated a wholly-owned subsidiary, Cango HK, in Hong Kong. On January 25, 2018, the Company incorporated another wholly-owned subsidiary, Cangulong, in the PRC. On March 23, 2018, Shanghai Cango signed a series of contractual agreements with Cangulong and its nominee shareholders (the “VIE Agreements”). On September 30, 2022, Shanghai Yungu signed a series of contractual agreements with Cangulong and its nominee shareholders. As of December 31, 2023 and during the year of 2023, business operation performed through Shanghai Yungu was not material. The summary of VIE agreements related to Shanghai Cango (the “VIE”) is listed below. ​ 1. ORGANIZATION - CONTINUED The Company operates its business primarily through the VIE and the subsidiaries of the VIE. The Company, through the WFOE, entered into power of attorney and an exclusive option agreement with the nominee shareholders of the VIE, that gave the WFOE the power to direct the activities that most significantly affect the economic performance of the VIE and to acquire the equity interests in the VIE when permitted by the PRC laws, respectively. Certain exclusive agreements have been entered into with the VIE through the Company or its wholly-owned subsidiaries in mainland China, which obligate the Company to absorb a majority of the risk of loss from the VIE’s activities and entitles the Company to receive a majority of their residual returns. In addition, the Company entered into a share pledge agreement for equity interests in the VIE held by the nominee shareholders of the VIE. On March 22, 2018, Cango Inc. agreed to provide unlimited financial support to the VIE for its operations. Therefore, Cango Inc. is determined to be most closely associated with the VIE within the group of related parties and was considered to be the Primary Beneficiary of the VIE. The shareholders of the VIEs effectively assigned all of their voting rights underlying their equity interest in the VIEs to the primary beneficiary. In addition, through the other exclusive agreements, which consist of exclusive option agreements, exclusive business operation agreements and financial support undertaking letter, the primary beneficiary, by itself or its wholly-owned subsidiaries in mainland China, demonstrate its ability and intention to continue to exercise the ability to absorb losses or receive economic benefits that could potentially be significant to the VIEs. The VIEs are subject to operating risks, which determine the variability of the Company’s interest in those entities. Based on these contractual arrangements, the Company consolidates the VIEs as required by Accounting Standards Codification (“ASC”) Topic 810, Consolidation (1) Power of Attorney Agreements: Pursuant to the power of attorney signed between Shanghai Cango’s nominee shareholders and the WFOE, each nominee shareholder irrevocably appointed the WFOE as its attorney-in-fact to exercise on each nominee shareholder’s behalf any and all rights that each nominee shareholder has in respect of its equity interest in Shanghai Cango (including but not limited to executing the exclusive right to purchase agreements, the voting rights and the right to appoint directors and executive officers of Shanghai Cango). This agreement is effective and irrevocable as long as the nominee shareholder remains a shareholder of Shanghai Cango. (2) Exclusive Option Agreement: Pursuant to the exclusive option agreement entered into between Shanghai Cango’s nominee shareholders and the WFOE, the nominee shareholders irrevocably granted the WFOE a call option to request the nominee shareholders to transfer or sell any part or all of its equity interests in the VIE, or any or all of the assets of the VIE, to the WFOE, or their designees. The purchase price of the equity interests in the VIE is equal to the minimum price required by PRC law. Without the WFOE’s prior written consent, the VIE and its nominee shareholders cannot amend its articles of association, increase or decrease the registered capital, sell or otherwise dispose of its assets or beneficial interest, create or allow any encumbrance on its assets or other beneficial interests and provide any loans or guarantees. The nominee shareholders cannot request any dividends or other form of assets. If dividends or other form of assets were distributed, the nominee shareholders are required to transfer all received distribution to the WFOE or their designees. This agreement is not terminated until all of the equity interest of the VIE is transferred to the WFOE or the person(s) designated by the WFOE. None of the nominee shareholders have the right to terminate or revoke the agreement under any circumstance unless otherwise regulated by law. 1. (3) Exclusive Business Cooperation Agreement: Pursuant to the exclusive business cooperation agreement entered into by the WFOE and Shanghai Cango and its subsidiaries, the WFOE provides exclusive technical support and consulting services in return for fees based on 100% of Shanghai Cango’s profit before tax, which is adjustable at the sole discretion of the WFOE. Without the WFOE’s consent, the VIE and its subsidiaries cannot procure services from any third-party or enter into similar service arrangements with any other third-party, other than the WFOE. In addition, the consolidated VIE granted the WFOE an exclusive right to purchase any or all of the business or assets of each of the profitable consolidated VIE and its subsidiaries at the lowest price permitted under PRC law. This agreement is irrevocable or can only be unilaterally revoked/amended by the WFOE. (4) Equity Interest Pledge Agreement Pursuant to the equity interest pledge agreement, the nominee shareholders representing over 90% of the VIE’s equity interest have pledged all of their respective equity interests in the VIE to the WFOE as continuing first priority security interest to guarantee the nominee shareholders’ and the VIE’s obligations under the power of attorney agreement, the exclusive option agreement and the exclusive business cooperation agreement. The WFOE is entitled to collect dividends during the effective period of the share pledge unless it agrees otherwise in writing. If Shanghai Cango or any of the nominee shareholder breaches its contractual obligations, the WFOE will be entitled to certain rights regarding the pledged equity interests, including receiving proceeds from the auction or sale of all or part of the pledged equity interests of Shanghai Cango in accordance with PRC law. None of the nominee shareholders may assign or transfer to any third-party, distribute dividends and create or cause any security interest and any liability in whatsoever form to be created on, all or any part of the equity interests it holds in the VIE without the written consent of the WFOE. This agreement is not terminated until all of the technical support and consulting and service fees are fully paid under the exclusive business cooperation agreement and all of Shanghai Cango’s obligations have been terminated under the other controlling agreements. In addition, the following supplementary agreements were entered into: 1) Financial support undertaking letter Pursuant to the financial support undertaking letter, the Company is obligated to provide unlimited financial support to the VIE, to the extent permissible under the applicable PRC laws and regulations. The Company will not request repayment of the loans or borrowings if the VIE Entity or its shareholders do not have sufficient funds or are unable to repay. 2) Resolutions of the sole director of Cango Inc. (the “Resolutions”) The sole director resolved that each of Mr. Xiaojun Zhang, Mr. Jiayuan Lin and Mr. Yongyi Zhang (each, an “Authorized Officer”) shall cause the WFOE to exercise its rights under the power of attorney agreements and the exclusive option agreement when the Authorized Officer determines that such exercise is in the best interests of the Company and the WFOE to do so. 1. In addition, the following supplementary agreements were entered into: (continued) 2) In the opinion of the Company’s legal counsel, (i) the ownership structure of the PRC subsidiaries and the VIE, does not violate applicable PRC laws and regulations; (ii) each of the VIE Agreements is valid, binding and enforceable in accordance with its terms and applicable PRC laws or regulations and will not violate applicable PRC laws or regulations; (iii) the financial support letter issued by the Company to the VIE and the resolutions contained in the Resolutions are valid in accordance with the articles of association of the Company and Cayman Islands Law. However, uncertainties in the PRC legal system could cause the Company’s current ownership structure to be found in violation of existing and/or future PRC laws or regulations and could limit the Company’s ability to enforce its rights under these contractual arrangements. Furthermore, the nominee shareholders of the VIE may have interests that are different than those of the Company, which could potentially increase the risk that they would seek to act contrary to the terms of the contractual agreements with the VIE. On January 1, 2020, the Foreign Investment Law came into effect and became the principal laws and regulations governing foreign investment in mainland China. The Foreign Investment Law does not explicitly classify contractual arrangements as a form of foreign investment, but it contains a catch-all provision which includes investments made by foreign investors through means stipulated in laws or administrative regulations or other methods prescribed by the State Council. There are uncertainties regarding the interpretation of the Foreign Investment Law with respect to the contractual arrangements as a form of foreign investment. Since the VIE’s value-added telecommunication-based services in mainland China are subject to restrictions of the negative list or subject to the restrictions on foreign investment, if any of the VIEs would be deemed as a foreign invested enterprise, the Company’s current organizational structure could be in violation of existing and/or future laws or regulations of mainland China and could limit the Company’s ability, through the primary beneficiary, to enforce its rights under these contractual arrangements with the VIEs and the Company’s ability to conduct business through the VIEs could be severely limited. In addition, if the current structure or any of the contractual arrangements is found to be in violation of any existing or future PRC laws or regulations, the Company could be subject to penalties, which could include, but not be limited to, revocation of business and operating licenses, discontinuing or restricting business operations, restricting the Company’s right to collect revenues, temporary or permanent blocking of the Company’s internet platforms, restructuring of the Company’s operations, imposition of additional conditions or requirements with which the Company may not be able to comply, or other regulatory or enforcement actions against the Company that could be harmful to its business. The imposition of any of these or other penalties could have a material adverse effect on the Company’s ability to conduct its business. ​ 1. ORGANIZATION – CONTINUED As of December 31, 2022 and 2023, RMB136,671,970 and RMB nil (US$nil) of restricted cash, and RMB360,725,648 and RMB nil (US$nil) of finance lease receivables, respectively, were pledged or collateralized for the VIEs’ obligations. Creditors of the VIEs have no recourse to the general credit of the Company, who is the primary beneficiary of the VIEs, through their 100% controlled subsidiary Cangulong. The Company has not provided any financial or other support that it was not previously contractually required to provide to the VIEs during the periods presented. The table sets forth the assets and liabilities of the VIEs’ included in the Company’s consolidated balance sheets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2022 ​ 2023 ​ ​ RMB ​ RMB ​ US$ Cash and cash equivalents 268,621,701 293,424,298 41,327,948 Other current assets 3,717,898,668 2,252,537,952 317,263,335 Total current assets 3,986,520,369 2,545,962,250 358,591,283 Finance lease receivables—non-current 260,049,967 36,426,617 5,130,582 Other non-current assets 1,246,816,149 727,442,480 102,458,130 Total non-current assets 1,506,866,116 763,869,097 107,588,712 Total assets 5,493,386,485 3,309,831,347 466,179,995 Short-term debts 349,299,134 39,071,500 5,503,106 Other current liabilities 1,861,808,449 415,702,064 58,550,411 Total current liabilities 2,211,107,583 454,773,564 64,053,517 Long-term debts 75,869,353 712,023 100,286 Other non-current liabilities 86,138,152 53,137,238 7,484,223 Total non-current liabilities 162,007,505 53,849,261 7,584,509 Total liabilities 2,373,115,088 508,622,825 71,638,026 ​ The VIEs’ net asset balance was RMB3,120,271,397 and RMB2,801,208,522 (US$394,541,968) as of December 31, 2022 and 2023. The table sets forth the results of operations of the VIEs included in the Company’s consolidated statements of comprehensive (loss) income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ ​ 2021 ​ 2022 ​ 2023 ​ RMB RMB RMB US$ Revenues 3,921,688,104 1,980,415,725 1,701,876,288 239,704,262 Net income (loss) 37,717,411 (1,131,232,450) (87,530,375) (12,328,395) ​ The table sets forth the cash flows of the VIEs included in the Company’s consolidated statements of cash flows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ ​ 2021 ​ 2022 ​ 2023 ​ RMB RMB RMB US$ Net cash (used in) provided by operating activities (374,886,851) (599,053,407) 969,040,392 136,486,485 Net cash provided by investing activities ​ 744,832,757 ​ 1,084,633,210 ​ 1,369,020,741 ​ 192,822,539 Net cash used in financing activities ​ (554,832,190) ​ (1,020,359,284) ​ (949,602,067) ​ (133,748,654) Effect of exchange rate changes on cash, cash equivalents and restricted cash (55,087) 175,763 — — ​

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. Basis of presentation The consolidated financial statements of the Company have been prepared in accordance with the generally accepted accounting principles of the United States (“U.S. GAAP”). Principles of consolidation The consolidated financial statements include the financial statements of the Company, its subsidiaries, VIEs, and the subsidiaries of the VIEs. All inter-company transactions and balances have been eliminated. Use of estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant accounting estimates reflected in the Company’s consolidated financial statements include, but are not limited to allowance for financing receivables, allowance for finance lease receivables, fair value of guarantee income, expected credit loss on contingent risk assurance liabilities, intangible assets with indefinite lives, valuation allowance for deferred tax assets and goodwill impairment. Management bases these estimates on its historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from these estimates. Revenue recognition The Company’s revenues are derived principally from 1) automobile trading income, 2) loan facilitation services and post-origination administrative services, 3) finance lease services, 4) after-market services facilitation services, 5) guarantee income and 6) other income, which mainly includes vehicle management fees and storage service fees related to automobile trading transaction. Under ASC 606, Revenue from Contracts with Customers ● Identify the contract(s) with a customer; ● Identify the performance obligations in the contract; ● Determine the transaction price; ● Allocate the transaction price to the performance obligations in the contract; and ● Recognize revenue when (or as) the entity satisfies a performance obligation. 2. Automobile trading transaction When providing car trading services, the Company evaluates if it is a principal or an agent in a transaction to determine whether revenues should be recorded on a gross or net basis. The Company acts as a principal in which the Company purchases vehicles from suppliers which are vehicle manufacturers or their first-tier car dealerships and sells the vehicles to customers which are other car dealerships and records revenue on a gross basis if it obtains control over the specified goods and services before they are transferred to the customers. When the Company acts as an agent, revenue is recorded on a net basis when the Company does not obtain control over the specified goods and services before they are transferred to the customers. The revenue generated from sale of vehicles is recognized at a point in time when the control of the vehicles is transferred from the Company to the customers when the vehicles are delivered and their titles are passed on to the customers. Loan facilitation services and post - origination administrative services (“PAS”) The Company entered into non-risk assured and risk assured facilitation arrangements with various financial institutions. Borrowers that pass the Company’s credit assessment are recommended to the financial institutions. Once the borrower is independently approved by the financial institutions, the financial institutions will directly fund the borrower’s automobile purchase and the Company will earn a loan facilitation fee from the financial institution and borrowers. The Company will provide PAS, such as tracking through telematics devices in the automobiles; and sending short-message-service (“SMS”) payment reminder to borrowers, throughout the terms of the loans. In addition, for certain arrangements, the Company provides risk assurance on the principal and accrued interest repayments of the defaulted loans to various financial institutions. The Company determined that it is not the legal lender or legal borrower in the loan origination and repayment process, respectively. Therefore, the Company does not record loan receivables and payable arising from the loans between borrowers and financial institutions on its consolidated balance sheet. The Company determines its customers to be both the financial institutions and borrowers. The Company considers the loan facilitation service, PAS and risk assurance services as separate services, of which the risk assurance service is accounted for in accordance ASC 460, Guarantees The transaction price is the amount of consideration to which the Company expects to be entitled in exchange for transferring the promised services to the customer, net of value-added tax. The transaction price includes variable service fees which are contingent on the borrower making timely repayments. Variable consideration is estimated using the expected value method based on historical default rate, current and forecasted borrower repayment trends and is limited to the amount of variable consideration that is probable not to be reversed in future periods. As a result, the estimation of variable consideration involves significant judgement. The Company makes the assessment of whether the estimate of variable consideration is constrained. Any subsequent changes in the transaction price will be allocated to the performance obligations on the same basis as at contract inception. The Company first allocates the transaction price to the risk assurance liabilities at fair value in accordance with ASC 460. The remaining transaction price is then allocated to the loan facilitation services and PAS on a relative standalone selling price basis. The Company does not have observable price for the loan facilitation services and PAS because the services are not provided separately. As a result, the estimation of standalone selling price involves significant judgement. The Company estimates the standalone selling price of the loan facilitation and PAS using the expected cost plus a margin approach. The fee allocated to loan facilitation is recognized as revenue upon each successful loan facilitation, while the fee allocated to PAS are deferred and amortized over the period of the loan on a straight-line method as the PAS services are performed. PAS revenue recognized in the years ended December 31, 2021, 2022 and 2023 was RMB41,561,564, RMB23,411,975 and RMB14,093,321 (US$1,985,003), respectively. ​ 2. Loan facilitation services and post - origination administrative services ("PAS") (continued) The loan facilitation services and PAS are recorded as Loan facilitation income and other related income in the consolidated statements of comprehensive (loss) income. Finance lease services The Company provides automobile finance lease services to individual borrowers. Financing lease income is recognized using the effective interest method. Initial direct cost received and direct origination costs are generally deferred and amortized over the term of the related finance lease receivables using the effective interest method and are removed from the consolidated balance sheets when the related finance lease receivables are sold, charged off or paid in full. After-market services income The Company provides after-market services to car buyers which mainly include two types of separate contracts, 1) insurance facilitation service and 2) car recovery and disposal services. For 1) after-market insurance facilitation service, it mainly includes two types of contracts, one is facilitating personal accident insurance and automobile insurance, and the other is offering anti-theft package services. After-market insurance facilitation service income for personal accident insurance and automobile insurance is recognized at the point of time when facilitation services are completed. For anti-theft package services, the Company first allocates the fair value of indemnification service under ASC 460 and then allocates the remaining consideration to the after-market service of anti-theft telematic devises installment. For 2) after-market car recovery and disposal services income, it mainly refers to delinquent asset management income for car recovery and disposal services, which is recognized at the point of time when the company delivers the relevant service. Business combinations The Company accounts for its business combinations using the purchase method of accounting in accordance with ASC 805, Business Combinations The determination and allocation of fair values to the identifiable assets acquired, liabilities assumed and non-controlling interests is based on various assumptions and valuation methodologies requiring considerable judgment from management. The most significant variables in these valuations are discount rates, terminal values, the number of years on which to base the cash flow projections, as well as the assumptions and estimates used to determine the cash inflows and outflows. The Company determines discount rates to be used based on the risk inherent in the related activity’s current business model and industry comparisons. Terminal values are based on the expected life of assets, forecasted life cycle and forecasted cash flows over that period. ​ 2. Leases Operating Leases – Lessee under ASC 842 The Company has operating leases for certain office rentals as a lessee. At inception of a contract, the Company determines whether that contract is, or contains a lease. For each lease arrangement identified, the Company determines its classification as an operating or finance lease. As of January 1, 2022, the Company records a lease liability and corresponding operating lease right-of-use (“ROU”) asset at lease commencement. Lease liabilities represent the present value of the lease payments not yet paid, discounted using the discount rate for the lease at lease commencement. The Company’s lease agreements include lease payments that are largely fixed, do not contain material residual value guarantees or variable lease payments. The discount rate is determined using the Company’s incremental borrowing rate at lease commencement since the rate implicit in the lease is not readily determinable. The Company uses its unsecured borrowing rate over the lease term and adjusts the rate based on its credit risk and the effects of collateral to approximate a collateralized rate, which will be updated on an annual basis for measurement of new lease liabilities. ROU asset represents the right to use an underlying asset for the lease term and are recognized in an amount equal to the lease liability adjusted for any lease payments made prior to commencement date, less any lease incentives received, and any initial direct costs incurred by the Company. Lease terms are based on the non-cancellable term of the lease and may contain options to extend the lease when it is reasonably certain that the Company will exercise the option. However, none of these have been recognized in the Company’s right-of-use assets or lease liabilities since those options were not reasonably certain to be exercised. If there is a lease modification, the Company considers whether the lease modification results in a separate contract. If so, the Company accounts for the separate contract the same manner as any other new lease, in addition to the original unmodified contract. Otherwise, the Company remeasures and reallocates the remaining consideration in the contract, reassesses the classification of the lease at the effective date of the modification and accounts for any initial direct costs, lease incentives and other payments made to or by the lessee. If the modification fully or partially terminates the existing lease, the Company remeasures the lease liability and decreases the carrying amount of the right-of-use asset in proportion to the full or partial termination of the existing lease and recognize in profit or loss any difference between the reduction in the lease liability and the reduction in the right-of-use asset. Besides, operating lease expense is recognized as a single lease cost on a straight-line basis over the lease term and is included in general and administrative expenses, on the consolidated statements of comprehensive (loss) income. Lease liabilities that become due within one year of the balance sheet date are classified as current liabilities. Operating leases under ASC 840 Before January 1, 2022, leases where the Company is the lessee, and substantially all the rewards and risks of ownership of assets remain with the lessor are accounted for as operating leases. Rentals applicable to such operating leases are recognized on a straight-line basis over the lease term. Certain of the operating lease agreements contain rent holidays. Rent holidays are considered in determining the straight-line rent expense to be recorded over the lease term. ​ 2. Goodwill Goodwill represents the excess of the purchase price over the amounts assigned to the fair value of the assets acquired and the liabilities assumed of an acquired business. The Company’s goodwill on December 31, 2022 was primarily related to the acquisition of Shanghai Chejia in 2018. In accordance with ASC 350, Intangibles – Goodwill and Other The Company applied Accounting Standards Update (“ASU”) No. 2017-04, Simplifying the Test for Goodwill Impairment Pursuant to ASC 350, the Company may elect to perform a qualitative assessment to determine whether it is more likely than not that the fair value of the reporting unit of Cango Inc. is greater than its carrying value. If a qualitative assessment is not performed, or if as a result of a qualitative assessment it is not more likely than not that the fair value of a reporting unit exceeds its carrying value, then the reporting unit’s fair value is compared to its carrying value. The Company tests for impairment annually, and between annual tests if the Company becomes aware of an event or a change in circumstances that would indicate the carrying value may be impaired. As of December 31, 2022, the Company completed its annual impairment test for goodwill under a quantitative impairment test of goodwill in which the Company performs an assessment that consists of a comparison of the carrying value of a reporting unit with its fair value. The fair values of the reporting unit are determined using income valuation approaches through the application of discounted cash flow method. Estimating fair values of the reporting unit involves significant assumptions, including future revenue growth rates, gross margin, terminal growth rates and discount rates. No impairment losses on goodwill and intangible assets were recognized during the year ended December 31, 2022. Management performs goodwill impairment tests during the year ended December 31, 2023 and recorded an impairment loss on goodwill of RMB148,657,971 (US$ 20,938,037) during the third quarter in 2023 as the financial performance of the automobile trading and loan facilitation businesses continued to fall below original expectations, which was classified as “Impairment loss from goodwill” in the consolidated statement of comprehensive (loss) income. Cost of revenues Cost of revenues consist primarily of cost of vehicles, commissions paid to car dealers who refer borrowers to the Company, employee compensation costs, leasing interest expense, cost of telematics devices installed in automobiles and third-party outsourcing fees for vehicle repossession services. Cost of revenues are expensed as incurred when the corresponding services have been provided. ​ 2. Foreign currency translation and transactions The functional currency of the Company, Cango HK and Express Limited is the US$. The Company’s subsidiaries, VIEs, and subsidiaries of the VIEs with operations in the PRC adopted RMB as their functional currencies. The determination of the respective functional currency is based on the criteria stated in ASC 830, Foreign Currency Matters Transactions in currencies other than the functional currency are measured and recorded in the functional currency at the exchange rate prevailing on the transaction date. Monetary assets and liabilities denominated in currencies other than the functional currency are re-measured into the functional currency at the rates of exchange prevailing at the balance sheet dates. Transaction gains and losses are recognized in the consolidated statements of comprehensive (loss) income during the period or year in which they occur. Cash and cash equivalents Cash and cash equivalents primarily consist of cash, investments in interest bearing demand deposit accounts, time deposits, and highly liquid investments with original maturities within three months from the date of purchase and are stated at cost which approximates their fair value. All cash and cash equivalents are unrestricted as to withdrawal and use. As of December 31, 2023, majority of the Company’s cash and cash equivalents, restricted cash and short-term investments were held by financial institutions located in mainland China and Hong Kong. Deposits held in mainland China are subject to restrictions on foreign exchange and the ability to transfer cash outside of mainland China. In May 2015, a new Deposit Insurance System (“DIS”) managed by the People’s Bank of China (‘‘PBOC’’) was implemented by the Chinese government. Deposits in the licensed banks in mainland China are protected by DIS, up to a limit of RMB500 thousands. Hong Kong has an official Deposit Protection Scheme (“DPS”). Deposits in the licensed banks in Hong Kong are protected by DPS, up to a limit of HK$500 thousands. The Company selected reputable financial institutions to place its cash and cash equivalents, restricted cash and short-term investments. The Company regularly monitors the rating of the financial institutions to avoid any potential defaults. There has been no recent history of default in relation to these financial institutions. Restricted cash Restricted cash represents cash deposited with the respective financial institution customers as (i) collaboration and guarantee deposits in relation to facilitation transaction with financial institutions, (ii) collateral for notes payable for automobile trading business and (iii) bank deposits held for short-term investments. Financial institutions make corresponding deductions from the collaboration and guarantee deposits in relation to facilitation transaction with financial institutions, when borrowers are delinquent in their installment repayments and/or when loans are required to be purchased by the Company after a specified delinquency period. Such restricted cash is not available to fund the general liquidity needs of the Company. The classification of restricted cash (iii) was mainly due to the redemption of certain short-term investments and reclassification of such redemption proceeds to restricted cash, current - bank deposits held for short-term investment during the subscription process for new investments as of the balance sheet date. 2. Restricted cash (continued) ​ The balance of restricted cash deposited as collaboration and guarantee deposits in relation to facilitation transaction with financial institutions was RMB766,893,846 and RMB597,715,354 (US$84,186,447) as of December 31, 2022 and 2023, respectively. The balance of restricted cash deposited as collateral for notes payable for automobile trading business was RMB136,671,970 and RMB nil (US$ nil) as of December 31, 2022 and 2023, respectively. The balance of restricted cash deposited as bank deposits held for short-term investments was RMB nil and RMB1,670,006,785 (US$235,215,536) as of December 31, 2022 and 2023, respectively. ​ Accounts receivable, net Accounts receivable are recognized and carried at the original contract amount which will be invoiced, net of allowances for accounts receivable. The Company maintains an allowance for accounts receivable in accordance with Accounting Standards Update (“ASU”) No. 2016 - 13, Financial instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Contract assets and liabilities Contract assets represents the Company’s right to consideration in exchange for loan facilitation services that the Company has transferred to the customer before payment is due. The Company maintains an allowance for contract assets in accordance with ASC 326 and records the allowance as an offset to contract assets, and the expected credit losses charged to the allowance is classified as “Provision (net recovery on provision) for credit losses” in the consolidated statements of comprehensive (loss) income. Contract assets as of December 31, 2022 and 2023 were RMB673,846,832 and RMB206,933,969 (US$29,146,040), respectively. The remaining unsatisfied performance obligations as of December 31, 2022 and 2023, pertaining to post-origination services amounted to RMB1,001,890 and RMB331,460 (US$46,685), respectively. Contract liabilities represents the Company’s obligation to transfer goods or services to a customer for which the entity has received consideration (or an amount of consideration is due) from the customer and mainly consist of cash payment received in advance from customers of automobile trading transactions and PAS, which is included in “Accrued expenses and other current liabilities” and “Other non-current liabilities” on consolidated balance sheets. The amount of revenue recognized that was included in the contract liabilities balance at the beginning of the years were RMB267,339,943 and RMB402,188,821 (US$56,647,111) for the years ended December 31, 2022 and 2023, respectively. Short-term investments All highly liquid investments such as time deposits and structured deposits with original maturities of three months or more but less than one year, are classified as short-term investments. Investments such as wealth management products expected to be realized in cash during the next twelve months are also included in short-term investments. The Company accounts for short-term debt investments in accordance with ASC 320, Investments – Debt Securities (“ASC 320”), and short-term equity investments in accordance with ASC 321, Investments – Equity Securities Debt securities that the Company has the positive intent and the ability to hold to maturity are classified as held-to-maturity securities and stated at amortized cost. Such debt securities include time deposits, and structured deposits in financial institutions. 2. Short-term investments (continued) Debt securities that are bought and held principally for the purpose of selling them in the near term are classified as trading securities. Unrealized holding gains and losses for trading debt securities are included in earnings. Debt investments not classified as trading or as held-to-maturity are classified as available-for-sale securities. Available-for-sale investments are reported at fair value, with unrealized gains and losses recorded in accumulated other comprehensive (loss) income. Realized gains or losses are included in earnings during the period in which the gain or loss is realized. Equity investments measured at fair value with changes in fair value are recorded in earnings. The Company does not assess whether those securities are impaired. Such equity securities include wealth management products in financial institutions. Any realized gains or losses on the sale of the short-term investments are determined on a specific identification method and are reflected in earnings during the period in which gains or losses are realized. Interest income, realized and unrealized gains and losses from the short-term investments are recorded in “Interest income” and “Net gain (loss) on equity securities” respectively in the consolidated statements of comprehensive (loss) income. Derivative instruments In 2021, the Company entered into a cross-currency interest rate swap contract that allow the Company to buy HKD at a pre-determined exchange rate and repay HKD borrowing with fixed interest rate on maturity date. The cross-currency interest rate swap contract matured in March 2022. According to such swap contract, the unrealized losses recognized in the comprehensive (loss) income were RMB5.3 million during the year ended December 31, 2021 and the realized losses recognized in the comprehensive (loss) income were RMB1.2 million during the year ended December 31, 2022. The total notional amount of the outstanding cross-currency interest rate swap contracts was RMB nil and RMB The Company accounts for the cross-currency interest rate swap contracts in accordance with ASC 815, Derivatives and Hedging The cross-currency interest rate swap contracts may expose the Company to credit risk to the extent that the counterparty may be unable to meet the terms of the arrangement. The Company mitigates this credit risk by transacting with major financial institutions with high credit ratings. Since the Company has no cross-currency interest rate swap contract as of December 31, 2022 and 2023, respectively, there were no additional unrealized losses and realized losses recognized in the comprehensive (loss) income and no cash collateral during the years ended December 31, 2022 and 2023. ​ 2. Risk assurance liabilities The Company provides risk assurance to various financial institution customers. The risk assurance liability requires the Company to either make delinquent installment repayments or purchase the loans after a specified period on an individual loan basis. The risk assurance liability is exempted from being accounted for as a derivative in accordance with ASC 815-10-15-58. The risk assurance liability consists of two components, the Company’s obligation to stand ready to make delinquent payments over the term of the arrangement (non-contingent risk assurance liabilities) and the contingent obligation relating to the contingent loss arising from the arrangement (contingent risk assurance liabilities). Non-contingent risk assurance liabilities Non-contingent risk assurance liability is accounted for in accordance with ASC 460. At inception, the Company recognizes non-contingent risk assurance liability at fair value, which is primarily based on assumptions regarding probability of default, loss given default and margin rate, while considering the premium required by a third-party market participant to issue the same risk assurance in a standalone transaction. Subsequently, non-contingent risk assurance liability is reduced over the term of the arrangement as the Company is released from its stand ready obligation on a loan-by-loan basis based on the borrower’s repayment of the loan principal. Prior to the adoption of ASC 326 on January 1, 2023, the release of non-contingent risk assurance liability is recognized in earnings as a reduction of net loss on risk assurance liabilities. Subsequent to January 1, 2023, non-contingent risk assurance liability is subsequently recognized as guarantee income. Contingent risk assurance liabilities Prior to January 1, 2023, the contingent risk assurance liability is accounted for in accordance with ASC 450, Contingencies Subsequent to January 1, 2023, the contingent risk assurance liabilities accounted for under ASC 450 are in the scope of ASC 326 and subject to the CECL lifetime methodology, the contingent risk assurance liabilities shall be accounted for in addition to and separately from the non-contingent risk assurance liabilities accounted for under ASC 460. The contingent risk assurance liabilities are determined using CECL lifetime methodology, compared to incurred loss methodology before the adoption, and recognized in full amount at loan inception. The subsequent changes in the contingent risk assurance liability calculated under the Company’s CECL life methodology is adjusted through earnings as changes in net loss on contingent risk assurance liabilities. ​ 2. Financing receivables The Company records financing receivables in accordance with ASC 310-30, Loan and Debt Securities Acquired with Deteriorated Credit Quality (“ASC 310-30”) when it exercises its obligation to purchase a delinquent loan under the risk assurance obligation and obtains legal title to any subsequent payments made by the borrower and the repossessed asset. Financing receivables are recorded at their fair value, which is the purchased price minus corresponding risk assurance liability. The total purchase price, as well as par value, of the financing receivables was RMB Financing receivables are divided among pools based on common risk characteristics, such as product (i.e. new cars and used cars) and delinquency status. The financing receivables balances of new cars and used cars were RMB55,693,049 and RMB18,124,976 as of December 31, 2022, respectively and RMB24,200,609 (US$3,408,585) and RMB5,321,426 (US$749,507) as of December 31, 2023, respectively. These pools are collectively evaluated for impairment based on roll rate analysis and the resulting allowance is aggregated for each of the pools. Finance lease receivables Finance lease receivables are carried at amortized cost comprising of original financing lease and direct costs, net of unearned income and allowance for finance lease receivables. An account is considered delinquent if a substantial portion of a scheduled payment has not been received by the date such payment was contractually due. Finance lease receivables are collateralized by vehicle titles and, subject to local laws, the Company generally has the right to repossess the vehicle in the event the borrower defaults on the payment terms of the contract. Finance lease receivables are divided among pools based on common risk characteristics, such as products (i.e. new cars and used cars) and delinquent status. The finance lease receivables balances of new cars and used cars were RMB895,319,860 and RMB164,168,763 as of December 31, 2022, respectively and RMB179,326,594 (US$25,257,623) and RMB57,559,458 (US$8,107,080) as of December 31, 2023, respectively. These pools are collectively evaluated for impairment by management judgment. The allowance is aggregated for each of the pools. Nonaccrual policy The Company does not accrue lease income or interest income on finance lease principals and financing receivables that are considered impaired or are more than 65 to 85 days past due depending on different funding partners. A corresponding allowance is determined under ASC 326 ​ 2. Allowance for financing receivables and allowance for finance lease receivables Before the adoption of ASC 326 on January 1, 2023 The allowance for financing receivables and allowance for finance lease receivables are calculated by multiplying the PD and LGD model based on pools of finance lease receivables or financing receivables with similar risk characteristics, including product types, i.e. new cars and used cars to arrive at an estimate of incurred losses in the portfolio. Under the incurred loss methodology, credit losses are recognized only when the losses are probable of having been incurred. The Company adjusts the allowance for finance lease receivables that is determined by the PD and LGD model for various macroeconomic factors i.e. gross-domestic product rates, per capita disposable income, interest rates and consumer price indexes and other considerations. After the adoption of ASC 326 on January 1, 2023 The Company replaces the existing incurred loss methodology, with a forward - looking expected loss approach referred to as a CECL methodology. The CECL methodology requires that the full amount of expected credit losses for the lifetime be recorded at the time the financial asset is originated or acquired, and adjusted for changes in expected lifetime credit losses subsequently, which requires earlier recognition of credit losses. The Company’s CECL model subsequent to the adoption of ASC 326 Subsequent to the adoption of ASC 326 on January 1, 2023, the Company established its CECL model, calculated by multiplying the PD and LGD model based on pools of loans with similar risk characteristics. The Company selects expected forward - looking factors, which have a strong correlation, economic, and commercial significance using a regression model, and incorporates these forward - looking factors into the CECL model. These forward-looking factors mainly include producer price i

SHORT-TERM INVESTMENTS, NET

SHORT-TERM INVESTMENTS, NET	12 Months Ended
	Dec. 31, 2023
SHORT-TERM INVESTMENTS, NET
SHORT-TERM INVESTMENTS, NET	3. As of December 31, 2023, short-term investments include as follows: (a) marketable equity securities; (b) time deposit mainly placed in Bank of Shanghai (Hong Kong) Limited and Citibank, N.A., Hong Kong Branch ranging from three months to one year. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2022 2023 ​ ​ RMB ​ RMB US$ Debt securities: Held-to-maturity time deposit 1,373,910,523 635,039,118 89,443,389 Equity securities: ​ ​ ​ Marketable wealth management products 567,522,325 — — Marketable equity securities ​ — ​ 253,865 ​ 35,756 Less: — (222,589) (31,351) Total short-term investments 1,941,432,848 635,070,394 89,447,794 ​ For the years ended December 31, 2021, 2022 and 2023, interest income related to debt securities was RMB26,373,471, RMB43,732,652 and RMB79,164,929 (US$11,150,147), respectively. Changes in fair value due to the fluctuation of the share price are recognized in net loss (gain) on equity securities while changes in fair value due to the fluctuation of the foreign exchange rate are recognized in other comprehensive loss (income). The movements in the allowance for short-term investments were as follows: ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 ​ RMB US$ Balance as of January 1 ​ — ​ — Adjustment due to the adoption of ASC 326 ​ 747,264 ​ 105,250 Reversal ​ (524,675) ​ (73,899) Balance as of December 31 ​ 222,589 ​ 31,351 ​

ACCOUNTS RECEIVABLE, NET

ACCOUNTS RECEIVABLE, NET	12 Months Ended
	Dec. 31, 2023
ACCOUNTS RECEIVABLE, NET
ACCOUNTS RECEIVABLE, NET	4. Accounts receivable and the related allowance are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2022 2023 ​ ​ RMB ​ RMB US$ Accounts receivable 266,836,951 64,851,728 9,134,174 Less: — (60,019) (8,453) Accounts receivable, net 266,836,951 64,791,709 9,125,721 ​ No amounts have been written off during the years ended December 31, 2022 and 2023, respectively. 4. The movements in the allowance for accounts receivables were as follows: ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 ​ RMB US$ Balance as of January 1 — — Adjustment due to the adoption of ASC 326 148,344 20,894 Reversal (88,325) (12,441) Balance as of December 31 60,019 8,453 ​

GOODWILL

GOODWILL	12 Months Ended
	Dec. 31, 2023
GOODWILL.
GOODWILL	5. The changes in the carrying amount of goodwill for the years ended December 31, 2022 and 2023 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ RMB US$ Balance at December 31, 2022 148,657,971 20,938,037 Goodwill impaired (148,657,971) (20,938,037) Balance at December 31, 2023 — — ​

FINANCE LEASE RECEIVABLES, NET

FINANCE LEASE RECEIVABLES, NET	12 Months Ended
	Dec. 31, 2023
FINANCE LEASE RECEIVABLES, NET
FINANCE LEASE RECEIVABLES, NET	6. 6.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2022 ​ 2023 ​ RMB RMB US$ Finance lease receivables 1,161,811,131 263,769,086 37,151,099 Add: 380,815 339,984 47,886 Less: (80,532,057) (14,521,627) (2,045,328) Less: (22,171,266) (12,701,391) (1,788,954) Total finance lease receivables, net 1,059,488,623 236,886,052 33,364,703 Finance lease receivables—current 799,438,656 200,459,435 28,234,121 Finance lease receivables—non-current 260,049,967 36,426,617 5,130,582 ​ 6.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 2025 2026 2027 2028 Total ​ ​ RMB ​ RMB ​ RMB ​ RMB ​ RMB ​ RMB Finance lease receivables 219,443,661 25,908,586 18,167,477 249,362 — 263,769,086 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ US$ US$ US$ US$ US$ US$ Finance lease receivables 30,907,993 3,649,148 2,558,836 35,122 — 37,151,099 ​ 6. 6.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2022 ​ 2023 ​ RMB RMB US$ Aging of finance lease receivables principal: ​ ​ ​ ​ ​ ​ Current 1,018,749,298 225,327,296 31,736,687 1‑30 days past due 38,193,025 13,111,970 1,846,782 31‑60 days past due 9,008,588 5,372,294 756,672 61‑90 days past due 4,917,323 1,926,137 271,291 91‑120 days past due 3,545,621 1,601,385 225,550 121‑150 days past due 2,951,294 1,400,452 197,250 151‑180 days past due 4,294,740 847,909 119,425 ​ 1,081,659,889 249,587,443 35,153,657 ​ 6.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2022 ​ 2023 ​ RMB RMB US$ Balance at the beginning of the year 32,216,759 22,171,266 3,122,758 Adjustment due to the adoption of ASC 326 — 14,540,172 2,047,940 Additions/(Reversal) ​ 51,609,763 ​ (13,945,846) ​ (1,964,231) Charge-offs (61,655,256) (10,064,201) (1,417,513) Balance at the end of the year 22,171,266 12,701,391 1,788,954 ​

FINANCING RECEIVABLES, NET

FINANCING RECEIVABLES, NET	12 Months Ended
	Dec. 31, 2023
ACCOUNTS RECEIVABLE, NET
FINANCING RECEIVABLES, NET	7. 7.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2022 ​ 2023 ​ RMB RMB US$ Financing receivables 134,491,986 87,493,512 12,323,204 Less: (60,673,961) (57,971,477) (8,165,112) Total financing receivables, net 73,818,025 29,522,035 4,158,092 ​ 7. 7.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2022 ​ 2023 ​ RMB RMB US$ Aging of financing receivables principal: Current — — — 1-30 days past due 738,081 725,481 102,182 31-60 days past due 6,976,959 4,855,149 683,833 61-90 days past due 19,338,704 12,799,478 1,802,769 91-120 days past due 34,273,898 22,550,528 3,176,175 121-150 days past due 35,648,683 23,294,975 3,281,029 151-180 days past due 37,515,661 23,267,901 3,277,216 ​ 134,491,986 87,493,512 12,323,204 ​ 7.3 ​ ​ ​ ​ ​ As of December 31, ​ 2022 ​ RMB Balance at the beginning of the year 50,492,700 Additions 266,372,590 Write off (256,191,329) Balance at the end of the year 60,673,961 ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 ​ RMB US$ Balance at the beginning of the year ​ 60,673,961 8,545,749 Adjustment due to the adoption of ASC 326 ​ 13,774,216 1,940,058 Reversal ​ (234,217,651) ​ (32,988,866) Recovery ​ 162,845,410 22,936,296 Balance at the end of the year – net basis ​ 3,075,936 433,237 Adjustment to gross basis due to the adoption of ASC 326 ​ 54,895,541 7,731,875 Balance at the end of the year – gross basis ​ 57,971,477 8,165,112 ​

PREPAYMENTS AND OTHER CURRENT A

PREPAYMENTS AND OTHER CURRENT ASSETS	12 Months Ended
	Dec. 31, 2023
PREPAYMENTS AND OTHER CURRENT ASSETS
PREPAYMENTS AND OTHER CURRENT ASSETS	8. Prepayments and other current assets consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notes ​ As of December 31, ​ ​ ​ ​ 2022 ​ 2023 ​ RMB RMB US$ Prepayments for vehicles i 962,460,729 89,454,574 12,599,413 Other receivables from third parties ii 204,582,786 59,479,262 8,377,479 Deposits held by third parties ​ 77,096,144 17,652,693 2,486,330 Vehicles iii 53,570,863 4,720,633 664,887 Accrued input VAT/ deductible VAT input ​ 23,456,305 5,425,338 764,143 Prepaid expenses ​ 8,638,899 2,518,770 354,761 Interest receivables ​ 4,960,332 1,380,950 194,503 Others ​ ​ ​ 22,055,970 ​ 12,097,018 ​ 1,703,829 Prepayments and other current assets ​ ​ ​ 1,356,822,028 ​ 192,729,238 ​ 27,145,345 Less: iv — (114,122,430) (16,073,808) Prepayments and other current assets, net ​ ​ 1,356,822,028 78,606,808 11,071,537 (i) Prepayments for vehicles represents the prepayments to the automobile suppliers when the Company acts as a principal. (ii) Other receivables from third parties mainly represents the prepayments on behalf of the car dealer buyers when the Company acts as an agent in the automobile trading business. (iii) Inventory of the vehicles is stated at the lower of cost or net realizable value. Inventory cost is determined by specific identification. Net realizable value is the estimated selling price less costs to complete, dispose and transport the vehicles. For the years ended December 31, 2022 and 2023, the Company accrued impairment of RMB nil and RMB 1,112,890 (US $156,747 ), respectively for inventory. (iv) Allowance for prepayments and other current assets mainly relates to note i and ii. As some automobile suppliers either had cash flow constraints due to poor operations or ceased operation, the Company provided an impairment of RMB 114,122,430 (US $16,073,808 ) for amounts not expected to be recovered in the future after evaluating their operating and financial conditions. The movements in the allowance for prepayments and other current assets were as follows: ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 ​ RMB US$ Balance as of January 1 — — Adjustment due to the adoption of ASC 326 1,218,411 171,610 Additions 112,904,019 15,902,198 Balance as of December 31 114,122,430 16,073,808 ​

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET	12 Months Ended
	Dec. 31, 2023
PROPERTY AND EQUIPMENT, NET
PROPERTY AND EQUIPMENT, NET	9. PROPERTY AND EQUIPMENT, NET Property and equipment consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2022 ​ 2023 ​ RMB RMB US$ Office and electronic equipment 26,218,343 21,073,385 2,968,124 Leasehold improvements 14,104,497 14,254,811 2,007,748 Motor vehicles 1,885,725 1,607,517 226,414 Property and equipment, gross 42,208,565 36,935,713 5,202,286 Less accumulated depreciation 27,518,577 28,696,676 4,041,842 Property and equipment, net 14,689,988 8,239,037 1,160,444 ​ Depreciation expense, for the years ended December 31, 2021, 2022 and 2023, was RMB7,926,513, RMB5,483,032 and RMB6,670,588 (US$939,533), respectively. Costs associated with the repair and maintenance of property and equipment are expensed as incurred.

INTANGIBLE ASSETS

INTANGIBLE ASSETS	12 Months Ended
	Dec. 31, 2023
INTANGIBLE ASSETS
INTANGIBLE ASSETS	10. INTANGIBLE ASSETS Intangible assets consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2022 ​ 2023 ​ RMB RMB US$ Finite-lived intangible asset: Software 9,440,222 10,685,216 1,504,981 Less: Accumulated amortization (4,213,847) (5,403,527) (761,071) Total finite-lived intangible asset 5,226,375 5,281,689 743,910 Indefinite-lived intangible asset: License* 43,091,503 43,091,503 6,069,312 Total infinite-lived intangible asset 43,091,503 43,091,503 6,069,312 Total intangible asset 48,317,878 48,373,192 6,813,222 ​ Amortization expenses of finite-lived intangible asset for the years ended December 31, 2021, 2022 and 2023 were RMB588,456, RMB1,256,995 and RMB1,189,681 (US$167,563), respectively. The estimated useful life of the intangible assets are 6-10 years. The estimated aggregate amortization expenses for each of the five succeeding fiscal years are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2024 ​ 2025 ​ 2026 ​ 2027 ​ 2028 ​ RMB RMB RMB RMB RMB Software 699,819 689,347 685,737 626,926 575,533 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ US$ US$ US$ US$ US$ Software 98,567 97,092 96,584 88,301 81,062 *

SHORT-TERM AND LONG-TERM DEBTS

SHORT-TERM AND LONG-TERM DEBTS	12 Months Ended
	Dec. 31, 2023
SHORT-TERM AND LONG-TERM DEBTS.
SHORT-TERM AND LONG-TERM DEBTS	11. Short-term debts consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ Name Fixed annual rate (%) Term As of December 31, 2022 ​ ​ ​ ​ RMB Short-term borrowings 1.45%-5.25 % 1‑12 months 349,299,134 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Name ​ Fixed annual rate (%) ​ Term ​ As of December 31, 2023 ​ RMB US$ Short-term borrowings 1.50%-3.44 % 1‑12 months 39,071,500 5,503,106 ​ Long-term debts consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ Name Fixed annual rate (%) Term As of December 31, 2022 ​ ​ ​ ​ RMB Co-financing debt payables (i) ​ 5.50%-6.60 % 24 36 ​ 361,120,106 Long-term borrowings ​ 4.45%-6.50 % 20 36 ​ 279,892,587 ​ ​ ​ ​ 641,012,693 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Name ​ Fixed annual rate (%) ​ Term ​ As of December 31, 2023 ​ RMB US$ Co-financing debt payables (i) 5.50%-6.60 % 24 36 1,638,260 230,744 (i) Financing lease receivables amounting to RMB360,725,648 were collateralized for a majority of short-term borrowings and long-term borrowings as of December 31, 2022, and RMB nil (US$ nil) were collateralized for a majority of short-term borrowings and long-term borrowings as of December 31, 2023. The weighted average interest rate for the outstanding debts was approximately 4.47% and 2.98% as of December 31, 2022 and 2023. The aggregate amounts of unused lines of credit for short-term borrowings were RMB620 million and RMB nil (US$ nil), and for long-term borrowings were RMB1,244 million and RMB nil (US$ nil) as of December 31, 2022 and 2023, respectively. The following table sets forth the contractual obligations of long-term debts—non-current portion and interest payable which has not included impact of discount of time value as of December 31, 2022 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Payment due by period ​ Less than 1 year 1 - 2 years 2 -3 years Total As of December 31, 2022 (RMB) Long-term debts – non-current portion 4,086,053 76,963,214 681,629 81,730,896 As of December 31, 2023 (RMB) ​ ​ ​ ​ Long-term debts – non-current portion 46,994 759,016 — 806,010 As of December 31, 2023 (US$) ​ ​ ​ ​ Long-term debts – non-current portion 6,619 106,905 — 113,524 ​

ACCRUED EXPENSES AND OTHER CURR

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	12 Months Ended
	Dec. 31, 2023
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	12. Accrued expenses and other current liabilities consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ ​ ​ 2022 ​ 2023 ​ Notes RMB RMB US$ Payable to financial institutions ​ ​ 38,523,830 50,056,062 7,050,249 Short-term contract liability (net of tax) ​ 422,429,761 35,401,160 4,986,149 Payable to dealers and suppliers ​ 25,044,619 23,795,146 3,351,476 Deposit due to third-parties ​ ​ 45,333,662 22,703,569 3,197,731 Customer advances i ​ 142,673,140 16,703,709 2,352,668 Payable to employees ​ ​ 9,627,567 10,705,546 1,507,845 Other tax payables ​ ​ 9,575,306 7,469,996 1,052,127 Accrued professional service fees ​ ​ 5,198,272 4,285,000 603,530 Accrued output value-added tax ​ ​ 35,757,905 1,800,204 253,553 Notes payable ii ​ 123,436,000 — — Interest payable ​ ​ 1,040,927 — — Others ​ ​ 32,195,710 33,957,234 4,782,776 ​ ​ ​ 890,836,699 206,877,626 29,138,104 (i) Customer advances relate to automobile customer’s deposit balances that are paid to secure the automobiles before a purchase contract is executed. (ii) In the ordinary course of business, the Company uses non-interest bearing bank acceptance drafts to settle payment with the automobile suppliers. The balance of restricted cash deposited as collateral for such notes payable was RMB 136,671,970 and RMB nil (US$ nil ) as of December 31, 2022 and 2023, respectively. The aggregate amounts of unused lines of credit for notes payable were RMB 597 million and RMB nil (US$ nil ) as of December 31, 2022 and 2023, respectively.

RISK ASSURANCE LIABILITIES

RISK ASSURANCE LIABILITIES	12 Months Ended
	Dec. 31, 2023
RISK ASSURANCE LIABILITIES
RISK ASSURANCE LIABILITIES	13. The movement of risk assurance liabilities during the year ended December 31, 2022 was as follows: ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2022 ​ RMB Balance at the beginning of the year ​ 699,022,914 Fair value of risk assurance liabilities upon the inception of new loans ​ 45,521,150 Performed risk assurance liabilities ​ (642,104,046) Net loss on risk assurance liabilities 299,863,403 Balance at the end of the year 402,303,421 ​ Due to the adoption of ASC 326 as of January 1, 2023, risk assurance liabilities are presented separately into deferred guarantee income, which represents the non-contingent portion of risk assurance liabilities, and contingent risk assurance liabilities in which the movement during the year ended December 31, 2023 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2023 ​ ​ Deferred guarantee income ​ Contingent risk assurance liabilities ​ RMB US$ RMB US$ Balance at the beginning of the year ​ 298,306,038 42,015,526 103,997,383 14,647,725 Adjustment due to the adoption of ASC 326 ​ — — 302,406,744 42,593,099 Fair value of risk assurance liabilities upon the inception of new loans ​ 34,006 4,790 — — Performed risk assurance liabilities ​ — — (306,894,746) ​ (43,225,221) Net loss on contingent risk assurance liabilities ​ — — 25,631,610 3,610,137 Recognized as guarantee income ​ (212,121,156) ​ (29,876,640) ​ — — Balance at the end of the year ​ 86,218,888 12,143,676 125,140,991 17,625,740 ​ The maximum potential undiscounted future payment which the Company would be required to make under its risk assurance obligation was RMB16,506,729,778 and RMB4,855,945,998 (US$683,945,689) as of December 31, 2022 and 2023, respectively. The term of the risk assurance obligation ranges from 12 months to 60 months, as of December 31, 2022 and 2023.

LEASE

LEASE	12 Months Ended
	Dec. 31, 2023
LEASE
LEASE	14. Operating lease arrangements The Company leases facilities in the PRC under non-cancelable operating leases expiring on different dates. Payments under operating leases are expensed on a straight-line basis over the periods of the respective leases. The Company’s lease agreements are entered into with third parties and usually have a renewal option with an advance notice period of one to twelve months, and no restrictions or contingent rents. Operating lease costs were RMB15,945,782 and RMB15,494,118 (US$2,182,301) for the year ended December 31, 2022 and 2023, respectively, which excluded short-term lease costs. Short-term lease costs were RMB3,686,856 and RMB2,242,409 (US$315,837) for the year ended December 31, 2022 and 2023, respectively. For the years ended December 31, 2022 and 2023, no lease costs for operating leases were capitalized. 14. The weighted average remaining lease term as of December 31, 2022 and 2023 was 6.3 years and 5.5 years, respectively. The weighted average discount rate as of December 31, 2022 and 2023 was 6.15% and 6.05%, respectively. Supplemental cash flow information related to operating leases is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2023 ​ RMB RMB US$ Cash payments for operating leases ​ 15,480,126 ​ 16,620,421 ​ 2,340,937 Operating ROU assets obtained in exchange for new operating lease liabilities 5,068,377 ​ 512,608 72,199 Operating ROU assets released in exchange for operating lease liabilities 2,023,201 ​ 23,300,165 3,281,760 ​ Future minimum lease payments under non-cancelable operating lease agreements consist of the following as of December 31, 2023: ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 ​ ​ RMB US$ 1 year (Including 1 year) ​ 8,814,068 ​ 1,241,436 1 year to 2 years (Including 2 years) ​ 9,079,002 ​ 1,278,751 2 years to 3 years (Including 3 years) ​ 8,973,055 ​ 1,263,828 3 years to 4 years (Including 4 years) ​ 9,722,110 ​ 1,369,331 4 years to 5 years (Including 5 years) ​ 9,909,374 ​ 1,395,706 Over 5 years ​ 13,542,624 ​ 1,907,439 Total lease payments ​ 60,040,233 ​ 8,456,491 ​ ​ ​ ​ ​ Less: imputed interest 10,208,418 1,437,826 Present value of lease liabilities 49,831,815 7,018,665 ​

COST OF REVENUE

COST OF REVENUE	12 Months Ended
	Dec. 31, 2023
COST OF REVENUE.
COST OF REVENUE	15. Cost of revenue consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ ​ 2021 ​ 2022 ​ 2023 ​ RMB RMB RMB US$ Cost of vehicle ​ 2,210,715,054 ​ 1,580,778,797 ​ 1,294,946,115 ​ 182,389,346 Staff cost ​ 105,771,335 ​ 105,613,337 ​ 87,602,016 ​ 12,338,486 Outsourcing fee ​ 253,845 ​ 10,475,145 ​ 32,241,232 ​ 4,541,083 Leasing interest expense* 119,692,726 61,128,565 13,016,727 1,833,368 Commission to car dealerships 375,702,902 26,756,550 — — Staff incentive 61,894,967 — — — Others 83,979,043 45,337,379 84,057,025 11,839,183 ​ 2,958,009,872 1,830,089,773 1,511,863,115 212,941,466 * Leasing interest expense refers to interest expense on borrowings by the Company that are directly used to fund finance lease receivables.

NET (LOSS) GAIN ON EQUITY SECUR

NET (LOSS) GAIN ON EQUITY SECURITIES	12 Months Ended
	Dec. 31, 2023
NET (LOSS) GAIN ON EQUITY SECURITIES
NET (LOSS) GAIN ON EQUITY SECURITIES	16. NET (LOSS) GAIN ON EQUITY SECURITIES Net (loss) gain on equity securities consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ ​ 2021 ​ 2022 ​ 2023 ​ RMB RMB RMB US$ Unrealized gain on equity securities still held at the reporting date ​ 45,804,034 ​ — ​ — ​ — Net realized (loss) gain on equity securities during the period ​ (58,795,556) ​ (9,810,585) ​ 24,093,019 ​ 3,393,431 Net (loss) gains on equity securities (12,991,522) (9,810,585) 24,093,019 3,393,431 ​

OTHER INCOME

OTHER INCOME	12 Months Ended
	Dec. 31, 2023
OTHER INCOME.
OTHER INCOME	17. Other income consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ ​ 2021 ​ 2022 ​ 2023 ​ RMB RMB RMB US$ Government subsidy 35,384,908 15,321,092 22,113,917 3,114,680 Others 6,526,681 36,745,626 8,587,934 1,209,585 ​ 41,911,589 52,066,718 30,701,851 4,324,265 ​

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2023
INCOME TAXES
INCOME TAXES	18. Cayman Islands Under the current laws of the Cayman Islands, the Company is not subject to tax on income or capital gains. Additionally, upon payment of dividends by the Company to its shareholders, no Cayman Islands withholding tax will be imposed. Hong Kong Under the Hong Kong tax laws, subsidiaries in Hong Kong are subject to the Hong Kong profits tax rate at 16.5% and they may be exempted from income tax on their foreign-derived income and there are no withholding taxes in Hong Kong on remittance of dividends. China The Enterprise Income Tax Law (the “EIT Law”) of the PRC includes a provision specifying that legal entities organized outside PRC will be considered residents for Chinese income tax purposes if their place of effective management or control is within PRC. If legal entities organized outside PRC were considered residents for Chinese income tax purpose, they would become subject to the EIT Law on their worldwide income. This would cause any income from legal entities organized outside PRC earned to be subject to PRC’s 25% EIT. The Implementation Rules to the EIT Law provides that non-resident legal entities will be considered as PRC residents if substantial and overall management and control over the manufacturing and business operations, personnel, accounting, and properties, etc. reside within PRC. The VIEs’ subsidiaries domiciled in the PRC are subject to 25% statutory income tax rate in the periods presented. Despite the present uncertainties resulting from the limited PRC tax guidance on the issue, the Company does not believe that the legal entities organized outside PRC should be characterized as PRC residents for EIT Law purposes. Under the current EIT Law, capital gains derived from PRC are subject to a 10% PRC withholding tax. Under the current EIT Law, dividends for earnings paid by PRC entities to any of their foreign non-resident enterprise investors are subject to a 10% withholding tax. A lower tax rate will be applied if tax treaty or arrangement benefits are available. Capital gains derived from PRC are also subject to a 10% PRC withholding tax. The Company’s net income (loss) before income taxes consists of: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ ​ 2021 ​ 2022 ​ 2023 ​ RMB RMB RMB US$ Cayman Islands ​ (37,599,025) ​ 28,219,345 ​ 55,064,996 ​ 7,755,742 Hong Kong ​ (14,883,394) ​ (16,096,157) ​ (7,637,919) ​ (1,075,778) China 64,790,713 (886,634,531) 8,156,352 1,148,798 Net income (loss) before income taxes 12,308,294 (874,511,343) 55,583,429 7,828,762 ​ 18. The current and deferred component of income tax expenses which were substantially attributable to the Company’s PRC subsidiaries, VIEs and subsidiaries of the VIEs, are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ ​ 2021 ​ 2022 ​ 2023 ​ RMB RMB RMB US$ Current income tax expense (benefit) ​ 603,765,914 ​ (134,629,133) ​ 3,921,820 ​ 552,376 Deferred income tax (benefit) expense ​ (582,913,268) ​ 371,325,673 ​ 89,534,883 ​ 12,610,725 Total income tax expense 20,852,646 236,696,540 93,456,703 13,163,101 ​ The principal components of the deferred tax assets and liabilities are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ ​ 2022 ​ 2023 ​ RMB RMB US$ Non-current deferred tax assets ​ ​ ​ Risk assurance liabilities ​ 361,992,619 ​ 375,019,011 ​ 52,820,323 Provision for credit losses 255,231,296 202,046,834 28,457,701 Short-term and long-term lease liabilities 20,181,689 11,788,736 1,660,409 Customer advances 5,136,587 5,191,296 731,180 Net operating loss carry-forward 67,815,707 19,790,529 2,787,438 Less: valuation allowance (447,965,176) (539,109,605) (75,932,000) Non-current deferred tax assets, net 262,392,722 74,726,801 10,525,051 Non-current deferred tax liabilities ​ ​ ​ Acquisition of insurance brokerage license (10,724,126) (10,724,126) (1,510,462) Unrealized gain on long-term investment (11,009,130) (11,009,130) (1,550,604) Contract assets (168,704,122) (51,928,935) (7,314,038) Operating lease right-of-use assets (20,181,689) (11,788,736) (1,660,409) Others (7) (7) (1) Non-current deferred tax liabilities (210,619,074) (85,450,934) (12,035,514) ​ The Company had deferred tax assets related to net operating loss carry forwards of RMB79,162,116 (US$11,149,751) from its subsidiaries in China, which can be carried forward to offset taxable income. The net operating loss of these subsidiaries will expire in years 2024 to 2033 if not utilized, respectively. The Company operates through its WFOE and VIEs and evaluates the potential realization of deferred tax assets on an entity basis. The Company recorded valuation allowance against deferred tax assets of those entities that were in cumulative financial loss and are not forecasting profits in the near future as of December 31, 2022 and 2023. In making such determination, the Company also evaluated a variety of factors including the Company’s operating history, accumulated deficit, existence of taxable temporary differences and reversal periods. ​ 18. Reconciliation between the income tax expense computed by applying the PRC tax rate to income before the provision of income taxes and the actual provision for income taxes is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ ​ 2021 ​ 2022 ​ 2023 ​ RMB RMB RMB US$ Income (loss) before provision of income tax ​ 12,308,294 ​ (874,511,343) ​ 55,583,429 ​ 7,828,762 PRC statutory income tax rate ​ 25 % 25 % 25 % 25 % Income tax at statutory tax rate 3,077,074 (218,627,836) 13,895,857 1,957,191 ​ Tax rate differential 5,070,813 (6,593,155) (16,505,297) (2,324,722) ​ Over-accrued EIT for previous years — (2,025,370) (2,401,420) (338,233) ​ Impact of tax rate change — (878,656) — — ​ Non-deductible expenses 19,443,641 41,193,294 20,493,185 2,886,405 ​ Research and development super-deduction (10,177,551) (7,943,499) — — ​ Impairment loss for goodwill not deductible for tax purposes ​ — ​ — ​ 37,164,493 ​ 5,234,509 ​ Non-taxable income — (382,978) (1,550,421) (218,372) ​ Change in valuation allowance 9,894,006 433,465,580 42,360,306 5,966,323 ​ Withholding tax (6,455,337) (1,510,840) — — ​ Income tax expenses 20,852,646 236,696,540 93,456,703 13,163,101 ​ ​ The Company did not record any outside basis tax differences related to its investments in the subsidiaries in the PRC because management asserted to indefinitely reinvest the undistributed earnings of the subsidiaries in the PRC. As of December 31, 2022 and 2023, the cumulative amount of the temporary differences in respect of investments in foreign subsidiaries was RMB1,848 million and RMB1,584 million (US$223 million), respectively. Upon repatriation of the foreign subsidiaries and the VIEs’ earnings, in the form of dividends or otherwise, the Company would be subject to withholding income tax. Unrecognized Tax Benefit As of December 31, 2022 and 2023, the Company concluded that there was no significant impacts from tax uncertainty in its consolidated financial results. The Company does not expect the amount of unrecognized tax benefits would increase significantly in the next 12 months. In general, the PRC tax authorities have up to five years to conduct examinations of the tax filings of the Company’s PRC subsidiaries. Accordingly, the PRC subsidiaries’ tax years of 2018 through 2023 remain open to examination by the respective tax authorities. The Company may also be subject to the examinations of the tax filings in other jurisdictions, which are not material to the consolidated financial statements.

LOSSES PER SHARE ("EPS")

LOSSES PER SHARE ("EPS")	12 Months Ended
	Dec. 31, 2023
LOSSES PER SHARE ("EPS")
LOSSES PER SHARE ("EPS")	19. Basic losses per share is computed using the weighted average number of the ordinary shares outstanding during the period. Diluted losses per share is computed using the weighted average number of ordinary shares and potential ordinary shares outstanding during the period under the treasury stock method. Basic and diluted EPS are the same for each class of ordinary share because they are entitled to the same liquidation and dividend rights. The following table sets forth the computation of basic and diluted net income per share for the years ended December 31, 2021, 2022 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ ​ 2021 ​ 2022 ​ 2023 ​ ​ Class A ​ Class B ​ Class A ​ Class B ​ ​ ​ ​ ​ ​ ​ ​ Basic EPS: ​ Ordinary Shares ​ Ordinary Shares ​ Ordinary Shares ​ Ordinary Shares ​ Class A Ordinary Shares ​ Class B Ordinary Shares ​ RMB RMB RMB RMB RMB US$ RMB US$ Numerator: ​ ​ ​ ​ ​ ​ ​ ​ Net loss attributable to Cango Inc’s shareholders (6,374,737) (2,169,615) (815,323,647) (295,884,236) (26,501,163) (3,732,611) (11,372,111) (1,601,728) Denominator: ​ ​ ​ ​ ​ ​ ​ ​ Number of shares used for Basic EPS computation (millions of shares) 216.28 73.61 201.10 72.98 170.07 170.07 72.98 72.98 Basic EPS (0.03) (0.03) (4.05) (4.05) (0.16) (0.02) (0.16) (0.02) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ ​ 2021 ​ 2022 ​ 2023 ​ ​ Class A ​ Class B ​ Class A ​ Class B ​ ​ ​ ​ ​ ​ ​ ​ Diluted EPS: ​ Ordinary Shares ​ Ordinary Shares ​ Ordinary Shares ​ Ordinary Shares ​ Class A Ordinary Shares ​ Class B Ordinary Shares ​ RMB RMB RMB RMB RMB US$ RMB US$ Numerator: ​ ​ ​ ​ ​ ​ ​ ​ Net loss attributable to ordinary shareholders (6,374,737) (2,169,615) (815,323,647) (295,884,236) (26,501,163) (3,732,611) (11,372,111) (1,601,728) Reallocation of net income as a result of conversion of Class B to Class A shares (2,169,615) — (295,884,236) — (11,372,111) (1,601,728) — — Net loss attributable to ordinary shareholders for diluted EPS (8,544,352) (2,169,615) (1,111,207,883) (295,884,236) (37,873,274) (5,334,339) (11,372,111) (1,601,728) Denominator: (millions of shares) ​ ​ ​ ​ ​ Number of shares used for basic EPS computation 216.28 73.61 201.10 72.98 170.07 170.07 72.98 72.98 Weighted average effect of dilutive securities: ​ ​ ​ ​ ​ Conversion of Class B to Class A ordinary shares 73.61 — 72.98 — 72.98 72.98 — — Number of shares used for diluted EPS computation 289.89 73.61 274.08 72.98 243.05 243.05 72.98 72.98 Diluted EPS (0.03) (0.03) (4.05) (4.05) (0.16) (0.02) (0.16) (0.02) Earnings (losses) per share – ADS: ​ ​ ​ Denominator used for earnings per ADS – basic 108.14 ​ 100.55 ​ ​ 85.04 85.04 Denominator used for earnings per ADS – diluted 144.95 ​ 137.04 ​ ​ 121.53 121.53 Losses per ADS – basic (0.06) ​ (8.11) ​ ​ (0.31) (0.04) Losses per ADS – diluted (0.06) ​ (8.11) ​ ​ (0.31) (0.04) ​

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2023
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	20. ASC 820, Fair Value Measurement Level 1 – Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 – Include observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. Level 3 – Unobservable inputs which are supported by little or no market activity. ASC 820 describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset. Assets and Liabilities Measured or Disclosed at Fair Value on a recurring basis In accordance with ASC 820, the Company measures held-to-maturity time deposit and wealth management products as of December 31, 2022 and held-to-maturity time deposit and equity investments with readily determinable fair value as of December 31, 2023 on a recurring basis. The fair value of time deposits is determined based on the prevailing interest rates in the market. The fair value of wealth management products is measured based on observable market prices, when available. If observable market prices are not available, the Company determines fair value based using a market-based discount rate and considers recent market transactions, experience with similar securities, and current business conditions. The Company did not transfer any assets in or out of level 3 during the years ended December 31, 2022 and 2023. The following table summarizes the Company’s financial assets and financial liabilities measured and recorded at fair value on recurring basis as of December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 ​ ​ ​ ​ Observable ​ Non-observable ​ ​ ​ ​ Active market ​ input ​ input ​ ​ ​ ​ (Level 1) ​ (Level 2) ​ (Level 3) ​ Total ​ RMB RMB RMB RMB Asset: ​ ​ ​ ​ Short-term investment — 1,941,432,848 — 1,941,432,848 ​ 20. The following table summarizes the Company’s financial assets and financial liabilities measured and recorded at fair value on recurring basis as of December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2023 ​ ​ ​ ​ Observable ​ Non-observable ​ ​ ​ ​ Active market ​ input ​ input ​ ​ ​ ​ (Level 1) ​ (Level 2) ​ (Level 3) ​ Total ​ RMB RMB RMB RMB Asset: ​ ​ ​ ​ Short-term investment 253,865 635,039,118 — 635,292,983 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2023 ​ ​ ​ ​ Observable ​ Non-observable ​ ​ ​ ​ Active market ​ input ​ input ​ ​ ​ ​ (Level 1) ​ (Level 2) ​ (Level 3) ​ Total ​ US$ US$ US$ US$ Assets: ​ ​ ​ ​ Short-term investment 35,756 89,443,389 — 89,479,145 ​

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	12 Months Ended
	Dec. 31, 2023
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION	21. On May 25, 2018, the Board of Directors of Cango Inc. approved the Employee Stock Ownership Plan (the “ESOP”) for the purpose of providing incentives and rewards to employees and executives who contribute to the success of the Company’s operations and approved 27,845,526 options under the ESOP. The exercise price for such options is US$1.7951 per share. Options under the Company’s plan vest over a total period of 4 years from the grant date, pursuant which 50% of the options will vest upon the second anniversary of the grant date and 25% of the options will vest upon the third anniversary and fourth anniversary of the grant date, respectively. Any unvested options will be forfeited upon termination of a grantee’s employment with the Company, unless otherwise determined by the plan’s administrator. In May 2018, the Company granted 5,569,105 options (Batch 1) to certain eligible employees. In February 2019, the Company granted another 5,569,105 options (Batch 2). In October 2020, the Company granted another 8,353,658 options (Batch 3). In May 2021, the Company granted another 8,454,422 options (Batch 4). On August 1, 2022, the Company granted another 28,000 options (Batch 5-1) and 1,585,000 options (Batch 5-2). Part of the options granted in Batch 5-1, Batch 5-2 and Batch 4 are redistribution of previously forfeited options to different eligible employees. On April 22, 2022, the Company’s Board of Directors authorized the grant of an option to purchase 6,000,000 Class A Ordinary Shares to Mr. Xiaojun Zhang and an option to purchase 6,000,000 Class A Ordinary Shares to Mr. Jiayuan Lin. Such Share Options are granted in consideration of Mr. Zhang and Mr. Lin’s roles in guiding the Company’s profitable investment in Li Auto Inc., and shall vest immediately upon grant, and have an exercise price of US $1.2951 per Class A Ordinary Share. The option was granted on June 16, 2022. According to the terms of the ESOP, in the event of the Company distributing cash dividend other than normal cash dividends to its shareholders which affects the price of ordinary shares, an adjustment is required for all outstanding options under the ESOP to reflect such change with respect to exercise price per share. ​ 21. On March 11, 2021, the Company’s Board of Directors approved a special cash dividend of US$0.50 per ordinary share based on the Company’s outstanding ordinary shares. This special cash dividend, aggregating approximately RMB955.4 million (US$147.1 million) was paid to shareholders of record as of the close of trading on March 22, 2021 (Eastern Time). The exercise price of all unexercised options of the ESOP was adjusted from US$1.7951 per share to US$1.2951 per share from March 22, 2021. On April 22, 2022, the Company’s Board of Directors approved a special cash dividend of US$0.50 per ordinary share based on the Company’s outstanding ordinary shares. This special cash dividend, aggregating approximately RMB913.3 million (US$136.6 million) was paid to shareholders (netted with dividend received related with treasury shares) of record as of the close of trading on May 25, 2022 (Eastern Time). The exercise price of all unexercised options of the ESOP was adjusted from US$1.2951 per share to US$0.7951 per share from June 16, 2022. On October 11, 2022, the Company’s Board of Directors approved a special cash dividend of US$0.50 per ordinary share based on the Company’s outstanding ordinary shares. This special cash dividend, aggregating approximately RMB957.7 million (US$134.8 million) was paid to shareholders of record as of the close of trading on October 24, 2022 (Eastern Time). The exercise price of all unexercised options of the ESOP was adjusted from US$0.7951 per share to US$0.2951 per share from November 24, 2022. Prior to the Company’s IPO, the estimated fair value of the Company’s ordinary shares at their respective grant dates, was determined with the assistance of an independent third-party valuation firm. Upon the completion of IPO, the estimated fair value of the Company’s ordinary shares was based on the Company’s share price. The risk-free interest rate for periods within the contractual life of the options is based on the U.S. treasury yield curve in effect at the time of grant for a term consistent with the contractual term of the awards. Expected volatility is estimated based on the historical volatility ordinary shares of several comparable companies in the same industry. The dividend yield is estimated based on the Company’s expected dividend policy over the expected term of the options. The expected exercise multiple is estimated by management based on changes in intrinsic value of the option and likelihood of early exercises by employees, which the Company believes is representative of the future. The Company uses the binomial tree option pricing model to estimate the fair value of share options with the assistance of an independent third-party valuation firm. The assumptions used to value the share options granted to employees were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of As of As of As of As of As of As of ​ ​ May 25, 2018, ​ February 15, 2019, ​ October 15, 2020, ​ May 1, 2021, ​ June 16, 2022, ​ August 1, 2022, ​ August 1, 2022, ​ ​ (date of ​ (date of ​ (date of ​ (date of ​ (date of ​ (date of ​ (date of ​ ​ inception) ​ inception) ​ inception) ​ inception) ​ inception) ​ inception) ​ inception) ​ ​ Batch 1 ​ Batch 2 ​ Batch 3 ​ Batch 4 ​ ​ ​ Batch 5‑1 ​ Batch 5‑2 Risk-free interest rate (%) ​ 2.93 ​ 2.66 ​ 0.74 ​ 0.74 ​ 3.20 ​ 2.59 ​ 2.59 Volatility (%) ​ 38.70 ​ 38.70 ​ 37.60 ​ 38.00 ​ 47.80 ​ 48.10 ​ 48.10 Expected exercise multiple ​ 2.80 ​ 2.30 ​ 2.30 ​ 2.30 ​ 2.80 ​ 2.80 ​ 2.20 Dividend yield Nil Nil Nil Nil Nil Nil Nil Expected life (in years) 10.00 10.00 10.00 10.00 10.00 10.00 10.00 Exercise price (US$) 1.7951 1.7951 1.7951 1.2951 0.7951 0.7951 0.7951 Fair value of ordinary shares (RMB) 37.82 26.80 19.03 21.72 10.52 8.66 8.66 ​ 21. The Company recognized compensation cost for the share options on a graded vesting basis. The total share-based compensation expenses recognized by the Company for the share option granted were RMB87,634,835, RMB158,522,520 and RMB38,490,513 (US$5,421,275) for the years ended December 31, 2021, 2022 and 2023, respectively. The total fair value of options vested during the years ended December 31, 2021, 2022 and 2023 was RMB80,710,465, RMB95,854,700 and RMB94,080,394 (US$13,250,946), respectively. A summary of option activity under the ESOP is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average Aggregate ​ ​ Number of Weighted average ​ Grant date ​ Intrinsic ​ options exercise price fair value Value ​ ​ ​ ​ RMB ​ RMB ​ RMB Balance, December 31, 2020 ​ 18,510,727 ​ 12 ​ 26 ​ Granted ​ 8,454,422 ​ 8 ​ 22 ​ Exercised ​ (737,228) ​ 11 ​ 30 ​ 13,715,140 Forfeited ​ (281,151) ​ 9 ​ 22 ​ Balance, December 31, 2021 ​ 25,946,770 ​ 8 ​ 25 ​ Granted ​ 13,613,000 ​ 5 ​ 10 ​ Exercised (1,817,288) 4 25 5,086,872 Forfeited (1,687,224) 6 20 Balance, December 31, 2022 36,055,258 2 20 Granted — — — Exercised (1,285,640) 2 22 2,708,085 Forfeited (856,922) 2 9 Balance, December 31, 2023 33,912,696 2 20 Vested or expected to vest at December 31, 2023 33,354,223 2 ​ 50,890,823 Exercisable at December 31, 2023 26,599,071 2 ​ 40,584,025 ​ As of December 31, 2023, RMB18,076,716 (US$2,546,052) of unrecognized share-based compensation cost related to share options is expected to be recognized over a weighted-average vesting period of 1.08 years and a weighted-average remaining contractual term of 7.36 years. Cash received from option exercise under all share-based payment for the years ended December 31, 2023, 2022 and 2021, was RMB2,705,206 (US$381,020), RMB7,041,437 and RMB8,236,613, respectively. For the years ended December 31, 2021, 2022 and 2023, the Company allocated share-based compensation expense as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ ​ 2021 ​ 2022 ​ 2023 ​ RMB RMB RMB US$ Cost of revenue ​ 4,927,484 ​ 4,160,056 ​ 2,187,338 ​ 308,080 Sales and marketing ​ 15,311,101 ​ 14,691,410 ​ 7,715,989 ​ 1,086,774 General and administrative 63,035,444 135,888,877 26,831,755 3,779,174 Research and development 4,360,806 3,782,177 1,755,431 247,247 ​ 87,634,835 158,522,520 38,490,513 5,421,275 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2023
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	22. Capital commitments The Company had no capital commitments contracted but not yet reflected in the financial statements as of December 31, 2023. Legal contingencies The Company is not currently involved in any legal proceedings which could result in material loss contingencies. Risk assurance contingencies The Company estimated and accrued for the contingent loss related to the risk assurance liability as disclosed in Note 13.

ORDINARY SHARES

ORDINARY SHARES	12 Months Ended
	Dec. 31, 2023
ORDINARY SHARES
ORDINARY SHARES	23. Upon completion of the Company’s IPO on July 26, 2018, 169,239,905 Class A ordinary shares were issued upon conversion of all redeemable convertible preferred shares. The rights of the holders of Class A and Class B ordinary shares are identical, except with respect to voting and conversion rights. Each share of Class A ordinary shares is entitled to one vote per share and is not convertible into Class B ordinary shares under any circumstances. Each share of Class B ordinary shares is entitled to twenty votes per share and is convertible into one Class A ordinary share at any time by the holder thereof. Upon any transfer of Class B ordinary shares by the holder thereof to any person or entity that is not an affiliate of such holder, such Class B ordinary shares would be automatically converted into an equal number of Class A ordinary shares. Upon completion of the Company’s IPO, 8,000,000 Class A ordinary shares (4,000,000 ADS equivalent) were issued on July 30, 2018, and 600,000 Class A ordinary shares (300,000 ADS equivalent) were issued on August 6, 2018 pursuant to the underwriters’ partial exercise of their option to purchase additional ADSs. On June 17, 2019, one Class A ordinary share was cancelled. On June 26, 2019, 609,805 shares Class B ordinary shares were converted to equivalent number of Class A ordinary shares. On August 14, 2019, 1,737,238 shares Class B ordinary shares were converted to equivalent number of Class A ordinary shares. On May 27, 2020, one Class A ordinary share was cancelled. On September 14, 2020, 2,000,000 shares Class B ordinary shares were converted to equivalent number of Class A ordinary shares. On April 27, 2021, 2,000,000 shares Class B ordinary shares were converted to equivalent number of Class A ordinary shares. As of December 31, 2023, there were 229,831,213 and 72,978,677 Class A and Class B ordinary shares issued, 144,857,131 and 72,978,677 Class A and Class B ordinary shares outstanding respectively.

TREASURY SHARES

TREASURY SHARES	12 Months Ended
	Dec. 31, 2023
TREASURY SHARES
TREASURY SHARES	24. On June 5, 2019, the Board of Directors of the Company authorized a share repurchase program (“Share Repurchase Program 2019”), pursuant to which the Company was authorized to repurchase its own issued and outstanding American depositary shares (“ADSs”) up to an aggregate value of US$10 million from the open market, in negotiated transactions off the market, or through other legally permissible means in accordance with applicable securities laws from time to time. On March 2, 2021 and August 19, 2021, the Board of Directors of the Company authorized two share repurchase program (“Share Repurchase Programs 2021”), respectively, pursuant to which the Company may repurchase up to total US$100 million worth of its outstanding (i) American depositary shares (“ADSs”), each representing two Class A ordinary shares, and/or (ii) Class A ordinary shares over the next 12 months starting from the effective date (the “Effective Date”) of the Share Repurchase Programs 2021. On March 15, 2021, the Company entered ADS Repurchase Agreements with Xiehuai L.P. which repurchased an aggregate of 3,000,000 ADSs, under Share Repurchases Programs 2021, representing 6,000,000 Class A ordinary shares, at an average price of $9.45 per ADS, for US$28,350,000 (RMB184,728,600). On April 22, 2022, the Board of Directors of the Company authorized a new share repurchase program (“Share Repurchase Program 2022”) under which the Company may repurchase up to US$50 million worth of its outstanding (i) American depositary shares (“ADSs”), each representing two Class A ordinary shares, and/or (ii) Class A ordinary shares over the next 12 months starting from April 25, 2022. On September 28, 2022, the Company entered ADS Repurchase Agreements with Xiehuai L P. which repurchased an aggregate of 1,735,027 ADSs under the Share Repurchase Program 2022, representing 3,470,054 Class A ordinary shares, at an average price of $2.30 per ADS, for US$3,991,729 (RMB28,791,942). On April 21, 2023, 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 Class A ordinary shares, and/or (ii) Class A ordinary shares over the next 12 months starting from April 25, 2023. On June 1, 2023, the Company entered ADS Repurchase Agreements with an institutional investor, which repurchased an aggregate of 24,300,562 ADSs, under the New Share Repurchase Program, representing 48,601,124 Class A ordinary shares, at an average price of $1.30 per ADS, for US$31,590,731 (RMB 228,603,163). Under Share Repurchase Program 2022 and New Share Repurchase Program, the Company may repurchase its ADSs from time to time through open market transactions at prevailing market prices, privately negotiated transactions, block trades or any combination thereof. In 2023, the Company repurchased another aggregate of 2,216,439 ADSs, representing 4,432,878 Class A ordinary shares under the Share Repurchase Program 2022 and New Share Repurchase Program. As of December 31, 2023, the Company repurchased an aggregate of 44,707,126 ADSs, representing 89,414,252 Class A ordinary shares under the Share Repurchase Program 2019, Share Repurchase Programs 2021, Share Repurchase Program 2022 and New Share Repurchase Program, at an average price of $2.86 per ADS, for US$127,945,203 (RMB866,976,818). As of December 31, 2023, 4,440,170 Class A ordinary shares were transferred to employees when they exercise their ESOP. The remaining balance of treasury shares represents 84,974,082 Class A ordinary shares, at an average price of $2.69 per ADS, for US$114,271,929 (RMB773,130,748). These shares were recorded at their purchase cost on the consolidated balance sheets and have not been cancelled as of December 31, 2023.

RESTRICTED NET ASSETS

RESTRICTED NET ASSETS	12 Months Ended
	Dec. 31, 2023
RESTRICTED NET ASSETS
RESTRICTED NET ASSETS	25. The Company is a holding company with no material operations of its own and conducts the operations primarily through its PRC subsidiaries and the VIEs. As an offshore holding company, the Company is permitted under PRC laws and regulations to provide funding from the proceeds of its offshore fundraising activities to its PRC subsidiaries only through loans or capital contributions, and to its VIEs only through loans, in each case subject to the satisfaction of the applicable government registration and approval requirements. The Company’s ability to pay dividends is primarily dependent on the Company receiving distributions of funds from its subsidiaries. Relevant PRC statutory laws and regulations permit payments of dividends by the VIEs and subsidiaries of the VIEs incorporated in PRC only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. The consolidated results of operations reflected in the consolidated financial statements prepared in accordance with U.S. GAAP differ from those reflected in the statutory financial statements of the Company’s subsidiaries. Under PRC law, the Company’s subsidiaries, VIEs and the subsidiaries of the VIEs located in the PRC (collectively referred as the “PRC entities”) are required to provide for certain statutory reserves, namely a general reserve, an enterprise expansion fund and a staff welfare and bonus fund. The PRC entities are required to allocate at least 10% of their after tax profits on an individual company basis as determined under PRC accounting standards to the statutory reserve and has the right to discontinue allocations to the statutory reserve if such reserve has reached 50% of registered capital on an individual company basis. In addition, the registered capital of the PRC entities is also restricted. Appropriations to the enterprise expansion fund and staff welfare and bonus fund are at the discretion of the Board of Directors of the subsidiary. The PRC entities are also subject to similar statutory reserve requirements. These reserves can only be used for specific purposes and are not transferable to the Company in the form of loans, advances or cash dividends. For the years ended December 31, 2021, 2022 and 2023, there were no other material assets transferred, and there were no dividends or distributions between the Company, the Company’s subsidiaries and the VIEs for the periods presented. In addition, the Company’s subsidiaries do not intend to pay dividends or fully settle amounts due to the Company. Amounts restricted that include paid in capital and statutory reserve funds, as determined pursuant to PRC GAAP, were RMB5,621 million and RMB4,806million (US$677 million) as of December 31, 2022 and 2023, respectively.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2023
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	26. Pursuant to the New Share Repurchase Program authorized on April 21, 2023, the Company had repurchased 831,463 ADSs from the open market with cash in the aggregate amount of approximately US$1,153,492 during the period from January 1, 2024 to April 16, 2024. In addition to open market transactions, the Company repurchased 2,322,796 Class A ordinary shares and 5,453,090 Class A ordinary shares respectively from two institutional investors in privately negotiated transactions for an aggregate purchase price of US$2,903,495 and US$6,816,363, respectively. The Company settled the transactions in January 2024. On April 23, 2024, the Company announced that its board of directors has authorized a 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 Class A ordinary shares, and/or (ii) Class A ordinary shares over the next 12 months starting from April 25, 2024.

CONDENSED FINANCIAL INFORMATION

CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY	12 Months Ended
	Dec. 31, 2023
CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY
CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY	27. The following is the condensed financial information of the Company on a parent company only basis. Condensed balance sheets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2022 ​ 2023 ​ RMB RMB US$ ASSETS ​ ​ ​ Current assets ​ ​ ​ Cash and cash equivalents ​ 85,823,048 ​ 681,383,135 ​ 95,970,807 Short-term investments ​ 1,149,961,626 ​ 366,279,947 ​ 51,589,452 Short-term amounts due from subsidiaries (other than WFOE) ​ 402,663,708 ​ 423,884,645 ​ 59,702,904 Other current assets ​ 4,395,552 ​ 378,978 ​ 53,378 Total Current assets 1,642,843,934 1,471,926,705 207,316,541 Non-current assets ​ ​ Investments in subsidiaries 54,820,009 50,291,278 7,083,378 Contractual interest in the VIEs and VIEs’ subsidiaries* 2,978,731,315 2,616,728,505 368,558,501 Total non-current assets 3,033,551,324 2,667,019,783 375,641,879 Total assets 4,676,395,258 4,138,946,488 582,958,420 LIABILITIES ​ ​ Current liabilities ​ ​ Short-term amounts due to subsidiaries (other than WFOE) 34,502,715 — — Other current liabilities 319,983,531 321,969,994 45,348,525 Total current liabilities 354,486,246 321,969,994 45,348,525 Other non-current liabilities 7 7 1 Total non-current liabilities 7 7 1 Total liabilities 354,486,253 321,970,001 45,348,526 Shareholders’ equity ​ ​ Class A Ordinary shares (par value of US$0.0001 per share; 420,674,280 shares authorized as of December 31, 2022 and 2023, respectively; 229,831,213 shares issued and 196,605,493 shares outstanding as of December 31, 2022; 229,831,213 shares issued and 144,857,131 shares outstanding as of December 31, 2023) 154,483 154,483 21,758 Class B Ordinary shares (par value of US$0.0001 per share; 79,325,720 shares authorized as of December 31, 2022 and 2023, respectively; 72,978,677 shares issued and outstanding as of December 31, 2022; 72,978,677 shares issued and outstanding as of December 31, 2023) 49,777 49,777 7,011 Treasury shares (559,005,216) (773,130,748) (108,893,188) Additional paid-in capital 4,805,240,472 4,813,679,585 677,992,589 Accumulated other comprehensive income 66,359,902 111,849,166 15,753,626 Retained earnings (accumulated deficit) 9,109,587 (335,625,776) (47,271,902) Total shareholders’ equity 4,321,909,005 3,816,976,487 537,609,894 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 4,676,395,258 4,138,946,488 582,958,420 ​ ​ 27. Condensed statements of comprehensive (loss) income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ ​ 2021 ​ 2022 ​ 2023 ​ RMB RMB RMB US$ General and administrative ​ (10,079,685) ​ (7,443,140) ​ (6,797,975) ​ (957,475) Interest income ​ 4,440,117 ​ 26,502,229 ​ 56,622,110 ​ 7,975,057 Foreign exchange loss (390,858) (411,971) (178,578) (25,152) Net loss on equity securities (27,278,116) (14,671,470) (49,125) (6,919) Net recovery on provision for credit losses ​ — ​ — ​ 362,724 ​ 51,089 Share of loss of subsidiaries (15,118,076) (9,705,617) (5,407,894) (761,686) Contractual interests in the VIEs and VIEs’ subsidiaries* 37,717,412 (1,131,232,451) (87,530,375) (12,328,395) Other income 1,928,027 24,251,883 5,105,839 719,142 Other expense (6,218,510) (8,186) — — Net loss before income taxes (14,999,689) (1,112,718,723) (37,873,274) (5,334,339) Income tax expense 6,455,337 1,510,840 — — Net loss (8,544,352) (1,111,207,883) (37,873,274) (5,334,339) Other comprehensive (loss) income, net of tax (72,130,683) 253,877,012 45,489,264 6,407,029 Total comprehensive (loss) income, net of tax (80,675,035) (857,330,871) 7,615,990 1,072,690 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Condensed statements of cash flows ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ ​ 2021 ​ 2022 ​ 2023 ​ RMB RMB RMB US$ Net loss ​ (8,544,352) ​ (1,111,207,883) ​ (37,873,274) ​ (5,334,339) Net loss on equity securities ​ 27,278,116 ​ 14,671,470 ​ 49,125 ​ 6,919 Net recovery on provision for credit losses ​ — ​ — ​ (362,724) ​ (51,089) Share of loss of subsidiaries 15,118,076 9,705,617 5,407,894 761,686 Contractual interests in the VIEs and VIEs’ subsidiaries* (37,717,412) 1,131,232,451 87,530,375 12,328,395 Changes in operating assets and liabilities (6,320,138) (182,850) 6,050,188 852,154 Net cash (used in) provided by operating activities (10,185,710) 44,218,805 60,801,584 8,563,726 Net cash provided by investing activities 2,150,227,042 1,028,108,135 739,237,782 104,119,463 Net cash used in financing activities (1,391,602,116) (1,969,849,465) (244,176,932) (34,391,602) Effect of exchange rate changes on cash and cash equivalents and restricted cash (5,443,535) 125,457,077 39,697,653 5,591,297 Net increase (decrease) in cash and cash equivalents and restricted cash 742,995,681 (772,065,448) 595,560,087 83,882,884 Cash and cash equivalents and restricted cash at beginning of the year 114,892,815 857,888,496 85,823,048 12,087,923 Cash and cash equivalents and restricted cash at end of the year 857,888,496 85,823,048 681,383,135 95,970,807 * It represents the primary beneficiary’s share of income or loss generated from the VIEs and their subsidiaries. ​ 27. Basis of presentation Condensed financial information is used for the presentation of the Company, or the parent company. The condensed financial information of the parent company has been prepared using the same accounting policies as set out in the Company’s consolidated financial statements except that the parent company used the equity method to account for investment in its subsidiaries and VIEs. The parent company records its investment in its subsidiaries and VIEs under the equity method of accounting as prescribed in ASC 323, Investments – Equity Method and Joint Ventures The parent company’s condensed financial statements should be read in conjunction with the Company’s consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of presentation	Basis of presentation The consolidated financial statements of the Company have been prepared in accordance with the generally accepted accounting principles of the United States (“U.S. GAAP”).
Principles of consolidation	Principles of consolidation The consolidated financial statements include the financial statements of the Company, its subsidiaries, VIEs, and the subsidiaries of the VIEs. All inter-company transactions and balances have been eliminated.
Use of estimates	Use of estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant accounting estimates reflected in the Company’s consolidated financial statements include, but are not limited to allowance for financing receivables, allowance for finance lease receivables, fair value of guarantee income, expected credit loss on contingent risk assurance liabilities, intangible assets with indefinite lives, valuation allowance for deferred tax assets and goodwill impairment. Management bases these estimates on its historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from these estimates.
Revenue recognition	Revenue recognition The Company’s revenues are derived principally from 1) automobile trading income, 2) loan facilitation services and post-origination administrative services, 3) finance lease services, 4) after-market services facilitation services, 5) guarantee income and 6) other income, which mainly includes vehicle management fees and storage service fees related to automobile trading transaction. Under ASC 606, Revenue from Contracts with Customers ● Identify the contract(s) with a customer; ● Identify the performance obligations in the contract; ● Determine the transaction price; ● Allocate the transaction price to the performance obligations in the contract; and ● Recognize revenue when (or as) the entity satisfies a performance obligation. Automobile trading transaction When providing car trading services, the Company evaluates if it is a principal or an agent in a transaction to determine whether revenues should be recorded on a gross or net basis. The Company acts as a principal in which the Company purchases vehicles from suppliers which are vehicle manufacturers or their first-tier car dealerships and sells the vehicles to customers which are other car dealerships and records revenue on a gross basis if it obtains control over the specified goods and services before they are transferred to the customers. When the Company acts as an agent, revenue is recorded on a net basis when the Company does not obtain control over the specified goods and services before they are transferred to the customers. The revenue generated from sale of vehicles is recognized at a point in time when the control of the vehicles is transferred from the Company to the customers when the vehicles are delivered and their titles are passed on to the customers. Loan facilitation services and post - origination administrative services (“PAS”) The Company entered into non-risk assured and risk assured facilitation arrangements with various financial institutions. Borrowers that pass the Company’s credit assessment are recommended to the financial institutions. Once the borrower is independently approved by the financial institutions, the financial institutions will directly fund the borrower’s automobile purchase and the Company will earn a loan facilitation fee from the financial institution and borrowers. The Company will provide PAS, such as tracking through telematics devices in the automobiles; and sending short-message-service (“SMS”) payment reminder to borrowers, throughout the terms of the loans. In addition, for certain arrangements, the Company provides risk assurance on the principal and accrued interest repayments of the defaulted loans to various financial institutions. The Company determined that it is not the legal lender or legal borrower in the loan origination and repayment process, respectively. Therefore, the Company does not record loan receivables and payable arising from the loans between borrowers and financial institutions on its consolidated balance sheet. The Company determines its customers to be both the financial institutions and borrowers. The Company considers the loan facilitation service, PAS and risk assurance services as separate services, of which the risk assurance service is accounted for in accordance ASC 460, Guarantees The transaction price is the amount of consideration to which the Company expects to be entitled in exchange for transferring the promised services to the customer, net of value-added tax. The transaction price includes variable service fees which are contingent on the borrower making timely repayments. Variable consideration is estimated using the expected value method based on historical default rate, current and forecasted borrower repayment trends and is limited to the amount of variable consideration that is probable not to be reversed in future periods. As a result, the estimation of variable consideration involves significant judgement. The Company makes the assessment of whether the estimate of variable consideration is constrained. Any subsequent changes in the transaction price will be allocated to the performance obligations on the same basis as at contract inception. The Company first allocates the transaction price to the risk assurance liabilities at fair value in accordance with ASC 460. The remaining transaction price is then allocated to the loan facilitation services and PAS on a relative standalone selling price basis. The Company does not have observable price for the loan facilitation services and PAS because the services are not provided separately. As a result, the estimation of standalone selling price involves significant judgement. The Company estimates the standalone selling price of the loan facilitation and PAS using the expected cost plus a margin approach. The fee allocated to loan facilitation is recognized as revenue upon each successful loan facilitation, while the fee allocated to PAS are deferred and amortized over the period of the loan on a straight-line method as the PAS services are performed. PAS revenue recognized in the years ended December 31, 2021, 2022 and 2023 was RMB41,561,564, RMB23,411,975 and RMB14,093,321 (US$1,985,003), respectively. Loan facilitation services and post - origination administrative services ("PAS") (continued) The loan facilitation services and PAS are recorded as Loan facilitation income and other related income in the consolidated statements of comprehensive (loss) income. Finance lease services The Company provides automobile finance lease services to individual borrowers. Financing lease income is recognized using the effective interest method. Initial direct cost received and direct origination costs are generally deferred and amortized over the term of the related finance lease receivables using the effective interest method and are removed from the consolidated balance sheets when the related finance lease receivables are sold, charged off or paid in full. After-market services income The Company provides after-market services to car buyers which mainly include two types of separate contracts, 1) insurance facilitation service and 2) car recovery and disposal services. For 1) after-market insurance facilitation service, it mainly includes two types of contracts, one is facilitating personal accident insurance and automobile insurance, and the other is offering anti-theft package services. After-market insurance facilitation service income for personal accident insurance and automobile insurance is recognized at the point of time when facilitation services are completed. For anti-theft package services, the Company first allocates the fair value of indemnification service under ASC 460 and then allocates the remaining consideration to the after-market service of anti-theft telematic devises installment. For 2) after-market car recovery and disposal services income, it mainly refers to delinquent asset management income for car recovery and disposal services, which is recognized at the point of time when the company delivers the relevant service.
Business Combinations	Business combinations The Company accounts for its business combinations using the purchase method of accounting in accordance with ASC 805, Business Combinations The determination and allocation of fair values to the identifiable assets acquired, liabilities assumed and non-controlling interests is based on various assumptions and valuation methodologies requiring considerable judgment from management. The most significant variables in these valuations are discount rates, terminal values, the number of years on which to base the cash flow projections, as well as the assumptions and estimates used to determine the cash inflows and outflows. The Company determines discount rates to be used based on the risk inherent in the related activity’s current business model and industry comparisons. Terminal values are based on the expected life of assets, forecasted life cycle and forecasted cash flows over that period.
Leases	Leases Operating Leases – Lessee under ASC 842 The Company has operating leases for certain office rentals as a lessee. At inception of a contract, the Company determines whether that contract is, or contains a lease. For each lease arrangement identified, the Company determines its classification as an operating or finance lease. As of January 1, 2022, the Company records a lease liability and corresponding operating lease right-of-use (“ROU”) asset at lease commencement. Lease liabilities represent the present value of the lease payments not yet paid, discounted using the discount rate for the lease at lease commencement. The Company’s lease agreements include lease payments that are largely fixed, do not contain material residual value guarantees or variable lease payments. The discount rate is determined using the Company’s incremental borrowing rate at lease commencement since the rate implicit in the lease is not readily determinable. The Company uses its unsecured borrowing rate over the lease term and adjusts the rate based on its credit risk and the effects of collateral to approximate a collateralized rate, which will be updated on an annual basis for measurement of new lease liabilities. ROU asset represents the right to use an underlying asset for the lease term and are recognized in an amount equal to the lease liability adjusted for any lease payments made prior to commencement date, less any lease incentives received, and any initial direct costs incurred by the Company. Lease terms are based on the non-cancellable term of the lease and may contain options to extend the lease when it is reasonably certain that the Company will exercise the option. However, none of these have been recognized in the Company’s right-of-use assets or lease liabilities since those options were not reasonably certain to be exercised. If there is a lease modification, the Company considers whether the lease modification results in a separate contract. If so, the Company accounts for the separate contract the same manner as any other new lease, in addition to the original unmodified contract. Otherwise, the Company remeasures and reallocates the remaining consideration in the contract, reassesses the classification of the lease at the effective date of the modification and accounts for any initial direct costs, lease incentives and other payments made to or by the lessee. If the modification fully or partially terminates the existing lease, the Company remeasures the lease liability and decreases the carrying amount of the right-of-use asset in proportion to the full or partial termination of the existing lease and recognize in profit or loss any difference between the reduction in the lease liability and the reduction in the right-of-use asset. Besides, operating lease expense is recognized as a single lease cost on a straight-line basis over the lease term and is included in general and administrative expenses, on the consolidated statements of comprehensive (loss) income. Lease liabilities that become due within one year of the balance sheet date are classified as current liabilities. Operating leases under ASC 840 Before January 1, 2022, leases where the Company is the lessee, and substantially all the rewards and risks of ownership of assets remain with the lessor are accounted for as operating leases. Rentals applicable to such operating leases are recognized on a straight-line basis over the lease term. Certain of the operating lease agreements contain rent holidays. Rent holidays are considered in determining the straight-line rent expense to be recorded over the lease term.
Goodwill	Goodwill Goodwill represents the excess of the purchase price over the amounts assigned to the fair value of the assets acquired and the liabilities assumed of an acquired business. The Company’s goodwill on December 31, 2022 was primarily related to the acquisition of Shanghai Chejia in 2018. In accordance with ASC 350, Intangibles – Goodwill and Other The Company applied Accounting Standards Update (“ASU”) No. 2017-04, Simplifying the Test for Goodwill Impairment Pursuant to ASC 350, the Company may elect to perform a qualitative assessment to determine whether it is more likely than not that the fair value of the reporting unit of Cango Inc. is greater than its carrying value. If a qualitative assessment is not performed, or if as a result of a qualitative assessment it is not more likely than not that the fair value of a reporting unit exceeds its carrying value, then the reporting unit’s fair value is compared to its carrying value. The Company tests for impairment annually, and between annual tests if the Company becomes aware of an event or a change in circumstances that would indicate the carrying value may be impaired. As of December 31, 2022, the Company completed its annual impairment test for goodwill under a quantitative impairment test of goodwill in which the Company performs an assessment that consists of a comparison of the carrying value of a reporting unit with its fair value. The fair values of the reporting unit are determined using income valuation approaches through the application of discounted cash flow method. Estimating fair values of the reporting unit involves significant assumptions, including future revenue growth rates, gross margin, terminal growth rates and discount rates. No impairment losses on goodwill and intangible assets were recognized during the year ended December 31, 2022. Management performs goodwill impairment tests during the year ended December 31, 2023 and recorded an impairment loss on goodwill of RMB148,657,971 (US$ 20,938,037) during the third quarter in 2023 as the financial performance of the automobile trading and loan facilitation businesses continued to fall below original expectations, which was classified as “Impairment loss from goodwill” in the consolidated statement of comprehensive (loss) income.
Cost of revenues	Cost of revenues Cost of revenues consist primarily of cost of vehicles, commissions paid to car dealers who refer borrowers to the Company, employee compensation costs, leasing interest expense, cost of telematics devices installed in automobiles and third-party outsourcing fees for vehicle repossession services. Cost of revenues are expensed as incurred when the corresponding services have been provided.
Foreign currency translation and transactions	Foreign currency translation and transactions The functional currency of the Company, Cango HK and Express Limited is the US$. The Company’s subsidiaries, VIEs, and subsidiaries of the VIEs with operations in the PRC adopted RMB as their functional currencies. The determination of the respective functional currency is based on the criteria stated in ASC 830, Foreign Currency Matters Transactions in currencies other than the functional currency are measured and recorded in the functional currency at the exchange rate prevailing on the transaction date. Monetary assets and liabilities denominated in currencies other than the functional currency are re-measured into the functional currency at the rates of exchange prevailing at the balance sheet dates. Transaction gains and losses are recognized in the consolidated statements of comprehensive (loss) income during the period or year in which they occur.
Cash and cash equivalents	Cash and cash equivalents Cash and cash equivalents primarily consist of cash, investments in interest bearing demand deposit accounts, time deposits, and highly liquid investments with original maturities within three months from the date of purchase and are stated at cost which approximates their fair value. All cash and cash equivalents are unrestricted as to withdrawal and use. As of December 31, 2023, majority of the Company’s cash and cash equivalents, restricted cash and short-term investments were held by financial institutions located in mainland China and Hong Kong. Deposits held in mainland China are subject to restrictions on foreign exchange and the ability to transfer cash outside of mainland China. In May 2015, a new Deposit Insurance System (“DIS”) managed by the People’s Bank of China (‘‘PBOC’’) was implemented by the Chinese government. Deposits in the licensed banks in mainland China are protected by DIS, up to a limit of RMB500 thousands. Hong Kong has an official Deposit Protection Scheme (“DPS”). Deposits in the licensed banks in Hong Kong are protected by DPS, up to a limit of HK$500 thousands. The Company selected reputable financial institutions to place its cash and cash equivalents, restricted cash and short-term investments. The Company regularly monitors the rating of the financial institutions to avoid any potential defaults. There has been no recent history of default in relation to these financial institutions.
Restricted cash	Restricted cash Restricted cash represents cash deposited with the respective financial institution customers as (i) collaboration and guarantee deposits in relation to facilitation transaction with financial institutions, (ii) collateral for notes payable for automobile trading business and (iii) bank deposits held for short-term investments. Financial institutions make corresponding deductions from the collaboration and guarantee deposits in relation to facilitation transaction with financial institutions, when borrowers are delinquent in their installment repayments and/or when loans are required to be purchased by the Company after a specified delinquency period. Such restricted cash is not available to fund the general liquidity needs of the Company. The classification of restricted cash (iii) was mainly due to the redemption of certain short-term investments and reclassification of such redemption proceeds to restricted cash, current - bank deposits held for short-term investment during the subscription process for new investments as of the balance sheet date. The balance of restricted cash deposited as collaboration and guarantee deposits in relation to facilitation transaction with financial institutions was RMB766,893,846 and RMB597,715,354 (US$84,186,447) as of December 31, 2022 and 2023, respectively. The balance of restricted cash deposited as collateral for notes payable for automobile trading business was RMB136,671,970 and RMB nil (US$ nil) as of December 31, 2022 and 2023, respectively. The balance of restricted cash deposited as bank deposits held for short-term investments was RMB nil and RMB1,670,006,785 (US$235,215,536) as of December 31, 2022 and 2023, respectively.
Accounts receivable, net	Accounts receivable, net Accounts receivable are recognized and carried at the original contract amount which will be invoiced, net of allowances for accounts receivable. The Company maintains an allowance for accounts receivable in accordance with Accounting Standards Update (“ASU”) No. 2016 - 13, Financial instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments
Contract assets and liabilities	Contract assets and liabilities Contract assets represents the Company’s right to consideration in exchange for loan facilitation services that the Company has transferred to the customer before payment is due. The Company maintains an allowance for contract assets in accordance with ASC 326 and records the allowance as an offset to contract assets, and the expected credit losses charged to the allowance is classified as “Provision (net recovery on provision) for credit losses” in the consolidated statements of comprehensive (loss) income. Contract assets as of December 31, 2022 and 2023 were RMB673,846,832 and RMB206,933,969 (US$29,146,040), respectively. The remaining unsatisfied performance obligations as of December 31, 2022 and 2023, pertaining to post-origination services amounted to RMB1,001,890 and RMB331,460 (US$46,685), respectively. Contract liabilities represents the Company’s obligation to transfer goods or services to a customer for which the entity has received consideration (or an amount of consideration is due) from the customer and mainly consist of cash payment received in advance from customers of automobile trading transactions and PAS, which is included in “Accrued expenses and other current liabilities” and “Other non-current liabilities” on consolidated balance sheets. The amount of revenue recognized that was included in the contract liabilities balance at the beginning of the years were RMB267,339,943 and RMB402,188,821 (US$56,647,111) for the years ended December 31, 2022 and 2023, respectively.
Short-term investments	Short-term investments All highly liquid investments such as time deposits and structured deposits with original maturities of three months or more but less than one year, are classified as short-term investments. Investments such as wealth management products expected to be realized in cash during the next twelve months are also included in short-term investments. The Company accounts for short-term debt investments in accordance with ASC 320, Investments – Debt Securities (“ASC 320”), and short-term equity investments in accordance with ASC 321, Investments – Equity Securities Debt securities that the Company has the positive intent and the ability to hold to maturity are classified as held-to-maturity securities and stated at amortized cost. Such debt securities include time deposits, and structured deposits in financial institutions. Debt securities that are bought and held principally for the purpose of selling them in the near term are classified as trading securities. Unrealized holding gains and losses for trading debt securities are included in earnings. Debt investments not classified as trading or as held-to-maturity are classified as available-for-sale securities. Available-for-sale investments are reported at fair value, with unrealized gains and losses recorded in accumulated other comprehensive (loss) income. Realized gains or losses are included in earnings during the period in which the gain or loss is realized. Equity investments measured at fair value with changes in fair value are recorded in earnings. The Company does not assess whether those securities are impaired. Such equity securities include wealth management products in financial institutions. Any realized gains or losses on the sale of the short-term investments are determined on a specific identification method and are reflected in earnings during the period in which gains or losses are realized. Interest income, realized and unrealized gains and losses from the short-term investments are recorded in “Interest income” and “Net gain (loss) on equity securities” respectively in the consolidated statements of comprehensive (loss) income.
Derivative instruments	Derivative instruments In 2021, the Company entered into a cross-currency interest rate swap contract that allow the Company to buy HKD at a pre-determined exchange rate and repay HKD borrowing with fixed interest rate on maturity date. The cross-currency interest rate swap contract matured in March 2022. According to such swap contract, the unrealized losses recognized in the comprehensive (loss) income were RMB5.3 million during the year ended December 31, 2021 and the realized losses recognized in the comprehensive (loss) income were RMB1.2 million during the year ended December 31, 2022. The total notional amount of the outstanding cross-currency interest rate swap contracts was RMB nil and RMB The Company accounts for the cross-currency interest rate swap contracts in accordance with ASC 815, Derivatives and Hedging The cross-currency interest rate swap contracts may expose the Company to credit risk to the extent that the counterparty may be unable to meet the terms of the arrangement. The Company mitigates this credit risk by transacting with major financial institutions with high credit ratings. Since the Company has no cross-currency interest rate swap contract as of December 31, 2022 and 2023, respectively, there were no additional unrealized losses and realized losses recognized in the comprehensive (loss) income and no cash collateral during the years ended December 31, 2022 and 2023.
Risk assurance liabilities	Risk assurance liabilities The Company provides risk assurance to various financial institution customers. The risk assurance liability requires the Company to either make delinquent installment repayments or purchase the loans after a specified period on an individual loan basis. The risk assurance liability is exempted from being accounted for as a derivative in accordance with ASC 815-10-15-58. The risk assurance liability consists of two components, the Company’s obligation to stand ready to make delinquent payments over the term of the arrangement (non-contingent risk assurance liabilities) and the contingent obligation relating to the contingent loss arising from the arrangement (contingent risk assurance liabilities). Non-contingent risk assurance liabilities Non-contingent risk assurance liability is accounted for in accordance with ASC 460. At inception, the Company recognizes non-contingent risk assurance liability at fair value, which is primarily based on assumptions regarding probability of default, loss given default and margin rate, while considering the premium required by a third-party market participant to issue the same risk assurance in a standalone transaction. Subsequently, non-contingent risk assurance liability is reduced over the term of the arrangement as the Company is released from its stand ready obligation on a loan-by-loan basis based on the borrower’s repayment of the loan principal. Prior to the adoption of ASC 326 on January 1, 2023, the release of non-contingent risk assurance liability is recognized in earnings as a reduction of net loss on risk assurance liabilities. Subsequent to January 1, 2023, non-contingent risk assurance liability is subsequently recognized as guarantee income. Contingent risk assurance liabilities Prior to January 1, 2023, the contingent risk assurance liability is accounted for in accordance with ASC 450, Contingencies Subsequent to January 1, 2023, the contingent risk assurance liabilities accounted for under ASC 450 are in the scope of ASC 326 and subject to the CECL lifetime methodology, the contingent risk assurance liabilities shall be accounted for in addition to and separately from the non-contingent risk assurance liabilities accounted for under ASC 460. The contingent risk assurance liabilities are determined using CECL lifetime methodology, compared to incurred loss methodology before the adoption, and recognized in full amount at loan inception. The subsequent changes in the contingent risk assurance liability calculated under the Company’s CECL life methodology is adjusted through earnings as changes in net loss on contingent risk assurance liabilities.
Financing receivables	Financing receivables The Company records financing receivables in accordance with ASC 310-30, Loan and Debt Securities Acquired with Deteriorated Credit Quality (“ASC 310-30”) when it exercises its obligation to purchase a delinquent loan under the risk assurance obligation and obtains legal title to any subsequent payments made by the borrower and the repossessed asset. Financing receivables are recorded at their fair value, which is the purchased price minus corresponding risk assurance liability. The total purchase price, as well as par value, of the financing receivables was RMB Financing receivables are divided among pools based on common risk characteristics, such as product (i.e. new cars and used cars) and delinquency status. The financing receivables balances of new cars and used cars were RMB55,693,049 and RMB18,124,976 as of December 31, 2022, respectively and RMB24,200,609 (US$3,408,585) and RMB5,321,426 (US$749,507) as of December 31, 2023, respectively. These pools are collectively evaluated for impairment based on roll rate analysis and the resulting allowance is aggregated for each of the pools.
Finance lease receivables	Finance lease receivables Finance lease receivables are carried at amortized cost comprising of original financing lease and direct costs, net of unearned income and allowance for finance lease receivables. An account is considered delinquent if a substantial portion of a scheduled payment has not been received by the date such payment was contractually due. Finance lease receivables are collateralized by vehicle titles and, subject to local laws, the Company generally has the right to repossess the vehicle in the event the borrower defaults on the payment terms of the contract. Finance lease receivables are divided among pools based on common risk characteristics, such as products (i.e. new cars and used cars) and delinquent status. The finance lease receivables balances of new cars and used cars were RMB895,319,860 and RMB164,168,763 as of December 31, 2022, respectively and RMB179,326,594 (US$25,257,623) and RMB57,559,458 (US$8,107,080) as of December 31, 2023, respectively. These pools are collectively evaluated for impairment by management judgment. The allowance is aggregated for each of the pools.
Nonaccrual policy	Nonaccrual policy The Company does not accrue lease income or interest income on finance lease principals and financing receivables that are considered impaired or are more than 65 to 85 days past due depending on different funding partners. A corresponding allowance is determined under ASC 326
Allowance for financing receivables and allowance for finance lease receivables	Allowance for financing receivables and allowance for finance lease receivables Before the adoption of ASC 326 on January 1, 2023 The allowance for financing receivables and allowance for finance lease receivables are calculated by multiplying the PD and LGD model based on pools of finance lease receivables or financing receivables with similar risk characteristics, including product types, i.e. new cars and used cars to arrive at an estimate of incurred losses in the portfolio. Under the incurred loss methodology, credit losses are recognized only when the losses are probable of having been incurred. The Company adjusts the allowance for finance lease receivables that is determined by the PD and LGD model for various macroeconomic factors i.e. gross-domestic product rates, per capita disposable income, interest rates and consumer price indexes and other considerations. After the adoption of ASC 326 on January 1, 2023 The Company replaces the existing incurred loss methodology, with a forward - looking expected loss approach referred to as a CECL methodology. The CECL methodology requires that the full amount of expected credit losses for the lifetime be recorded at the time the financial asset is originated or acquired, and adjusted for changes in expected lifetime credit losses subsequently, which requires earlier recognition of credit losses. The Company’s CECL model subsequent to the adoption of ASC 326 Subsequent to the adoption of ASC 326 on January 1, 2023, the Company established its CECL model, calculated by multiplying the PD and LGD model based on pools of loans with similar risk characteristics. The Company selects expected forward - looking factors, which have a strong correlation, economic, and commercial significance using a regression model, and incorporates these forward - looking factors into the CECL model. These forward-looking factors mainly include producer price index, urban unemployment rate, holiday effect and scale of social financing. The expected life of each loan is determined based on the contractual term. The CECL model is applicable to estimation of credit losses of financial assets measured at amortized cost, primarily including financing receivables and finance lease receivables. The CECL model also applies to certain off - balance sheet credit exposures, such as contingent risk assurance liabilities not accounted for as derivatives. As a result, the Company recognized the cumulative effect as a decrease of approximately RMB307 million (US$43 million) after adjusting for deferred taxes to the opening balances of retained earnings on January 1, 2023.
Treasury shares	Treasury shares The Company accounts for treasury shares using the cost method. Under this method, the cost incurred to purchase the shares is recorded in the treasury shares account on the consolidated balance sheets.
Property and equipment, net	Property and equipment, net Property and equipment are stated at cost less accumulated depreciation. Depreciation is provided using the straight-line method with the residual value based on the estimated useful lives of the class of asset, which range as follows: ​ ​ ​ ​ ​ ​ ​ Category Estimated Useful Life Estimated Residual Value Office and electronic equipment ​ 3-5 years ​ 5 % Motor vehicles ​ 4 years ​ 5 % Leasehold improvements ​ Over the shorter of the expected ​ Nil ​ ​ Costs associated with the repair and maintenance of property and equipment are expensed as incurred. Depreciation is recorded starting at the time when assets are ready for the intended use.
Intangible assets	Intangible assets Intangible assets that have definite useful life primarily include purchased computer software. These intangible assets are amortized on a straight-line basis over their estimated useful lives of the respective assets, which vary from 6-10 years. The weighted average amortization period for the computer software was 8.39 years and 8.51 years as of December 31, 2022 and 2023, respectively. As of December 31, 2023, intangible assets that have indefinite useful life primarily include an insurance brokerage license purchased in February 2019. The Company evaluates indefinite-lived intangible assets each reporting period to determine whether events and circumstances continue to support an indefinite useful life. If an intangible asset that is not being amortized is subsequently determined to have a finite useful life, the asset is tested for impairment immediately prior to the change in classification.
Research and development	Research and development Research and development expenses are primarily incurred in the development of new services and new features of the Company’s technology infrastructure to support its business operations. Research and development costs are expensed as incurred unless such costs qualify for capitalization as software development costs. In order to qualify for capitalization, (i) the preliminary project should be completed, (ii) management has committed to funding the project and it is probable that the project will be completed and the software will be used to perform the function intended, and (iii) it will result in significant additional functionality in the Company’s services. No research and development costs were capitalized during any year presented as the Company has not met all of the necessary capitalization requirements.
Impairment of long-lived assets and intangible assets	Impairment of long-lived assets and intangible assets Long-lived assets including intangible assets with definite lives, are assessed for impairment, whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable in accordance with ASC 360, Property, Plant and Equipment Intangible assets with indefinite lives, are assessed annually for impairment and more frequently if events or changes in circumstances indicate that it is more likely than not that the asset is impaired in accordance with ASC 350. Impairment exists when the fair value is less than the carrying value of the asset being evaluated. Impairment loss is calculated as the amount by which the carrying value of the asset exceeds its fair value. No impairment loss was recognized for the years ended December 31, 2021, 2022 and 2023, respectively.
Employee defined contribution plan	Employee defined contribution plan Full time employees of the Company in the PRC participate in a government mandated multi-employer defined contribution plan pursuant to which certain pension benefits, medical care, unemployment insurance, employee housing fund, and other welfare benefits are provided to employees. Chinese labor regulations require that the Company make contributions to the government for these benefits based on a certain percentage of the employee’s salaries. The Company has no legal obligation for the benefits beyond the contributions. The total amount that was expensed as incurred was RMB87,227,402, RMB60,124,007 and RMB40,585,827 (US$5,716,394) for the years ended December 31, 2021, 2022 and 2023, respectively.
Value added taxes ("VAT")	Value added taxes (“VAT”) Since its inception, Shanghai Cango was certified as a general VAT taxpayer whose applicable tax rate was 6%. The subsidiaries of the VIEs are all general VAT taxpayers which are subject to tax rate of 6% or 13%, except for Shanghai Wangtian Investment Co., Ltd., which is certified as small-scale VAT taxpayers with an applicable tax rate of 3%. VAT is reported as a deduction to revenue when incurred and amounted to RMB478,981,515, RMB262,656,515 and RMB167,484,014 (US$23,589,630) for the years ended December 31, 2021, 2022 and 2023, respectively. Entities that are VAT general taxpayers are allowed to offset qualified input VAT paid to suppliers against their output VAT liabilities. Net VAT balance between input VAT and output VAT is recorded in accrued expenses and other current liabilities on the consolidated balance sheets.
Income taxes	Income taxes The Company recognizes income taxes under the liability method. Deferred income taxes are recognized for differences between the financial reporting and tax bases of assets and liabilities at enacted tax rates in effect for the years in which the differences are expected to reverse. The Company records a valuation allowance against the amount of deferred tax assets that it determines is not more-likely-than-not to be realized. The effect on deferred taxes of a change in tax rates is recognized in earnings in the period that includes the enactment date. The Company applies the provisions of ASC 740, Income Taxes (“ASC 740”), in accounting for uncertainty in income taxes. ASC 740 clarified the accounting for uncertainty in income taxes by prescribing the recognition threshold a tax position is required to meet before being recognized in the financial statements. The Company has elected to classify interest and penalties related to an uncertain tax position (if and when required) as part of income tax expense in the consolidated statements of comprehensive (loss) income. As of and for the years ended December 31, 2021, 2022 and 2023, the amounts of unrecognized tax benefits as well as interest and penalties associated with uncertainty in income taxes were insignificant.
Segment information	Segment information In accordance with ASC 280-10, Segment Reporting: Overall
Comprehensive (loss) income	Comprehensive (loss) income Comprehensive (loss) income is defined as the changes in equity of the Company during a period from transactions and other events and circumstances excluding transactions resulting from investments by owners and distributions to owners. For each of the periods presented, the Company’s comprehensive (loss) income includes net income, foreign currency translation adjustments and unrealized (losses) gain on available-for-sale securities and is presented in the consolidated statements of comprehensive (loss) income.
Fair value measurements	Fair value measurements Accounting guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Accounting guidance establishes three levels of inputs that may be used to measure fair value: Level 1 Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 Include other inputs that are directly or indirectly observable in the marketplace. Level 3 Unobservable inputs which are supported by little or no market activity. Accounting guidance also describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset. Financial assets and liabilities of the Company primarily consist of cash and cash equivalents, restricted cash, short-term investment, finance lease receivables, financing receivables, other current assets, short-term and long-term debts, accrued expenses and other liabilities. The net carrying amounts of these financial instruments, except for short-term equity securities, financing receivables, non-current portion of restricted cash, non-current finance lease receivables and long-term debts, approximate their fair values because of their generally short maturities. The short-term equity security was valued based on broker quotes. The net carrying amount of non-current portion of restricted cash, financing receivables, non-current finance lease receivables and long-term debts approximates their fair values due to the fact that the related interest rates approximate rates currently offered by financial institutions for similar debt instruments of comparable maturities.
Share-based compensation	Share-based compensation The Company accounts for share-based compensation in accordance with ASC 718, Compensation – Stock Compensation The Company recognizes the compensation costs net of estimated forfeitures using the straight-line method, over the applicable vesting period for each separately vesting portion of the award. In addition, the Company recognizes one-off compensation costs for the award which could be vested immediately upon grant on the grant date. The estimate of forfeitures is adjusted over the requisite service period to the extent that actual forfeitures differ, or are expected to differ, from such estimates. Changes in estimated forfeitures is recognized through a cumulative catch-up adjustment in the period of change and also impact the amount of share-based compensation expense to be recognized in future periods. The Company, with the assistance of an independent third-party valuation firm, determined the fair value of share-based options granted to employees.
Earnings (losses) per share	Earnings (losses) per share The Company computes earnings (losses) per Class A and Class B ordinary shares in accordance with ASC 260, Earnings Per Share Diluted earnings (losses) per share is computed using the weighted average number of ordinary shares and, if dilutive, potential ordinary shares outstanding during the period. Potentially dilutive securities have been excluded from the computation of diluted net income per share if their inclusion is anti-dilutive. Potential ordinary shares consist of the incremental ordinary shares issuable upon the exercise of stock options and restricted shares subject to forfeiture. The dilutive effect of outstanding stock options and restricted shares is reflected in diluted earnings (losses) per share by application of the treasury stock method. The computation of the diluted earnings (losses) per Class A ordinary share assumes the conversion of Class B ordinary shares to Class A ordinary shares, while diluted earnings (losses) per Class B ordinary share does not assume the conversion of such shares. The liquidation and dividend rights of the holders of the Company’s Class A and Class B ordinary shares are identical, except with respect to voting rights. As a result, and in accordance with ASC 260, the undistributed earnings for each year are allocated based on the contractual participation rights of the Class A and Class B ordinary shares as if the earnings for the year had been distributed. As the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis. Further, as the conversion of Class B ordinary shares is assumed in the computation of the diluted earnings (losses) per Class A ordinary share, the undistributed earnings are equal to net income for that computation. For the purposes of calculating the Company’s basic and diluted earnings (losses) per Class A and Class B ordinary shares, the ordinary shares relating to the options that were exercised are assumed to have been outstanding from the date of exercise of such options.
Government grants	Government grants Government subsidies generally consist of financial subsidies received from provincial and local governments for operating a business in their jurisdictions and compliance with specific policies promoted by the local governments. The eligibility to receive such benefits and amount of financial subsidy to be granted are determined at the discretion of the relevant government authorities. Such grants have no condition attached and allow the Company full discretion in utilizing the funds and are used by the Company for general corporate purposes. The Company recognize government grants as other income when cash is received from the government. For the amount recognized in other income, please refer to note 17.
Convenience translation for financial statements presentation	Convenience translation for financial statements presentation Translations of amounts from RMB into US$ for the convenience of the reader have been calculated at the exchange rate of RMB7.0999 per US$1.00 on December 29, 2023, as published on the website of the United States Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted into U.S. dollars at such rate.
Significant risks and uncertainties	Significant risks and uncertainties Currency convertibility risk Substantially all of the Company’s businesses are transacted in RMB, which is not freely convertible into foreign currencies. All foreign exchange transactions take place either through the People’s Bank of China (“PBOC”) or other authorized financial institution at exchange rates quoted by PBOC. Approval of foreign currency payments by the PBOC or other regulatory institutions requires submitting a payment application form together with suppliers’ invoices and signed contracts. Concentration of credit risk Financial assets that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents, restricted cash, short-term investments, financing receivables, finance lease receivables and accounts receivable. The Company places its cash and cash equivalents, and restricted cash and short-term investments, with reputable financial institutions which have high-credit ratings. There has been no recent history of default related to these financial institutions. The Company manages credit risk of accounts receivable, financing receivables and finance lease receivables through ongoing monitoring of the outstanding balances. As of December 31, 2022 and 2023, the Company had no single customer with a balance exceeding 10% of the total accounts receivable, financing receivables, and finance lease receivables. Concentration of customers Approximately provision of services to only one financial institution contributed to over 10% derives 16.8% of revenue for the year ended December 31, 2021, to two automobile trading customers contributed to over 10% derives 27.2% in total (14.2% and 13.0%, respectively) of revenue for the year ended December 31, 2022 and to two automobile trading customers contributed to over 10% derives 31.6% in total (16.1% and 15.5%, respectively) of revenue for the year ended December 31, 2023, respectively. Interest rate risk The Company is exposed to interest rate risk on its interest-bearing assets and liabilities. As part of its asset and liability risk management, the Company reviews and takes appropriate steps, including using derivative financial instruments to economically manage its interest rate exposures on its interest-bearing assets and liabilities. The Company has not been exposed to material risks due to changes in market interest rates. Borrower default risk The Company entered into certain risk assured facilitation arrangements whereby it is obligated to purchase delinquent loans from financial institutions. The Company’s operating results could be adversely affected by a significant increase in the overall borrower default rate for loans facilitated under such arrangements. The Company manages its borrowers’ default risk by performing credit checks on each prospective borrower and ongoing monitoring of the Company overall loan portfolio facilitated through the risk assured facilitation arrangement. Business and economic risk The Company believes that changes in any of the following areas could have a material adverse effect on the Company’s future financial position, results of operations or cash flows; changes in the overall demand for services; competitive pressures due to new entrants; advances and new trends in new technologies and industry standards; changes in certain strategic relationships; regulatory considerations and risks associated with asset quality and credit assessment; the Company’s ability to expand or maintain or effectively manage relationships with existing network of dealers and online automotive advertising platforms and to attract prospective car buyers and risks related to the COVID-19 pandemic. The Company’s operations could also be adversely affected by significant political, regulatory, economic and social uncertainties in the PRC. Comparative Information Certain items in the consolidated financial statements have been adjusted to conform with the current year’s presentation to facilitate comparison.
Recent Accounting Pronouncements	Recent Accounting Pronouncements New accounting standards which have been adopted On January 1, 2023, the Company adopted ASC 326, using the modified retrospective transition method. Upon adoption, the Company changed its impairment model to utilize a CECL model in place of the incurred loss methodology for financial instruments measured at amortized cost. The adoption of ASC 326 had a material impact on contingent risk assurance liabilities, the allowance for financing lease receivable, the allowance for financing receivables and the allowance of other current and non-current assets. The Company recorded RMB302 million (US$43 million) increase in contingent risk assurance liabilities, RMB15 million (US$2 million) increase in the allowance for finance lease receivables, RMB14 million (US$2 million) increase in the allowance for financing receivables and RMB3 million (US$0.4 million) increase in the allowance of other current and non-current assets. After adjusting for deferred taxes, RMB307 million (US$43 million) decrease was recorded in beginning retained earnings on January 1, 2023 through a cumulative-effect adjustment. In September 2022, the FASB issued ASC 2022-04, Liabilities—Supplier Finance Programs (Subtopic 405-50) Disclosure of Supplier Finance Program Obligations (“ASC 2022-04”). The amendment in this update requires that a buyer in a supplier finance program disclose sufficient information about the program to allow a user of financial statements to understand the program’s nature, activity during the period, changes from period to period, and potential magnitude. To achieve that objective, the buyer should disclose qualitative and quantitative information about its supplier finance programs. ASC 2022-04 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the amendment on roll forward information, which is effective for fiscal years beginning after December 15, 2023. The Company adopted this guidance on January 1, 2023 with no material impact on its consolidated financial statements and related disclosure. New accounting standards which have not yet been adopted In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures

ORGANIZATION (Tables)

ORGANIZATION (Tables)	12 Months Ended
	Dec. 31, 2023
ORGANIZATION
Summary of company' subsidiaries and VIE	As of December 31, 2023, the Company effectively controls a number of VIEs through the Primary Beneficiaries, as defined below. Entity Date of incorporation Place of Percentage of Principal activities Subsidiaries ​ ​ ​ ​ ​ ​ ​ ​ Cango Group Limited (“Cango HK”) ​ October 31, 2017 ​ Hong Kong (“HK”) ​ 100 % Investment holding Express Group Development Limited (“Express Limited”) ​ June 30, 2016 ​ HK ​ 100 % Investment holding Can Gu Long (Shanghai) Information Technology Consultation Service Co., Ltd. (“Cangulong” or Wholly Foreign Owned Enterprise “WFOE”) ​ January 25, 2018 ​ PR ​ 100 % Investment holding ​ ​ ​ ​ ​ ​ ​ ​ ​ VIEs ​ ​ ​ ​ ​ ​ ​ ​ Shanghai Cango Investment and Management Consultation Service Co., Ltd. (“Shanghai Cango”) ​ August 30, 2010 ​ PR ​ Nil ​ Provision of automotive financing facilitation, automobile trading transaction and aftermarket service facilitation. Shanghai Yunguhaoche Electronic Technology Co., Ltd. (“Shanghai Yungu”) ​ March 15, 2022 ​ PR ​ Nil ​ Provision of automobile trading transaction.
Condensed balance sheets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2022 ​ 2023 ​ ​ RMB ​ RMB ​ US$ Cash and cash equivalents 268,621,701 293,424,298 41,327,948 Other current assets 3,717,898,668 2,252,537,952 317,263,335 Total current assets 3,986,520,369 2,545,962,250 358,591,283 Finance lease receivables—non-current 260,049,967 36,426,617 5,130,582 Other non-current assets 1,246,816,149 727,442,480 102,458,130 Total non-current assets 1,506,866,116 763,869,097 107,588,712 Total assets 5,493,386,485 3,309,831,347 466,179,995 Short-term debts 349,299,134 39,071,500 5,503,106 Other current liabilities 1,861,808,449 415,702,064 58,550,411 Total current liabilities 2,211,107,583 454,773,564 64,053,517 Long-term debts 75,869,353 712,023 100,286 Other non-current liabilities 86,138,152 53,137,238 7,484,223 Total non-current liabilities 162,007,505 53,849,261 7,584,509 Total liabilities 2,373,115,088 508,622,825 71,638,026
Condensed Statements of comprehensive income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ ​ 2021 ​ 2022 ​ 2023 ​ RMB RMB RMB US$ Revenues 3,921,688,104 1,980,415,725 1,701,876,288 239,704,262 Net income (loss) 37,717,411 (1,131,232,450) (87,530,375) (12,328,395)
Condensed Statements of cash flows	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ ​ 2021 ​ 2022 ​ 2023 ​ RMB RMB RMB US$ Net cash (used in) provided by operating activities (374,886,851) (599,053,407) 969,040,392 136,486,485 Net cash provided by investing activities ​ 744,832,757 ​ 1,084,633,210 ​ 1,369,020,741 ​ 192,822,539 Net cash used in financing activities ​ (554,832,190) ​ (1,020,359,284) ​ (949,602,067) ​ (133,748,654) Effect of exchange rate changes on cash, cash equivalents and restricted cash (55,087) 175,763 — — ​

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Summary of estimated useful lives of class of asset	​ ​ ​ ​ ​ ​ ​ Category Estimated Useful Life Estimated Residual Value Office and electronic equipment ​ 3-5 years ​ 5 % Motor vehicles ​ 4 years ​ 5 % Leasehold improvements ​ Over the shorter of the expected ​ Nil ​

SHORT-TERM INVESTMENTS, NET (Ta

SHORT-TERM INVESTMENTS, NET (Tables)	12 Months Ended
	Dec. 31, 2023
SHORT-TERM INVESTMENTS, NET
Summary of short-term investments available for sale products	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2022 2023 ​ ​ RMB ​ RMB US$ Debt securities: Held-to-maturity time deposit 1,373,910,523 635,039,118 89,443,389 Equity securities: ​ ​ ​ Marketable wealth management products 567,522,325 — — Marketable equity securities ​ — ​ 253,865 ​ 35,756 Less: — (222,589) (31,351) Total short-term investments 1,941,432,848 635,070,394 89,447,794 ​
Schedule of movements in the allowance for short-term investments	​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 ​ RMB US$ Balance as of January 1 ​ — ​ — Adjustment due to the adoption of ASC 326 ​ 747,264 ​ 105,250 Reversal ​ (524,675) ​ (73,899) Balance as of December 31 ​ 222,589 ​ 31,351 ​

ACCOUNTS RECEIVABLE, NET (Table

ACCOUNTS RECEIVABLE, NET (Tables)	12 Months Ended
	Dec. 31, 2023
ACCOUNTS RECEIVABLE, NET
Summary of accounts receivables and related allowance for doubtful accounts	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2022 2023 ​ ​ RMB ​ RMB US$ Accounts receivable 266,836,951 64,851,728 9,134,174 Less: — (60,019) (8,453) Accounts receivable, net 266,836,951 64,791,709 9,125,721
Schedule of movements in the allowance for accounts receivables	​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 ​ RMB US$ Balance as of January 1 — — Adjustment due to the adoption of ASC 326 148,344 20,894 Reversal (88,325) (12,441) Balance as of December 31 60,019 8,453 ​

GOODWILL (Tables)

GOODWILL (Tables)	12 Months Ended
	Dec. 31, 2023
GOODWILL.
Summary of changes in the carrying amount of goodwill	​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ RMB US$ Balance at December 31, 2022 148,657,971 20,938,037 Goodwill impaired (148,657,971) (20,938,037) Balance at December 31, 2023 — — ​

FINANCE LEASE RECEIVABLES, NET

FINANCE LEASE RECEIVABLES, NET (Tables)	12 Months Ended
	Dec. 31, 2023
FINANCE LEASE RECEIVABLES, NET
Summary of finance lease receivables	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2022 ​ 2023 ​ RMB RMB US$ Finance lease receivables 1,161,811,131 263,769,086 37,151,099 Add: 380,815 339,984 47,886 Less: (80,532,057) (14,521,627) (2,045,328) Less: (22,171,266) (12,701,391) (1,788,954) Total finance lease receivables, net 1,059,488,623 236,886,052 33,364,703 Finance lease receivables—current 799,438,656 200,459,435 28,234,121 Finance lease receivables—non-current 260,049,967 36,426,617 5,130,582
Schedule of future minimum lease payments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 2025 2026 2027 2028 Total ​ ​ RMB ​ RMB ​ RMB ​ RMB ​ RMB ​ RMB Finance lease receivables 219,443,661 25,908,586 18,167,477 249,362 — 263,769,086 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ US$ US$ US$ US$ US$ US$ Finance lease receivables 30,907,993 3,649,148 2,558,836 35,122 — 37,151,099
Schedule of aging of finance lease receivables principal	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2022 ​ 2023 ​ RMB RMB US$ Aging of finance lease receivables principal: ​ ​ ​ ​ ​ ​ Current 1,018,749,298 225,327,296 31,736,687 1‑30 days past due 38,193,025 13,111,970 1,846,782 31‑60 days past due 9,008,588 5,372,294 756,672 61‑90 days past due 4,917,323 1,926,137 271,291 91‑120 days past due 3,545,621 1,601,385 225,550 121‑150 days past due 2,951,294 1,400,452 197,250 151‑180 days past due 4,294,740 847,909 119,425 ​ 1,081,659,889 249,587,443 35,153,657
Schedule of movement of allowance for finance lease receivables	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2022 ​ 2023 ​ RMB RMB US$ Balance at the beginning of the year 32,216,759 22,171,266 3,122,758 Adjustment due to the adoption of ASC 326 — 14,540,172 2,047,940 Additions/(Reversal) ​ 51,609,763 ​ (13,945,846) ​ (1,964,231) Charge-offs (61,655,256) (10,064,201) (1,417,513) Balance at the end of the year 22,171,266 12,701,391 1,788,954 ​

FINANCING RECEIVABLES, NET (Tab

FINANCING RECEIVABLES, NET (Tables)	12 Months Ended
	Dec. 31, 2023
ACCOUNTS RECEIVABLE, NET
Schedule of financing receivables	​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2022 ​ 2023 ​ RMB RMB US$ Financing receivables 134,491,986 87,493,512 12,323,204 Less: (60,673,961) (57,971,477) (8,165,112) Total financing receivables, net 73,818,025 29,522,035 4,158,092
Schedule of aging of financing receivables principal	​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2022 ​ 2023 ​ RMB RMB US$ Aging of financing receivables principal: Current — — — 1-30 days past due 738,081 725,481 102,182 31-60 days past due 6,976,959 4,855,149 683,833 61-90 days past due 19,338,704 12,799,478 1,802,769 91-120 days past due 34,273,898 22,550,528 3,176,175 121-150 days past due 35,648,683 23,294,975 3,281,029 151-180 days past due 37,515,661 23,267,901 3,277,216 ​ 134,491,986 87,493,512 12,323,204
Schedule of movement for allowance for financing receivables	​ ​ ​ ​ ​ As of December 31, ​ 2022 ​ RMB Balance at the beginning of the year 50,492,700 Additions 266,372,590 Write off (256,191,329) Balance at the end of the year 60,673,961 ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 ​ RMB US$ Balance at the beginning of the year ​ 60,673,961 8,545,749 Adjustment due to the adoption of ASC 326 ​ 13,774,216 1,940,058 Reversal ​ (234,217,651) ​ (32,988,866) Recovery ​ 162,845,410 22,936,296 Balance at the end of the year – net basis ​ 3,075,936 433,237 Adjustment to gross basis due to the adoption of ASC 326 ​ 54,895,541 7,731,875 Balance at the end of the year – gross basis ​ 57,971,477 8,165,112 ​

PREPAYMENTS AND OTHER CURRENT_2

PREPAYMENTS AND OTHER CURRENT ASSETS (Tables)	12 Months Ended
	Dec. 31, 2023
PREPAYMENTS AND OTHER CURRENT ASSETS
Summary of prepayments and other current assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notes ​ As of December 31, ​ ​ ​ ​ 2022 ​ 2023 ​ RMB RMB US$ Prepayments for vehicles i 962,460,729 89,454,574 12,599,413 Other receivables from third parties ii 204,582,786 59,479,262 8,377,479 Deposits held by third parties ​ 77,096,144 17,652,693 2,486,330 Vehicles iii 53,570,863 4,720,633 664,887 Accrued input VAT/ deductible VAT input ​ 23,456,305 5,425,338 764,143 Prepaid expenses ​ 8,638,899 2,518,770 354,761 Interest receivables ​ 4,960,332 1,380,950 194,503 Others ​ ​ ​ 22,055,970 ​ 12,097,018 ​ 1,703,829 Prepayments and other current assets ​ ​ ​ 1,356,822,028 ​ 192,729,238 ​ 27,145,345 Less: iv — (114,122,430) (16,073,808) Prepayments and other current assets, net ​ ​ 1,356,822,028 78,606,808 11,071,537 (i) Prepayments for vehicles represents the prepayments to the automobile suppliers when the Company acts as a principal. (ii) Other receivables from third parties mainly represents the prepayments on behalf of the car dealer buyers when the Company acts as an agent in the automobile trading business. (iii) Inventory of the vehicles is stated at the lower of cost or net realizable value. Inventory cost is determined by specific identification. Net realizable value is the estimated selling price less costs to complete, dispose and transport the vehicles. For the years ended December 31, 2022 and 2023, the Company accrued impairment of RMB nil and RMB 1,112,890 (US $156,747 ), respectively for inventory. (iv) Allowance for prepayments and other current assets mainly relates to note i and ii. As some automobile suppliers either had cash flow constraints due to poor operations or ceased operation, the Company provided an impairment of RMB 114,122,430 (US $16,073,808 ) for amounts not expected to be recovered in the future after evaluating their operating and financial conditions.
Schedule of movements in the allowance for prepayments and other current assets	​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 ​ RMB US$ Balance as of January 1 — — Adjustment due to the adoption of ASC 326 1,218,411 171,610 Additions 112,904,019 15,902,198 Balance as of December 31 114,122,430 16,073,808 ​

PROPERTY AND EQUIPMENT, NET (Ta

PROPERTY AND EQUIPMENT, NET (Tables)	12 Months Ended
	Dec. 31, 2023
PROPERTY AND EQUIPMENT, NET
Schedule of property and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2022 ​ 2023 ​ RMB RMB US$ Office and electronic equipment 26,218,343 21,073,385 2,968,124 Leasehold improvements 14,104,497 14,254,811 2,007,748 Motor vehicles 1,885,725 1,607,517 226,414 Property and equipment, gross 42,208,565 36,935,713 5,202,286 Less accumulated depreciation 27,518,577 28,696,676 4,041,842 Property and equipment, net 14,689,988 8,239,037 1,160,444

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2023
INTANGIBLE ASSETS
Schedule of intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2022 ​ 2023 ​ RMB RMB US$ Finite-lived intangible asset: Software 9,440,222 10,685,216 1,504,981 Less: Accumulated amortization (4,213,847) (5,403,527) (761,071) Total finite-lived intangible asset 5,226,375 5,281,689 743,910 Indefinite-lived intangible asset: License* 43,091,503 43,091,503 6,069,312 Total infinite-lived intangible asset 43,091,503 43,091,503 6,069,312 Total intangible asset 48,317,878 48,373,192 6,813,222 *
Schedule of estimated aggregate amortization expenses for each of the five succeeding fiscal years	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2024 ​ 2025 ​ 2026 ​ 2027 ​ 2028 ​ RMB RMB RMB RMB RMB Software 699,819 689,347 685,737 626,926 575,533 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ US$ US$ US$ US$ US$ Software 98,567 97,092 96,584 88,301 81,062

SHORT-TERM AND LONG-TERM DEBTS

SHORT-TERM AND LONG-TERM DEBTS (Tables)	12 Months Ended
	Dec. 31, 2023
SHORT-TERM AND LONG-TERM DEBTS.
Summary of short-term debts	​ ​ ​ ​ ​ ​ ​ ​ Name Fixed annual rate (%) Term As of December 31, 2022 ​ ​ ​ ​ RMB Short-term borrowings 1.45%-5.25 % 1‑12 months 349,299,134 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Name ​ Fixed annual rate (%) ​ Term ​ As of December 31, 2023 ​ RMB US$ Short-term borrowings 1.50%-3.44 % 1‑12 months 39,071,500 5,503,106
Summary of long-term debts	​ ​ ​ ​ ​ ​ ​ ​ Name Fixed annual rate (%) Term As of December 31, 2022 ​ ​ ​ ​ RMB Co-financing debt payables (i) ​ 5.50%-6.60 % 24 36 ​ 361,120,106 Long-term borrowings ​ 4.45%-6.50 % 20 36 ​ 279,892,587 ​ ​ ​ ​ 641,012,693 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Name ​ Fixed annual rate (%) ​ Term ​ As of December 31, 2023 ​ RMB US$ Co-financing debt payables (i) 5.50%-6.60 % 24 36 1,638,260 230,744 (i)
Summary of contractual obligations of long-term debts	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Payment due by period ​ Less than 1 year 1 - 2 years 2 -3 years Total As of December 31, 2022 (RMB) Long-term debts – non-current portion 4,086,053 76,963,214 681,629 81,730,896 As of December 31, 2023 (RMB) ​ ​ ​ ​ Long-term debts – non-current portion 46,994 759,016 — 806,010 As of December 31, 2023 (US$) ​ ​ ​ ​ Long-term debts – non-current portion 6,619 106,905 — 113,524 ​

ACCRUED EXPENSES AND OTHER CU_2

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2023
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Summary of accrued expenses and other current liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ ​ ​ 2022 ​ 2023 ​ Notes RMB RMB US$ Payable to financial institutions ​ ​ 38,523,830 50,056,062 7,050,249 Short-term contract liability (net of tax) ​ 422,429,761 35,401,160 4,986,149 Payable to dealers and suppliers ​ 25,044,619 23,795,146 3,351,476 Deposit due to third-parties ​ ​ 45,333,662 22,703,569 3,197,731 Customer advances i ​ 142,673,140 16,703,709 2,352,668 Payable to employees ​ ​ 9,627,567 10,705,546 1,507,845 Other tax payables ​ ​ 9,575,306 7,469,996 1,052,127 Accrued professional service fees ​ ​ 5,198,272 4,285,000 603,530 Accrued output value-added tax ​ ​ 35,757,905 1,800,204 253,553 Notes payable ii ​ 123,436,000 — — Interest payable ​ ​ 1,040,927 — — Others ​ ​ 32,195,710 33,957,234 4,782,776 ​ ​ ​ 890,836,699 206,877,626 29,138,104 (i) Customer advances relate to automobile customer’s deposit balances that are paid to secure the automobiles before a purchase contract is executed. (ii) In the ordinary course of business, the Company uses non-interest bearing bank acceptance drafts to settle payment with the automobile suppliers. The balance of restricted cash deposited as collateral for such notes payable was RMB 136,671,970 and RMB nil (US$ nil ) as of December 31, 2022 and 2023, respectively. The aggregate amounts of unused lines of credit for notes payable were RMB 597 million and RMB nil (US$ nil ) as of December 31, 2022 and 2023, respectively.

RISK ASSURANCE LIABILITIES (Tab

RISK ASSURANCE LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2023
RISK ASSURANCE LIABILITIES
Schedule of movement of risk assurance liabilities	​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2022 ​ RMB Balance at the beginning of the year ​ 699,022,914 Fair value of risk assurance liabilities upon the inception of new loans ​ 45,521,150 Performed risk assurance liabilities ​ (642,104,046) Net loss on risk assurance liabilities 299,863,403 Balance at the end of the year 402,303,421
Schedule of deferred guarantee income and contingent risk assurance liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2023 ​ ​ Deferred guarantee income ​ Contingent risk assurance liabilities ​ RMB US$ RMB US$ Balance at the beginning of the year ​ 298,306,038 42,015,526 103,997,383 14,647,725 Adjustment due to the adoption of ASC 326 ​ — — 302,406,744 42,593,099 Fair value of risk assurance liabilities upon the inception of new loans ​ 34,006 4,790 — — Performed risk assurance liabilities ​ — — (306,894,746) ​ (43,225,221) Net loss on contingent risk assurance liabilities ​ — — 25,631,610 3,610,137 Recognized as guarantee income ​ (212,121,156) ​ (29,876,640) ​ — — Balance at the end of the year ​ 86,218,888 12,143,676 125,140,991 17,625,740

LEASE (Tables)

LEASE (Tables)	12 Months Ended
	Dec. 31, 2023
LEASE
Summary of supplemental cash flow information related to operating leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2023 ​ RMB RMB US$ Cash payments for operating leases ​ 15,480,126 ​ 16,620,421 ​ 2,340,937 Operating ROU assets obtained in exchange for new operating lease liabilities 5,068,377 ​ 512,608 72,199 Operating ROU assets released in exchange for operating lease liabilities 2,023,201 ​ 23,300,165 3,281,760
Schedule of future minimum lease payments under non-cancelable operating lease agreements	​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 ​ ​ RMB US$ 1 year (Including 1 year) ​ 8,814,068 ​ 1,241,436 1 year to 2 years (Including 2 years) ​ 9,079,002 ​ 1,278,751 2 years to 3 years (Including 3 years) ​ 8,973,055 ​ 1,263,828 3 years to 4 years (Including 4 years) ​ 9,722,110 ​ 1,369,331 4 years to 5 years (Including 5 years) ​ 9,909,374 ​ 1,395,706 Over 5 years ​ 13,542,624 ​ 1,907,439 Total lease payments ​ 60,040,233 ​ 8,456,491 ​ ​ ​ ​ ​ Less: imputed interest 10,208,418 1,437,826 Present value of lease liabilities 49,831,815 7,018,665 ​

COST OF REVENUE (Tables)

COST OF REVENUE (Tables)	12 Months Ended
	Dec. 31, 2023
COST OF REVENUE.
Schedule of cost of revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ ​ 2021 ​ 2022 ​ 2023 ​ RMB RMB RMB US$ Cost of vehicle ​ 2,210,715,054 ​ 1,580,778,797 ​ 1,294,946,115 ​ 182,389,346 Staff cost ​ 105,771,335 ​ 105,613,337 ​ 87,602,016 ​ 12,338,486 Outsourcing fee ​ 253,845 ​ 10,475,145 ​ 32,241,232 ​ 4,541,083 Leasing interest expense* 119,692,726 61,128,565 13,016,727 1,833,368 Commission to car dealerships 375,702,902 26,756,550 — — Staff incentive 61,894,967 — — — Others 83,979,043 45,337,379 84,057,025 11,839,183 ​ 2,958,009,872 1,830,089,773 1,511,863,115 212,941,466 * Leasing interest expense refers to interest expense on borrowings by the Company that are directly used to fund finance lease receivables.

NET (LOSS) GAIN ON EQUITY SEC_2

NET (LOSS) GAIN ON EQUITY SECURITIES (Tables)	12 Months Ended
	Dec. 31, 2023
NET (LOSS) GAIN ON EQUITY SECURITIES
Schedule of net (loss) gain on equity securities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ ​ 2021 ​ 2022 ​ 2023 ​ RMB RMB RMB US$ Unrealized gain on equity securities still held at the reporting date ​ 45,804,034 ​ — ​ — ​ — Net realized (loss) gain on equity securities during the period ​ (58,795,556) ​ (9,810,585) ​ 24,093,019 ​ 3,393,431 Net (loss) gains on equity securities (12,991,522) (9,810,585) 24,093,019 3,393,431 ​

OTHER INCOME (Tables)

OTHER INCOME (Tables)	12 Months Ended
	Dec. 31, 2023
OTHER INCOME.
Schedule of other income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ ​ 2021 ​ 2022 ​ 2023 ​ RMB RMB RMB US$ Government subsidy 35,384,908 15,321,092 22,113,917 3,114,680 Others 6,526,681 36,745,626 8,587,934 1,209,585 ​ 41,911,589 52,066,718 30,701,851 4,324,265 ​

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2023
INCOME TAXES
Schedule of net income (loss) before income taxes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ ​ 2021 ​ 2022 ​ 2023 ​ RMB RMB RMB US$ Cayman Islands ​ (37,599,025) ​ 28,219,345 ​ 55,064,996 ​ 7,755,742 Hong Kong ​ (14,883,394) ​ (16,096,157) ​ (7,637,919) ​ (1,075,778) China 64,790,713 (886,634,531) 8,156,352 1,148,798 Net income (loss) before income taxes 12,308,294 (874,511,343) 55,583,429 7,828,762
Summary of current and deferred component of income tax expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ ​ 2021 ​ 2022 ​ 2023 ​ RMB RMB RMB US$ Current income tax expense (benefit) ​ 603,765,914 ​ (134,629,133) ​ 3,921,820 ​ 552,376 Deferred income tax (benefit) expense ​ (582,913,268) ​ 371,325,673 ​ 89,534,883 ​ 12,610,725 Total income tax expense 20,852,646 236,696,540 93,456,703 13,163,101
Summary of principal components of deferred tax assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ ​ 2022 ​ 2023 ​ RMB RMB US$ Non-current deferred tax assets ​ ​ ​ Risk assurance liabilities ​ 361,992,619 ​ 375,019,011 ​ 52,820,323 Provision for credit losses 255,231,296 202,046,834 28,457,701 Short-term and long-term lease liabilities 20,181,689 11,788,736 1,660,409 Customer advances 5,136,587 5,191,296 731,180 Net operating loss carry-forward 67,815,707 19,790,529 2,787,438 Less: valuation allowance (447,965,176) (539,109,605) (75,932,000) Non-current deferred tax assets, net 262,392,722 74,726,801 10,525,051 Non-current deferred tax liabilities ​ ​ ​ Acquisition of insurance brokerage license (10,724,126) (10,724,126) (1,510,462) Unrealized gain on long-term investment (11,009,130) (11,009,130) (1,550,604) Contract assets (168,704,122) (51,928,935) (7,314,038) Operating lease right-of-use assets (20,181,689) (11,788,736) (1,660,409) Others (7) (7) (1) Non-current deferred tax liabilities (210,619,074) (85,450,934) (12,035,514)
Summary of reconciliation of income before the provision of income taxes and actual provision for income taxes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ ​ 2021 ​ 2022 ​ 2023 ​ RMB RMB RMB US$ Income (loss) before provision of income tax ​ 12,308,294 ​ (874,511,343) ​ 55,583,429 ​ 7,828,762 PRC statutory income tax rate ​ 25 % 25 % 25 % 25 % Income tax at statutory tax rate 3,077,074 (218,627,836) 13,895,857 1,957,191 ​ Tax rate differential 5,070,813 (6,593,155) (16,505,297) (2,324,722) ​ Over-accrued EIT for previous years — (2,025,370) (2,401,420) (338,233) ​ Impact of tax rate change — (878,656) — — ​ Non-deductible expenses 19,443,641 41,193,294 20,493,185 2,886,405 ​ Research and development super-deduction (10,177,551) (7,943,499) — — ​ Impairment loss for goodwill not deductible for tax purposes ​ — ​ — ​ 37,164,493 ​ 5,234,509 ​ Non-taxable income — (382,978) (1,550,421) (218,372) ​ Change in valuation allowance 9,894,006 433,465,580 42,360,306 5,966,323 ​ Withholding tax (6,455,337) (1,510,840) — — ​ Income tax expenses 20,852,646 236,696,540 93,456,703 13,163,101 ​

LOSSES PER SHARE ("EPS") (Table

LOSSES PER SHARE ("EPS") (Tables)	12 Months Ended
	Dec. 31, 2023
LOSSES PER SHARE ("EPS")
Summary of computation of basic and diluted net income per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ ​ 2021 ​ 2022 ​ 2023 ​ ​ Class A ​ Class B ​ Class A ​ Class B ​ ​ ​ ​ ​ ​ ​ ​ Basic EPS: ​ Ordinary Shares ​ Ordinary Shares ​ Ordinary Shares ​ Ordinary Shares ​ Class A Ordinary Shares ​ Class B Ordinary Shares ​ RMB RMB RMB RMB RMB US$ RMB US$ Numerator: ​ ​ ​ ​ ​ ​ ​ ​ Net loss attributable to Cango Inc’s shareholders (6,374,737) (2,169,615) (815,323,647) (295,884,236) (26,501,163) (3,732,611) (11,372,111) (1,601,728) Denominator: ​ ​ ​ ​ ​ ​ ​ ​ Number of shares used for Basic EPS computation (millions of shares) 216.28 73.61 201.10 72.98 170.07 170.07 72.98 72.98 Basic EPS (0.03) (0.03) (4.05) (4.05) (0.16) (0.02) (0.16) (0.02) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ ​ 2021 ​ 2022 ​ 2023 ​ ​ Class A ​ Class B ​ Class A ​ Class B ​ ​ ​ ​ ​ ​ ​ ​ Diluted EPS: ​ Ordinary Shares ​ Ordinary Shares ​ Ordinary Shares ​ Ordinary Shares ​ Class A Ordinary Shares ​ Class B Ordinary Shares ​ RMB RMB RMB RMB RMB US$ RMB US$ Numerator: ​ ​ ​ ​ ​ ​ ​ ​ Net loss attributable to ordinary shareholders (6,374,737) (2,169,615) (815,323,647) (295,884,236) (26,501,163) (3,732,611) (11,372,111) (1,601,728) Reallocation of net income as a result of conversion of Class B to Class A shares (2,169,615) — (295,884,236) — (11,372,111) (1,601,728) — — Net loss attributable to ordinary shareholders for diluted EPS (8,544,352) (2,169,615) (1,111,207,883) (295,884,236) (37,873,274) (5,334,339) (11,372,111) (1,601,728) Denominator: (millions of shares) ​ ​ ​ ​ ​ Number of shares used for basic EPS computation 216.28 73.61 201.10 72.98 170.07 170.07 72.98 72.98 Weighted average effect of dilutive securities: ​ ​ ​ ​ ​ Conversion of Class B to Class A ordinary shares 73.61 — 72.98 — 72.98 72.98 — — Number of shares used for diluted EPS computation 289.89 73.61 274.08 72.98 243.05 243.05 72.98 72.98 Diluted EPS (0.03) (0.03) (4.05) (4.05) (0.16) (0.02) (0.16) (0.02) Earnings (losses) per share – ADS: ​ ​ ​ Denominator used for earnings per ADS – basic 108.14 ​ 100.55 ​ ​ 85.04 85.04 Denominator used for earnings per ADS – diluted 144.95 ​ 137.04 ​ ​ 121.53 121.53 Losses per ADS – basic (0.06) ​ (8.11) ​ ​ (0.31) (0.04) Losses per ADS – diluted (0.06) ​ (8.11) ​ ​ (0.31) (0.04) ​

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Dec. 31, 2023
FAIR VALUE MEASUREMENTS
Summary of financial assets and financial liabilities measured and recorded at fair value on recurring basis	The following table summarizes the Company’s financial assets and financial liabilities measured and recorded at fair value on recurring basis as of December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 ​ ​ ​ ​ Observable ​ Non-observable ​ ​ ​ ​ Active market ​ input ​ input ​ ​ ​ ​ (Level 1) ​ (Level 2) ​ (Level 3) ​ Total ​ RMB RMB RMB RMB Asset: ​ ​ ​ ​ Short-term investment — 1,941,432,848 — 1,941,432,848 The following table summarizes the Company’s financial assets and financial liabilities measured and recorded at fair value on recurring basis as of December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2023 ​ ​ ​ ​ Observable ​ Non-observable ​ ​ ​ ​ Active market ​ input ​ input ​ ​ ​ ​ (Level 1) ​ (Level 2) ​ (Level 3) ​ Total ​ RMB RMB RMB RMB Asset: ​ ​ ​ ​ Short-term investment 253,865 635,039,118 — 635,292,983 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2023 ​ ​ ​ ​ Observable ​ Non-observable ​ ​ ​ ​ Active market ​ input ​ input ​ ​ ​ ​ (Level 1) ​ (Level 2) ​ (Level 3) ​ Total ​ US$ US$ US$ US$ Assets: ​ ​ ​ ​ Short-term investment 35,756 89,443,389 — 89,479,145 ​

Share-based Compensation (Table

Share-based Compensation (Tables)	12 Months Ended
	Dec. 31, 2023
SHARE-BASED COMPENSATION
Schedule of assumptions used to value the share options granted to employees	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of As of As of As of As of As of As of ​ ​ May 25, 2018, ​ February 15, 2019, ​ October 15, 2020, ​ May 1, 2021, ​ June 16, 2022, ​ August 1, 2022, ​ August 1, 2022, ​ ​ (date of ​ (date of ​ (date of ​ (date of ​ (date of ​ (date of ​ (date of ​ ​ inception) ​ inception) ​ inception) ​ inception) ​ inception) ​ inception) ​ inception) ​ ​ Batch 1 ​ Batch 2 ​ Batch 3 ​ Batch 4 ​ ​ ​ Batch 5‑1 ​ Batch 5‑2 Risk-free interest rate (%) ​ 2.93 ​ 2.66 ​ 0.74 ​ 0.74 ​ 3.20 ​ 2.59 ​ 2.59 Volatility (%) ​ 38.70 ​ 38.70 ​ 37.60 ​ 38.00 ​ 47.80 ​ 48.10 ​ 48.10 Expected exercise multiple ​ 2.80 ​ 2.30 ​ 2.30 ​ 2.30 ​ 2.80 ​ 2.80 ​ 2.20 Dividend yield Nil Nil Nil Nil Nil Nil Nil Expected life (in years) 10.00 10.00 10.00 10.00 10.00 10.00 10.00 Exercise price (US$) 1.7951 1.7951 1.7951 1.2951 0.7951 0.7951 0.7951 Fair value of ordinary shares (RMB) 37.82 26.80 19.03 21.72 10.52 8.66 8.66
Summary of option activity under the ESOP	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average Aggregate ​ ​ Number of Weighted average ​ Grant date ​ Intrinsic ​ options exercise price fair value Value ​ ​ ​ ​ RMB ​ RMB ​ RMB Balance, December 31, 2020 ​ 18,510,727 ​ 12 ​ 26 ​ Granted ​ 8,454,422 ​ 8 ​ 22 ​ Exercised ​ (737,228) ​ 11 ​ 30 ​ 13,715,140 Forfeited ​ (281,151) ​ 9 ​ 22 ​ Balance, December 31, 2021 ​ 25,946,770 ​ 8 ​ 25 ​ Granted ​ 13,613,000 ​ 5 ​ 10 ​ Exercised (1,817,288) 4 25 5,086,872 Forfeited (1,687,224) 6 20 Balance, December 31, 2022 36,055,258 2 20 Granted — — — Exercised (1,285,640) 2 22 2,708,085 Forfeited (856,922) 2 9 Balance, December 31, 2023 33,912,696 2 20 Vested or expected to vest at December 31, 2023 33,354,223 2 ​ 50,890,823 Exercisable at December 31, 2023 26,599,071 2 ​ 40,584,025
Summary of allocated share-based compensation expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ ​ 2021 ​ 2022 ​ 2023 ​ RMB RMB RMB US$ Cost of revenue ​ 4,927,484 ​ 4,160,056 ​ 2,187,338 ​ 308,080 Sales and marketing ​ 15,311,101 ​ 14,691,410 ​ 7,715,989 ​ 1,086,774 General and administrative 63,035,444 135,888,877 26,831,755 3,779,174 Research and development 4,360,806 3,782,177 1,755,431 247,247 ​ 87,634,835 158,522,520 38,490,513 5,421,275 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

CONDENSED FINANCIAL INFORMATI_2

CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY (Tables)	12 Months Ended
	Dec. 31, 2023
Condensed Balance Sheet Statements, Captions [Line Items]
Schedule of condensed balance sheets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2022 ​ 2023 ​ ​ RMB ​ RMB ​ US$ Cash and cash equivalents 268,621,701 293,424,298 41,327,948 Other current assets 3,717,898,668 2,252,537,952 317,263,335 Total current assets 3,986,520,369 2,545,962,250 358,591,283 Finance lease receivables—non-current 260,049,967 36,426,617 5,130,582 Other non-current assets 1,246,816,149 727,442,480 102,458,130 Total non-current assets 1,506,866,116 763,869,097 107,588,712 Total assets 5,493,386,485 3,309,831,347 466,179,995 Short-term debts 349,299,134 39,071,500 5,503,106 Other current liabilities 1,861,808,449 415,702,064 58,550,411 Total current liabilities 2,211,107,583 454,773,564 64,053,517 Long-term debts 75,869,353 712,023 100,286 Other non-current liabilities 86,138,152 53,137,238 7,484,223 Total non-current liabilities 162,007,505 53,849,261 7,584,509 Total liabilities 2,373,115,088 508,622,825 71,638,026
Schedule of condensed statements of cash flows	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ ​ 2021 ​ 2022 ​ 2023 ​ RMB RMB RMB US$ Net cash (used in) provided by operating activities (374,886,851) (599,053,407) 969,040,392 136,486,485 Net cash provided by investing activities ​ 744,832,757 ​ 1,084,633,210 ​ 1,369,020,741 ​ 192,822,539 Net cash used in financing activities ​ (554,832,190) ​ (1,020,359,284) ​ (949,602,067) ​ (133,748,654) Effect of exchange rate changes on cash, cash equivalents and restricted cash (55,087) 175,763 — — ​
Parent Company
Condensed Balance Sheet Statements, Captions [Line Items]
Schedule of condensed balance sheets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2022 ​ 2023 ​ RMB RMB US$ ASSETS ​ ​ ​ Current assets ​ ​ ​ Cash and cash equivalents ​ 85,823,048 ​ 681,383,135 ​ 95,970,807 Short-term investments ​ 1,149,961,626 ​ 366,279,947 ​ 51,589,452 Short-term amounts due from subsidiaries (other than WFOE) ​ 402,663,708 ​ 423,884,645 ​ 59,702,904 Other current assets ​ 4,395,552 ​ 378,978 ​ 53,378 Total Current assets 1,642,843,934 1,471,926,705 207,316,541 Non-current assets ​ ​ Investments in subsidiaries 54,820,009 50,291,278 7,083,378 Contractual interest in the VIEs and VIEs’ subsidiaries* 2,978,731,315 2,616,728,505 368,558,501 Total non-current assets 3,033,551,324 2,667,019,783 375,641,879 Total assets 4,676,395,258 4,138,946,488 582,958,420 LIABILITIES ​ ​ Current liabilities ​ ​ Short-term amounts due to subsidiaries (other than WFOE) 34,502,715 — — Other current liabilities 319,983,531 321,969,994 45,348,525 Total current liabilities 354,486,246 321,969,994 45,348,525 Other non-current liabilities 7 7 1 Total non-current liabilities 7 7 1 Total liabilities 354,486,253 321,970,001 45,348,526 Shareholders’ equity ​ ​ Class A Ordinary shares (par value of US$0.0001 per share; 420,674,280 shares authorized as of December 31, 2022 and 2023, respectively; 229,831,213 shares issued and 196,605,493 shares outstanding as of December 31, 2022; 229,831,213 shares issued and 144,857,131 shares outstanding as of December 31, 2023) 154,483 154,483 21,758 Class B Ordinary shares (par value of US$0.0001 per share; 79,325,720 shares authorized as of December 31, 2022 and 2023, respectively; 72,978,677 shares issued and outstanding as of December 31, 2022; 72,978,677 shares issued and outstanding as of December 31, 2023) 49,777 49,777 7,011 Treasury shares (559,005,216) (773,130,748) (108,893,188) Additional paid-in capital 4,805,240,472 4,813,679,585 677,992,589 Accumulated other comprehensive income 66,359,902 111,849,166 15,753,626 Retained earnings (accumulated deficit) 9,109,587 (335,625,776) (47,271,902) Total shareholders’ equity 4,321,909,005 3,816,976,487 537,609,894 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 4,676,395,258 4,138,946,488 582,958,420 * It represents the primary beneficiary’s share of income or loss generated from the VIEs and their subsidiaries.
Schedule of condensed statements of comprehensive (loss) income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ ​ 2021 ​ 2022 ​ 2023 ​ RMB RMB RMB US$ General and administrative ​ (10,079,685) ​ (7,443,140) ​ (6,797,975) ​ (957,475) Interest income ​ 4,440,117 ​ 26,502,229 ​ 56,622,110 ​ 7,975,057 Foreign exchange loss (390,858) (411,971) (178,578) (25,152) Net loss on equity securities (27,278,116) (14,671,470) (49,125) (6,919) Net recovery on provision for credit losses ​ — ​ — ​ 362,724 ​ 51,089 Share of loss of subsidiaries (15,118,076) (9,705,617) (5,407,894) (761,686) Contractual interests in the VIEs and VIEs’ subsidiaries* 37,717,412 (1,131,232,451) (87,530,375) (12,328,395) Other income 1,928,027 24,251,883 5,105,839 719,142 Other expense (6,218,510) (8,186) — — Net loss before income taxes (14,999,689) (1,112,718,723) (37,873,274) (5,334,339) Income tax expense 6,455,337 1,510,840 — — Net loss (8,544,352) (1,111,207,883) (37,873,274) (5,334,339) Other comprehensive (loss) income, net of tax (72,130,683) 253,877,012 45,489,264 6,407,029 Total comprehensive (loss) income, net of tax (80,675,035) (857,330,871) 7,615,990 1,072,690 ​ ​ ​ ​ ​ ​ ​ ​ ​ * It represents the primary beneficiary’s share of income or loss generated from the VIEs and their subsidiaries.
Schedule of condensed statements of cash flows	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ ​ 2021 ​ 2022 ​ 2023 ​ RMB RMB RMB US$ Net loss ​ (8,544,352) ​ (1,111,207,883) ​ (37,873,274) ​ (5,334,339) Net loss on equity securities ​ 27,278,116 ​ 14,671,470 ​ 49,125 ​ 6,919 Net recovery on provision for credit losses ​ — ​ — ​ (362,724) ​ (51,089) Share of loss of subsidiaries 15,118,076 9,705,617 5,407,894 761,686 Contractual interests in the VIEs and VIEs’ subsidiaries* (37,717,412) 1,131,232,451 87,530,375 12,328,395 Changes in operating assets and liabilities (6,320,138) (182,850) 6,050,188 852,154 Net cash (used in) provided by operating activities (10,185,710) 44,218,805 60,801,584 8,563,726 Net cash provided by investing activities 2,150,227,042 1,028,108,135 739,237,782 104,119,463 Net cash used in financing activities (1,391,602,116) (1,969,849,465) (244,176,932) (34,391,602) Effect of exchange rate changes on cash and cash equivalents and restricted cash (5,443,535) 125,457,077 39,697,653 5,591,297 Net increase (decrease) in cash and cash equivalents and restricted cash 742,995,681 (772,065,448) 595,560,087 83,882,884 Cash and cash equivalents and restricted cash at beginning of the year 114,892,815 857,888,496 85,823,048 12,087,923 Cash and cash equivalents and restricted cash at end of the year 857,888,496 85,823,048 681,383,135 95,970,807 * It represents the primary beneficiary’s share of income or loss generated from the VIEs and their subsidiaries.

ORGANIZATION - Summary of Compa

ORGANIZATION - Summary of Company's Subsidiaries and VIE (Details)	12 Months Ended
	Dec. 31, 2023
Subsidiary or Equity Method Investee [Line Items]
Place of incorporation	E9
Shanghai Cango Investment and Management Consultation Service Co., Ltd.
Subsidiary or Equity Method Investee [Line Items]
Date of incorporation	Aug. 30, 2010
Place of incorporation	F4
Percentage of legal ownership by the Company	0%
Principal activities	Provision of automotive financing facilitation, automobile trading transaction and aftermarket service facilitation.
Shanghai Yunguhaoche Electronic Technology Co., Ltd.
Subsidiary or Equity Method Investee [Line Items]
Date of incorporation	Mar. 15, 2022
Place of incorporation	F4
Percentage of legal ownership by the Company	0%
Principal activities	Provision of automobile trading transaction.
Cango Group Limited
Subsidiary or Equity Method Investee [Line Items]
Date of incorporation	Oct. 31, 2017
Place of incorporation	K3
Percentage held by minority ownership interest	100%
Principal activities	Investment holding
Express Group Development Limited
Subsidiary or Equity Method Investee [Line Items]
Date of incorporation	Jun. 30, 2016
Place of incorporation	K3
Percentage held by minority ownership interest	100%
Principal activities	Investment holding
Can Gu Long (Shanghai) Information Technology Consultation Service Co., Ltd.
Subsidiary or Equity Method Investee [Line Items]
Date of incorporation	Jan. 25, 2018
Place of incorporation	F4
Percentage held by minority ownership interest	100%
Principal activities	Investment holding

ORGANIZATION - Summary of Asset

ORGANIZATION - Summary of Assets and Liabilities of VIE's in Consolidated Balance Sheets (Details)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
ORGANIZATION
Cash and cash equivalents	¥ 1,020,604,191	$ 143,749,094	¥ 378,917,318	¥ 1,434,806,922
Other current assets	12,097,018	1,703,829	22,055,970
Total current assets	3,884,019,494	547,052,704	5,470,343,990
Finance lease receivables-non-current	36,426,617	5,130,582	260,049,967
Other non-current assets	4,705,544	662,762	6,633,517
Total non-current assets	764,590,520	107,690,323	1,545,908,343
Total assets	4,648,610,014	654,743,027	7,016,252,333
Short-term debts	39,071,500	5,503,106	349,299,134
Other current liabilities	33,957,234	4,782,776	32,195,710
Total current liabilities	777,742,901	109,542,797	2,530,902,347
Long-term debts	712,023	100,286	75,869,353
Other non-current liabilities	226,035	31,836	314,287
Total non-current liabilities	53,890,626	7,590,336	163,440,981
Total liabilities	831,633,527	117,133,133	2,694,343,328
Consolidated VIE
ORGANIZATION
Cash and cash equivalents	293,424,298	41,327,948	268,621,701
Other current assets	2,252,537,952	317,263,335	3,717,898,668
Total current assets	2,545,962,250	358,591,283	3,986,520,369
Finance lease receivables-non-current	36,426,617	5,130,582	260,049,967
Other non-current assets	727,442,480	102,458,130	1,246,816,149
Total non-current assets	763,869,097	107,588,712	1,506,866,116
Total assets	3,309,831,347	466,179,995	5,493,386,485
Short-term debts	39,071,500	5,503,106	349,299,134
Other current liabilities	415,702,064	58,550,411	1,861,808,449
Total current liabilities	454,773,564	64,053,517	2,211,107,583
Long-term debts	712,023	100,286	75,869,353
Other non-current liabilities	53,137,238	7,484,223	86,138,152
Total non-current liabilities	53,849,261	7,584,509	162,007,505
Total liabilities	¥ 508,622,825	$ 71,638,026	¥ 2,373,115,088

ORGANIZATION - Additional Infor

ORGANIZATION - Additional Information (Details)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
ORGANIZATION
Restricted cash	¥ 0	$ 0	¥ 136,671,970
Finance lease receivables	236,886,052	33,364,703	1,059,488,623
VIE's net asset balance	2,801,208,522	394,541,968	3,120,271,397
Assets pledged as collateral
ORGANIZATION
Finance lease receivables	¥ 0	$ 0	¥ 360,725,648

ORGANIZATION - Summary of Opera

ORGANIZATION - Summary of Operations of VIE Included in Consolidated Statements of Comprehensive Income (loss) (Details)	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
ORGANIZATION
Net income (loss)	¥ (37,873,274)	$ (5,334,339)	¥ (1,111,207,883)	¥ (8,544,352)
Consolidated VIE
ORGANIZATION
Revenues	1,701,876,288	239,704,262	1,980,415,725	3,921,688,104
Net income (loss)	¥ (87,530,375)	$ (12,328,395)	¥ (1,131,232,450)	¥ 37,717,411

ORGANIZATION - Summary of Cash

ORGANIZATION - Summary of Cash Flows of VIE Included in Consolidated Statements of Cash Flows (Details)	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
ORGANIZATION
Net cash (used in) provided by operating activities	¥ 1,026,026,460	$ 144,512,804	¥ (567,385,052)	¥ (404,390,831)
Net cash provided by investing activities	2,124,698,277	299,257,494	1,959,528,803	2,661,222,986
Net cash used in financing activities	(1,193,778,999)	(168,140,255)	(2,990,208,748)	(1,946,434,308)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	48,897,458	6,887,063	270,267,366	(15,008,806)
Consolidated VIE
ORGANIZATION
Net cash (used in) provided by operating activities	969,040,392	136,486,485	(599,053,407)	(374,886,851)
Net cash provided by investing activities	1,369,020,741	192,822,539	1,084,633,210	744,832,757
Net cash used in financing activities	¥ (949,602,067)	$ (133,748,654)	(1,020,359,284)	(554,832,190)
Effect of exchange rate changes on cash, cash equivalents and restricted cash			¥ 175,763	¥ (55,087)

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥) $ / ¥	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 USD ($) $ / ¥	Dec. 31, 2023 HKD ($) $ / ¥	Jan. 01, 2023 CNY (¥)	Jan. 01, 2023 USD ($)	Dec. 31, 2022 USD ($)
Post origination administrative services revenue	¥ 14,093,321	$ 1,985,003	¥ 23,411,975	¥ 41,561,564
Impairment loss from goodwill	148,657,971	20,938,037	0
Restricted cash	14,334,937		152,688,510	61,293,114	$ 2,019,034
Restricted cash and investments, current	1,670,006,785		0		235,215,536
Contract assets	206,933,969		673,846,832		29,146,040
Unsatisfied performance obligations	331,460		1,001,890		46,685
Contract with Customer, Liability, Revenue Recognized	402,188,821	56,647,111	267,339,943
Unrealized gains (losses) on interest rate swap contracts				5,300,000
Realized gains (losses) on interest rate swap contracts			(1,162,556)	(5,346,389)
Cash and cash equivalents	1,020,604,191		378,917,318	1,434,806,922	143,749,094
Purchased price of the financing receivables	513,000,000	72,000,000	1,190,000,000
Finance lease receivables	236,886,052		1,059,488,623		33,364,703
Depreciation expense	6,670,588	939,533	5,483,032	7,926,513
Accumulated Depreciation	28,696,676		27,518,577		4,041,842
Impairment loss	0		0	0
Employee defined contribution plan expensed	40,585,827	5,716,394	60,124,007	87,227,402
VAT incurred	¥ 167,484,014		262,656,515	478,981,515	$ 23,589,630
Exchange rate | $ / ¥	7.0999				7.0999	7.0999
Contingent risk assurance liabilities	¥ 125,140,991		103,997,383		$ 17,625,740				$ 14,647,725
Finance lease receivables	12,701,391		22,171,266	32,216,759	1,788,954				3,122,758
Effect Of Exchange Rate | $		1
Retained earnings	335,625,776		(9,109,587)		47,271,902
Financing receivables, allowance	57,971,477		60,673,961	¥ 50,492,700	8,165,112
New cars
Finance lease receivables	179,326,594		895,319,860						25,257,623
Used cars
Finance lease receivables	57,559,458		164,168,763		8,107,080
Adjustment | Adoption of ASC 326
Allowance for financing receivables at acquisition date	307,000,000	$ 43,000,000
Allowance for credit loss on other assets							¥ 3,000,000	$ 400,000
Contingent risk assurance liabilities			302,406,744				302,000,000	43,000,000	$ 42,593,099
Finance lease receivables	14,540,172				2,047,940		15,000,000	2,000,000
Retained earnings							307,000,000	43,000,000
Financing receivables, allowance	54,895,541				7,731,875		¥ 14,000,000	$ 2,000,000
New cars
Financing receivables	24,200,609		55,693,049		3,408,585
Used cars
Financing receivables	5,321,426		18,124,976		749,507
Deposit Protection Scheme | China
Cash deposited in financial institutions insured by the Deposit Protection Scheme	500,000
Deposit Protection Scheme | Hong Kong
Cash deposited in financial institutions insured by the Deposit Protection Scheme | $						$ 500
Cross currency interest rate contract
Outstanding notional amount of interest rate swap contracts	0		0		$ 0
Unrealized gains (losses) on interest rate swap contracts	¥ 0		¥ 0
Customer Concentration Risk | Credit Risk | Zero customer
Percentage of revenue generated from customers	10%	10%	10%
General VAT
Applicable tax rate	6%	6%
Small Scale VAT
Applicable tax rate	3%	3%
Automobiles sector | Customer Concentration Risk | Revenue Benchmark | Automobile trading customer one
Percentage of revenue generated from customers	16.10%	16.10%	14.20%
Automobiles sector | Customer Concentration Risk | Revenue Benchmark | Automobile trading customer two
Percentage of revenue generated from customers	15.50%	15.50%	13%
Assets pledged as collateral
Cash and cash equivalents	¥ 0		¥ 0
Cash and Cash Equivalents, Pledged Status [Extensible Enumeration]	Cross currency interest rate contract		Cross currency interest rate contract		Cross currency interest rate contract	Cross currency interest rate contract			Cross currency interest rate contract
Finance lease receivables	¥ 0		¥ 360,725,648		$ 0
Assets pledged as collateral | Financial services sector
Restricted cash	597,715,354		766,893,846		84,186,447
Assets pledged as collateral | Automobiles sector
Restricted cash	¥ 0		¥ 136,671,970		$ 0
Maximum
Estimated useful life of intangible assets	10 years				10 years	10 years
Maximum | General VAT
Applicable tax rate	13%	13%
Maximum | Computer software
Estimated useful life of intangible assets	10 years				10 years	10 years
Maximum | Financial services sector | Customer Concentration Risk | Revenue Benchmark | Financial institutions customer one
Percentage of revenue generated from customers				16.80%
Maximum | Automobiles sector | Customer Concentration Risk | Revenue Benchmark | Automobile trading customer two
Percentage of revenue generated from customers	31.60%	31.60%	27.20%
Minimum
Estimated useful life of intangible assets	6 years				6 years	6 years
Minimum | Customer Concentration Risk | Revenue Benchmark | Financial institutions customer one
Percentage of revenue generated from customers				10%
Minimum | Customer Concentration Risk | Revenue Benchmark | Automobile trading customer two
Percentage of revenue generated from customers	10%	10%	10%
Minimum | General VAT
Applicable tax rate	6%	6%
Minimum | Computer software
Estimated useful life of intangible assets	6 years				6 years	6 years
Weighted average | Computer software, intangible asset
Weighted average amortization period	8 years 6 months 3 days		8 years 4 months 20 days		8 years 6 months 3 days	8 years 6 months 3 days			8 years 4 months 20 days

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Summary of Estimated Useful Lives of Class of Asset (Details)	Dec. 31, 2023
Office and electronic equipment
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Estimated Residual Value	5%
Office and electronic equipment | Minimum
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Estimated Useful Life	3 years
Office and electronic equipment | Maximum
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Estimated Useful Life	5 years
Motor vehicles
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Estimated Useful Life	4 years
Estimated Residual Value	5%
Leasehold improvements
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Estimated Useful Life	us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember
Estimated Residual Value	0%

SHORT-TERM INVESTMENTS, NET (De

SHORT-TERM INVESTMENTS, NET (Details)	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
SHORT-TERM INVESTMENTS, NET
interest income related to debt securities	¥ 79,164,929	$ 11,150,147	¥ 43,732,652	¥ 26,373,471

SHORT-TERM INVESTMENTS, NET -Su

SHORT-TERM INVESTMENTS, NET -Summary of Short Term Available For sale Products (Details)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)
Debt securities:
Held-to-maturity time deposit	¥ 635,039,118	$ 89,443,389	¥ 1,373,910,523
Equity securities:
Marketable wealth management products			567,522,325
Marketable equity securities	253,865	35,756
Less: allowance for short-term investments	(222,589)	(31,351)	0	$ 0
Total short-term investments	¥ 635,070,394	$ 89,447,794	¥ 1,941,432,848

SHORT-TERM INVESTMENTS, NET -mo

SHORT-TERM INVESTMENTS, NET -movements in the allowance for short-term investments (Details) - 12 months ended Dec. 31, 2023	CNY (¥)	USD ($)
SHORT-TERM INVESTMENTS
Beginning balance	¥ 0	$ 0
Reversal	(524,675)	(73,899)
Ending balance	222,589	31,351
Adjustment | Adoption of ASC 326
SHORT-TERM INVESTMENTS
Beginning balance	¥ 747,264	$ 105,250

ACCOUNTS RECEIVABLE, NET - Summ

ACCOUNTS RECEIVABLE, NET - Summary of Accounts receivable and the related allowance for doubtful accounts (Details)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
ACCOUNTS RECEIVABLE, NET
Accounts receivable	¥ 64,851,728	$ 9,134,174	¥ 266,836,951
Less: allowance for accounts receivable	(60,019)	(8,453)
Accounts receivable, net	¥ 64,791,709	$ 9,125,721	¥ 266,836,951

ACCOUNTS RECEIVABLE, NET- Addit

ACCOUNTS RECEIVABLE, NET- Additional Information (Details) - CNY (¥)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
ACCOUNTS RECEIVABLE, NET
Accounts receivables, written off	¥ 0	¥ 0

ACCOUNTS RECEIVABLE, NET - Move

ACCOUNTS RECEIVABLE, NET - Movement of allowance for accounts receivables (Details) - 12 months ended Dec. 31, 2023	CNY (¥)	USD ($)
ACCOUNTS RECEIVABLE, NET
Reversal	¥ (88,325)	$ (12,441)
Ending balance	60,019	8,453
Adoption of ASC 326 | Adjustment
ACCOUNTS RECEIVABLE, NET
Beginning balance	¥ 148,344	$ 20,894

GOODWILL - Summary of Goodwill

GOODWILL - Summary of Goodwill (Details)	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
GOODWILL.
Balance beginning	¥ 148,657,971	$ 20,938,037
Goodwill impaired	¥ (148,657,971)	$ (20,938,037)	¥ 0
Balance ending			¥ 148,657,971

FINANCE LEASE RECEIVABLES, NE_2

FINANCE LEASE RECEIVABLES, NET - Summary of Finance Lease Receivables (Details)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
FINANCE LEASE RECEIVABLES, NET
Finance lease receivables	¥ 263,769,086	$ 37,151,099	¥ 1,161,811,131
Add: unamortized initial direct costs	339,984	47,886	380,815
Less: unearned income	(14,521,627)	(2,045,328)	(80,532,057)
Less: allowance for finance lease receivables-collective	(12,701,391)	(1,788,954)	(22,171,266)	$ (3,122,758)	¥ (32,216,759)
Total finance lease receivables, net	236,886,052	33,364,703	1,059,488,623
Finance lease receivables-current	200,459,435	28,234,121	799,438,656
Finance lease receivables-non-current	¥ 36,426,617	$ 5,130,582	¥ 260,049,967

FINANCE LEASE RECEIVABLES, NE_3

FINANCE LEASE RECEIVABLES, NET - Summary of Future Minimum Lease Payments Receivable (Details) - Dec. 31, 2023	CNY (¥)	USD ($)
FINANCE LEASE RECEIVABLES, NET
2024	¥ 219,443,661	$ 30,907,993
2025	25,908,586	3,649,148
2026	18,167,477	2,558,836
2027	249,362	35,122
Total	¥ 263,769,086	$ 37,151,099

FINANCE LEASE RECEIVABLES, NET-

FINANCE LEASE RECEIVABLES, NET- Summary of Analysis of Aging Finance Lease Receivables Principal (Details)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
FINANCE LEASE RECEIVABLES, NET
Finance lease receivables	¥ 249,587,443	$ 35,153,657	¥ 1,081,659,889
Current
FINANCE LEASE RECEIVABLES, NET
Finance lease receivables	225,327,296	31,736,687	1,018,749,298
130 days past due
FINANCE LEASE RECEIVABLES, NET
Finance lease receivables	13,111,970	1,846,782	38,193,025
3160 days past due
FINANCE LEASE RECEIVABLES, NET
Finance lease receivables	5,372,294	756,672	9,008,588
6190 days past due
FINANCE LEASE RECEIVABLES, NET
Finance lease receivables	1,926,137	271,291	4,917,323
91120 days past due
FINANCE LEASE RECEIVABLES, NET
Finance lease receivables	1,601,385	225,550	3,545,621
121150 days past due
FINANCE LEASE RECEIVABLES, NET
Finance lease receivables	1,400,452	197,250	2,951,294
151180 days past due
FINANCE LEASE RECEIVABLES, NET
Finance lease receivables	¥ 847,909	$ 119,425	¥ 4,294,740

FINANCE LEASE RECEIVABLES, NE_4

FINANCE LEASE RECEIVABLES, NET - Summary of Movement of Allowance for Finance Lease Receivables (Details)	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Movement of allowance for finance lease receivables
Balance at the beginning of the year	¥ 22,171,266	$ 3,122,758	¥ 32,216,759
Additions/(Reversal)	(13,945,846)	(1,964,231)	51,609,763
Charge-offs	(10,064,201)	(1,417,513)	(61,655,256)
Balance at the end of the year	12,701,391	1,788,954	¥ 22,171,266
Adoption of ASC 326 | Cumulative Effect, Period of Adoption, Adjustment [Member]
Movement of allowance for finance lease receivables
Balance at the end of the year	¥ 14,540,172	$ 2,047,940

FINANCING RECEIVABLES, NET - Sc

FINANCING RECEIVABLES, NET - Schedule of Financing receivables (Details)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
ACCOUNTS RECEIVABLE, NET
Financing receivables	¥ 87,493,512	$ 12,323,204	¥ 134,491,986
Less: allowance for financing receivables	(57,971,477)	(8,165,112)	(60,673,961)	¥ (50,492,700)
Total financing receivables, net	¥ 29,522,035	$ 4,158,092	¥ 73,818,025

FINANCING RECEIVABLES, NET - _2

FINANCING RECEIVABLES, NET - Schedule of aging of Financing receivables (Details)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Financing Receivable, Recorded Investment, Past Due
Finance lease receivables	¥ 87,493,512	$ 12,323,204	¥ 134,491,986
1-30 days past due
Financing Receivable, Recorded Investment, Past Due
Finance lease receivables	725,481	102,182	738,081
31-60 days past due
Financing Receivable, Recorded Investment, Past Due
Finance lease receivables	4,855,149	683,833	6,976,959
61-90 days past due
Financing Receivable, Recorded Investment, Past Due
Finance lease receivables	12,799,478	1,802,769	19,338,704
91-120 days past due
Financing Receivable, Recorded Investment, Past Due
Finance lease receivables	22,550,528	3,176,175	34,273,898
121-150 days past due
Financing Receivable, Recorded Investment, Past Due
Finance lease receivables	23,294,975	3,281,029	35,648,683
151-180 days past due
Financing Receivable, Recorded Investment, Past Due
Finance lease receivables	¥ 23,267,901	$ 3,277,216	¥ 37,515,661

FINANCING RECEIVABLES, NET - _3

FINANCING RECEIVABLES, NET - Schedule of movement for allowance for financing receivables (Details)	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Schedule of movement for allowance for financing receivables - Roll Forward
Balance at the beginning of the year	¥ 60,673,961		¥ 50,492,700
Balance at the beginning of the year	60,673,961	$ 8,545,749
Additions			266,372,590
Write off			(256,191,329)
Reversal	(234,217,651)	(32,988,866)
Recovery	162,845,410	22,936,296
Balance at the end of the year - net basis	3,075,936	433,237	60,673,961
Balance at the end of the year - gross basis	57,971,477	8,165,112	¥ 60,673,961
Adjustment | Adoption of ASC 326
Schedule of movement for allowance for financing receivables - Roll Forward
Balance at the end of the year - net basis	13,774,216	1,940,058
Balance at the end of the year - gross basis	¥ 54,895,541	$ 7,731,875

PREPAYMENTS AND OTHER CURRENT_3

PREPAYMENTS AND OTHER CURRENT ASSETS - Summary of prepayments and other current assets (Details)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
PREPAYMENTS AND OTHER CURRENT ASSETS
Prepayments for vehicles	¥ 89,454,574	$ 12,599,413	¥ 962,460,729
Other receivables from third parties	59,479,262	8,377,479	204,582,786
Deposits held by third parties	17,652,693	2,486,330	77,096,144
Vehicles	4,720,633	664,887	53,570,863
Accrued input VAT/ deductible VAT input	5,425,338	764,143	23,456,305
Prepaid expenses	2,518,770	354,761	8,638,899
Interest receivables	1,380,950	194,503	4,960,332
Others	12,097,018	1,703,829	22,055,970
Prepayments and other current assets	192,729,238	27,145,345	1,356,822,028
Less: allowance for prepayments and other current assets	(114,122,430)	(16,073,808)	0
Prepayments and other current assets, net	¥ 78,606,808	$ 11,071,537	¥ 1,356,822,028

PREPAYMENTS AND OTHER CURRENT_4

PREPAYMENTS AND OTHER CURRENT ASSETS - Additional information (Details)	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2023 USD ($)
PREPAYMENTS AND OTHER CURRENT ASSETS
Accrued impairment	¥ 1,112,890	$ 156,747	¥ 0
Impairment	¥ 114,122,430		¥ 0	$ 16,073,808

PREPAYMENTS AND OTHER CURRENT_5

PREPAYMENTS AND OTHER CURRENT ASSETS - Movement in allowance for prepayments and other current assets (Details) - 12 months ended Dec. 31, 2023	CNY (¥)	USD ($)
PREPAYMENTS AND OTHER CURRENT ASSETS
Balance at beginning	¥ 0
Additions	112,904,019	$ 15,902,198
Balance at ending	114,122,430	16,073,808
Adjustment | Adoption of ASC 326
PREPAYMENTS AND OTHER CURRENT ASSETS
Balance at beginning	¥ 1,218,411	$ 171,610

PROPERTY AND EQUIPMENT, NET (De

PROPERTY AND EQUIPMENT, NET (Details)	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 USD ($)
Property, Plant and Equipment [Line Items]
Property and equipment, gross	¥ 36,935,713		¥ 42,208,565		$ 5,202,286
Accumulated Depreciation	28,696,676		27,518,577		4,041,842
Property and equipment, net	8,239,037		14,689,988		1,160,444
Depreciation expense	6,670,588	$ 939,533	5,483,032	¥ 7,926,513
Office and electronic equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	21,073,385		26,218,343		2,968,124
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	14,254,811		14,104,497		2,007,748
Motor vehicles
Property, Plant and Equipment [Line Items]
Property and equipment, gross	¥ 1,607,517		¥ 1,885,725		$ 226,414

INTANGIBLE ASSETS - Schedule of

INTANGIBLE ASSETS - Schedule of Intangible assets (Details)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Finite-lived intangible asset:
Software	¥ 10,685,216	$ 1,504,981	¥ 9,440,222
Less: Accumulated amortization	(5,403,527)	(761,071)	(4,213,847)
Total finite-lived intangible asset	5,281,689	743,910	5,226,375
Indefinite-lived intangible asset:
License	43,091,503	6,069,312	43,091,503
Total infinite-lived intangible asset	43,091,503	6,069,312	43,091,503
Total intangible asset	¥ 48,373,192	$ 6,813,222	¥ 48,317,878

INTANGIBLE ASSETS - Additional

INTANGIBLE ASSETS - Additional Information (Details)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Intangible assets
Amortization expenses of finite-lived intangible asset	¥ 1,189,681	$ 167,563	¥ 1,256,995	¥ 588,456
Minimum
Intangible assets
Estimated useful life of intangible assets	6 years	6 years
Maximum
Intangible assets
Estimated useful life of intangible assets	10 years	10 years

INTANGIBLE ASSETS - Schedule _2

INTANGIBLE ASSETS - Schedule of finite-lived intangible assets, future amortization expense (Details) - Dec. 31, 2023	CNY (¥)	USD ($)
INTANGIBLE ASSETS
2024	¥ 699,819	$ 98,567
2025	689,347	97,092
2026	685,737	96,584
2027	626,926	88,301
2028	¥ 575,533	$ 81,062

SHORT-TERM AND LONG-TERM DEBT_2

SHORT-TERM AND LONG-TERM DEBTS - Summary of Short-term debts (Details)	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2023 USD ($)
Short-term debts
Short-term debts	¥ 39,071,500	¥ 349,299,134	$ 5,503,106
Minimum
Short-term debts
Short-term borrowings, Fixed annual rate	1.50%	1.45%	1.50%
Short-term borrowings, Term	1	1
Maximum
Short-term debts
Short-term borrowings, Fixed annual rate	3.44%	5.25%	3.44%
Short-term borrowings, Term	12 months	12 months

SHORT-TERM AND LONG-TERM DEBT_3

SHORT-TERM AND LONG-TERM DEBTS - Summary of Long-term debts (Details)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Long-term debts
Long-term debts			¥ 641,012,693
Long Term Borrowings [Member]
Long-term debts
Long-term debts			¥ 279,892,587
Long Term Borrowings [Member] | Minimum
Long-term debts
Long-term debts, Fixed annual rate			4.45%
Long-term debts, Term			20 months
Long Term Borrowings [Member] | Maximum
Long-term debts
Long-term debts, Fixed annual rate			6.50%
Long-term debts, Term			36 months
Co-financing Debt Payables [Member]
Long-term debts
Long-term debts	¥ 1,638,260	$ 230,744	¥ 361,120,106
Co-financing Debt Payables [Member] | Minimum
Long-term debts
Long-term debts, Fixed annual rate	5.50%	5.50%	5.50%
Long-term debts, Term	24 months	24 months	24 months
Co-financing Debt Payables [Member] | Maximum
Long-term debts
Long-term debts, Fixed annual rate	6.60%	6.60%	6.60%
Long-term debts, Term	36 months	36 months	36 months

SHORT-TERM AND LONG-TERM DEBT_4

SHORT-TERM AND LONG-TERM DEBTS - Additional Information (Details)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Short-term and Long-term debts
Weighted average interest rate for outstanding debts	2.98%	2.98%	4.47%
Short-term debts	¥ 39,071,500	$ 5,503,106	¥ 349,299,134
Long term debt			641,012,693
Unused lines of credit
Short-term and Long-term debts
Short-term debts	0	0	620,000,000
Long term debt	0	0	1,244,000,000
Lease Financing
Short-term and Long-term debts
Financing lease receivables, collateralized	¥ 0	$ 0	¥ 360,725,648

SHORT-TERM AND LONG-TERM DEBT_5

SHORT-TERM AND LONG-TERM DEBTS - Summary of contractual obligations of long-term debt non-current (Details)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
SHORT-TERM AND LONG-TERM DEBTS.
Payment due by period, less than 1 year	¥ 46,994	$ 6,619	¥ 4,086,053
Payment due by period, 1 - 2 years	759,016	106,905	76,963,214
Payment due by period, 2 - 3 years			681,629
Total	¥ 806,010	$ 113,524	¥ 81,730,896

ACCRUED EXPENSES AND OTHER CU_3

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Summary of Accrued expenses and other current liabilities (Details)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Accounts payable and accrued liabilities
Payable to financial institutions	¥ 50,056,062	$ 7,050,249	¥ 38,523,830
Short-term contract liability (net of tax)	35,401,160	4,986,149	422,429,761
Payable to dealers and suppliers	23,795,146	3,351,476	25,044,619
Deposit due to third-parties	22,703,569	3,197,731	45,333,662
Customer advances	16,703,709	2,352,668	142,673,140
Other tax payables	7,469,996	1,052,127	9,575,306
Accrued professional service fees	4,285,000	603,530	5,198,272
Accrued output value-added tax	1,800,204	253,553	35,757,905
Notes payable			123,436,000
Interest payable			1,040,927
Others	33,957,234	4,782,776	32,195,710
Accrued expenses and other current liabilities	206,877,626	29,138,104	890,836,699
Restricted cash deposited as collateral for such notes payable	0	0	136,671,970
Unused lines of credit
Accounts payable and accrued liabilities
Notes payable	0	0	597,000,000
Employees
Accounts payable and accrued liabilities
Others	¥ 10,705,546	$ 1,507,845	¥ 9,627,567

RISK ASSURANCE LIABILITIES - Su

RISK ASSURANCE LIABILITIES - Summary of movement of risk assurance liabilities (Details) - CNY (¥)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
RISK ASSURANCE LIABILITIES
Balance at the beginning of the year	¥ 699,022,914
Fair value of risk assurance liabilities upon the inception of new loans	45,521,150
Performed risk assurance liabilities	(642,104,046)
Net loss on risk assurance liabilities	299,863,403	¥ 197,750,449
Balance at the end of the year	¥ 402,303,421	¥ 699,022,914

RISK ASSURANCE LIABILITIES - Ad

RISK ASSURANCE LIABILITIES - Additional information (Details)	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2023 USD ($)
RISK ASSURANCE LIABILITIES
Maximum potential undiscounted future payment under risk assurance obligation	¥ 4,855,945,998	¥ 16,506,729,778	$ 683,945,689
Minimum
RISK ASSURANCE LIABILITIES
Term of risk assurance obligation	12 months	12 months
Maximum
RISK ASSURANCE LIABILITIES
Term of risk assurance obligation	60 months	60 months

RISK ASSURANCE LIABILITIES - Sc

RISK ASSURANCE LIABILITIES - Schedule of Guarantee Income and Contingent assurance liabilities (Details) - 12 months ended Dec. 31, 2023	CNY (¥)	USD ($)
Deferred guarantee income
Balance at beginning of the year	¥ 298,306,038	$ 42,015,526
Fair value of risk assurance liabilities upon the inception of new loans	34,006	4,790
Recognized as guarantee income	(212,121,156)	(29,876,640)
Balance at ending of the year	86,218,888	12,143,676
Contingent risk assurance liabilities
Balance at the beginning of the year	103,997,383	14,647,725
Performed risk assurance liabilities	(306,894,746)	(43,225,221)
Net loss on contingent risk assurance liabilities	25,631,610	3,610,137
Balance at end of the year	125,140,991	17,625,740
Adjustment | Adoption of ASC 326
Contingent risk assurance liabilities
Balance at the beginning of the year	¥ 302,406,744	$ 42,593,099

LEASE - Summary of Supplemental

LEASE - Summary of Supplemental cash flow information related to operating leases (Details)	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
LEASE
Cash payments for operating leases	¥ 16,620,421	$ 2,340,937	¥ 15,480,126
Operating ROU assets obtained in exchange for new operating lease liabilities	512,608	72,199	5,068,377
Operating ROU assets released in exchange for operating lease liabilities	¥ 23,300,165	$ 3,281,760	¥ 2,023,201

LEASE - Summary of future minim

LEASE - Summary of future minimum lease payments under non-cancelable operating lease agreements consist (Details) - Dec. 31, 2023	CNY (¥)	USD ($)
LEASE
1 year (Including 1 year)	¥ 8,814,068	$ 1,241,436
1 year to 2 years (Including 2 years)	9,079,002	1,278,751
2 years to 3 years (Including 3 years)	8,973,055	1,263,828
3 years to 4 years (Including 4 years)	9,722,110	1,369,331
4 years to 5 years (Including 5 years)	9,909,374	1,395,706
Over 5 years	13,542,624	1,907,439
Total lease payments	60,040,233	8,456,491
Less: imputed interest	(10,208,418)	(1,437,826)
Present value of lease liabilities	¥ 49,831,815	$ 7,018,665

LEASE - Additional information

LEASE - Additional information (Details)	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
LEASE
Operating lease costs	¥ 15,494,118	$ 2,182,301	¥ 15,945,782
Short-term lease costs	2,242,409	$ 315,837	3,686,856
Operating lease costs capitalized	¥ 0		¥ 0
Weighted average remaining lease term	5 years 6 months	5 years 6 months	6 years 3 months 18 days
Weighted average discount rate	6.05%	6.05%	6.15%

COST OF REVENUE - Summary of Co

COST OF REVENUE - Summary of Cost of revenue (Details)	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
COST OF REVENUE.
Cost of vehicle	¥ 1,294,946,115	$ 182,389,346	¥ 1,580,778,797	¥ 2,210,715,054
Staff cost	87,602,016	12,338,486	105,613,337	105,771,335
Outsourcing fee	32,241,232	4,541,083	10,475,145	253,845
Leasing interest expense	13,016,727	1,833,368	61,128,565	119,692,726
Commission to car dealerships			26,756,550	375,702,902
Staff incentive				61,894,967
Others	84,057,025	11,839,183	45,337,379	83,979,043
Cost of revenue	¥ 1,511,863,115	$ 212,941,466	¥ 1,830,089,773	¥ 2,958,009,872

NET (LOSS) GAIN ON EQUITY SEC_3

NET (LOSS) GAIN ON EQUITY SECURITIES - Summary of Net (loss) gain on equity securities (Details)	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
NET (LOSS) GAIN ON EQUITY SECURITIES
Unrealized gain on equity securities still held at the reporting date				¥ 45,804,034
Net realized (loss) gain on equity securities during the period	¥ 24,093,019	$ 3,393,431	¥ (9,810,585)	(58,795,556)
Net (loss) gains on equity securities	¥ 24,093,019	$ 3,393,431	¥ (9,810,585)	¥ (12,991,522)

OTHER INCOME - Schedule of Othe

OTHER INCOME - Schedule of Other income (Details)	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
OTHER INCOME.
Government subsidy	¥ 22,113,917	$ 3,114,680	¥ 15,321,092	¥ 35,384,908
Others	8,587,934	1,209,585	36,745,626	6,526,681
Other income	¥ 30,701,851	$ 4,324,265	¥ 52,066,718	¥ 41,911,589

INCOME TAXES - Schedule of Net

INCOME TAXES - Schedule of Net Income (Loss) Before Income Taxes (Details)	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Schedule of net income (loss) before income tax
Profit before income taxes	¥ 55,583,429	$ 7,828,762	¥ (874,511,343)	¥ 12,308,294
Cayman Islands
Schedule of net income (loss) before income tax
Profit before income taxes	55,064,996	7,755,742	28,219,345	(37,599,025)
Hong Kong
Schedule of net income (loss) before income tax
Profit before income taxes	(7,637,919)	(1,075,778)	(16,096,157)	(14,883,394)
China
Schedule of net income (loss) before income tax
Profit before income taxes	¥ 8,156,352	$ 1,148,798	¥ (886,634,531)	¥ 64,790,713

INCOME TAXES - Summary of Curre

INCOME TAXES - Summary of Current and Deferred Component of Income Tax Expenses (Details)	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
INCOME TAXES
Current income tax expense (benefit)	¥ 3,921,820	$ 552,376	¥ (134,629,133)	¥ 603,765,914
Deferred income tax (benefit) expense	89,534,883	12,610,725	371,325,673	(582,913,268)
Income tax expenses	¥ 93,456,703	$ 13,163,101	¥ 236,696,540	¥ 20,852,646

INCOME TAXES - Summary of Princ

INCOME TAXES - Summary of Principal Components of Deferred Tax Assets and Liabilities (Details)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Non-current deferred tax assets
Risk assurance liabilities	¥ 375,019,011	$ 52,820,323	¥ 361,992,619
Provision for credit losses	202,046,834	28,457,701	255,231,296
Short-term and long-term lease liabilities	11,788,736	1,660,409	20,181,689
Customer advances	5,191,296	731,180	5,136,587
Net operating loss carry-forward	19,790,529	2,787,438	67,815,707
Less: valuation allowance	(539,109,605)	(75,932,000)	(447,965,176)
Non-current deferred tax assets, net	74,726,801	10,525,051	262,392,722
Non-current deferred tax liabilities
Acquisition of insurance brokerage license	(10,724,126)	(1,510,462)	(10,724,126)
Unrealized gain on long-term investment	(11,009,130)	(1,550,604)	(11,009,130)
Contract assets	(51,928,935)	(7,314,038)	(168,704,122)
Operating lease right-of-use assets	(11,788,736)	(1,660,409)	(20,181,689)
Others	(7)	(1)	(7)
Non-current deferred tax liabilities	¥ (85,450,934)	$ (12,035,514)	¥ (210,619,074)

INCOME TAXES - Summary of Recon

INCOME TAXES - Summary of Reconciliation of Income Before the Provision of Income Taxes and Actual Provision for Income Taxes (Details)	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Income Taxes
Income (loss) before provision of income tax	¥ 55,583,429	$ 7,828,762	¥ (874,511,343)	¥ 12,308,294
PRC statutory income tax rate	25%	25%
Income tax at statutory tax rate	¥ 13,895,857	$ 1,957,191	(218,627,836)	3,077,074
Tax rate differential	(16,505,297)	(2,324,722)	(6,593,155)	5,070,813
Over-accrued EIT for previous years	(2,401,420)	(338,233)	(2,025,370)
Impact of tax rate change			(878,656)
Non-deductible expenses	20,493,185	2,886,405	41,193,294	19,443,641
Research and development super-deduction			(7,943,499)	(10,177,551)
Impairment loss for goodwill not deductible for tax purposes	37,164,493	5,234,509
Non-taxable income	(1,550,421)	(218,372)	(382,978)
Change in valuation allowance	42,360,306	5,966,323	433,465,580	9,894,006
Income tax expenses	93,456,703	13,163,101	236,696,540	20,852,646
China
Income Taxes
Income (loss) before provision of income tax	¥ 8,156,352	$ 1,148,798	¥ (886,634,531)	¥ 64,790,713
PRC statutory income tax rate	25%	25%	25%	25%
Withholding tax			¥ (1,510,840)	¥ (6,455,337)

INCOME TAXES - Additional Infor

INCOME TAXES - Additional Information (Details)	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Income Taxes
Income tax rate	25%
Deferred tax assets related to net operating loss carry forwards	¥ 79,162,116	$ 11,149,751
Deferred tax assets related to net operating loss carry forwards, beginning expire year if not utilized	2024
Deferred tax assets related to net operating loss carry forwards, ending expire year if not utilized	2033
Cumulative amount of the temporary differences in respect of investments in foreign subsidiaries	¥ 1,584,000,000	$ 223,000,000	¥ 1,848,000,000
Enterprise Income Tax Law [Member]
Income Taxes
Income tax rate	10%
Percentage of withholding tax applicable	10%
Hong Kong
Income Taxes
Withholding tax amount	¥ 0
Income tax rate	16.50%
Cayman Islands
Income Taxes
Withholding tax amount	¥ 0

LOSSES PER SHARE ("EPS") - Summ

LOSSES PER SHARE ("EPS") - Summary of Computation of Basic and Diluted Net Income Per Share (Details)	12 Months Ended
	Dec. 31, 2023 CNY (¥) ¥ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 CNY (¥) ¥ / shares shares	Dec. 31, 2021 CNY (¥) ¥ / shares shares
Numerator:
Net income (loss) attributable to Cango Inc.'s shareholders	¥ (37,873,274)	$ (5,334,339)	¥ (1,111,207,883)	¥ (8,544,352)
Denominator:
Number of shares used for Basic EPS computation	243,048,785	243,048,785	274,084,890	289,892,905
Denominator: (millions of shares)
Number of shares used for Basic EPS computation	243,048,785	243,048,785	274,084,890	289,892,905
Weighted average effect of dilutive securities:
Number of shares used for diluted EPS computation	243,048,785	243,048,785	274,084,890	289,892,905
Class A ordinary shares
Numerator:
Net income (loss) attributable to Cango Inc.'s shareholders	¥ (26,501,163)	$ (3,732,611)	¥ (815,323,647)	¥ (6,374,737)
Denominator:
Number of shares used for Basic EPS computation	170,070,000	170,070,000	201,100,000	216,280,000
Losses Per ADS basic | (per share)	¥ (0.16)	$ (0.02)	¥ (4.05)	¥ (0.03)
Numerator:
Net loss attributable to ordinary shareholders	¥ (26,501,163)	$ (3,732,611)	¥ (815,323,647)	¥ (6,374,737)
Reallocation of net income as a result of conversion of Class B to Class A shares	(11,372,111)	(1,601,728)	(295,884,236)	(2,169,615)
Net loss attributable to ordinary shareholders for diluted EPS	¥ (37,873,274)	$ (5,334,339)	¥ (1,111,207,883)	¥ (8,544,352)
Denominator: (millions of shares)
Number of shares used for Basic EPS computation	170,070,000	170,070,000	201,100,000	216,280,000
Weighted average effect of dilutive securities:
Conversion of Class B to Class A ordinary shares	72,980,000	72,980,000	72,980,000	73,610,000
Number of shares used for diluted EPS computation	243,050,000	243,050,000	274,080,000	289,890,000
Losses Per ADS diluted | (per share)	¥ (0.16)	$ (0.02)	¥ (4.05)	¥ (0.03)
Class B ordinary shares
Numerator:
Net income (loss) attributable to Cango Inc.'s shareholders	¥ (11,372,111)	$ (1,601,728)	¥ (295,884,236)	¥ (2,169,615)
Denominator:
Number of shares used for Basic EPS computation	72,980,000	72,980,000	72,980,000	73,610,000
Losses Per ADS basic | (per share)	¥ (0.16)	$ (0.02)	¥ (4.05)	¥ (0.03)
Numerator:
Net loss attributable to ordinary shareholders	¥ (11,372,111)	$ (1,601,728)	¥ (295,884,236)	¥ (2,169,615)
Net loss attributable to ordinary shareholders for diluted EPS	¥ (11,372,111)	$ (1,601,728)	¥ (295,884,236)	¥ (2,169,615)
Denominator: (millions of shares)
Number of shares used for Basic EPS computation	72,980,000	72,980,000	72,980,000	73,610,000
Weighted average effect of dilutive securities:
Number of shares used for diluted EPS computation	72,980,000	72,980,000	72,980,000	73,610,000
Losses Per ADS diluted | (per share)	¥ (0.16)	$ (0.02)	¥ (4.05)	¥ (0.03)
American depository shares
Denominator:
Number of shares used for Basic EPS computation	85,040,000	85,040,000	100,550,000	108,140,000
Losses Per ADS basic | (per share)	¥ (0.31)	$ (0.04)	¥ (8.11)	¥ (0.06)
Denominator: (millions of shares)
Number of shares used for Basic EPS computation	85,040,000	85,040,000	100,550,000	108,140,000
Weighted average effect of dilutive securities:
Number of shares used for diluted EPS computation	121,530,000	121,530,000	137,040,000	144,950,000
Losses Per ADS diluted | (per share)	¥ (0.31)	$ (0.04)	¥ (8.11)	¥ (0.06)

FAIR VALUE MEASUREMENTS - Summa

FAIR VALUE MEASUREMENTS - Summary of Financial Assets and Financial Liabilities Measured and Recorded at Fair Value on Recurring Basis (Details)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Short-term investments	¥ 635,070,394	$ 89,447,794	¥ 1,941,432,848
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Short-term investments	635,292,983	89,479,145		$ 1,941,432,848
Fair Value, Measurements, Recurring [Member] | Active market (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Short-term investments	253,865	35,756
Fair Value, Measurements, Recurring [Member] | Observable Input (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Short-term investments	¥ 635,039,118	$ 89,443,389	¥ 1,941,432,848

SHARE-BASED COMPENSATION - Addi

SHARE-BASED COMPENSATION - Additional Information (Details)

1 Months Ended

12 Months Ended

Oct. 11, 2022 CNY (¥)

Oct. 11, 2022 USD ($) $ / shares

Apr. 22, 2022 CNY (¥) shares

Apr. 22, 2022 USD ($) $ / shares shares

Mar. 11, 2021 CNY (¥)

Mar. 11, 2021 USD ($) $ / shares

May 25, 2018 $ / shares shares

Aug. 31, 2022 shares

May 31, 2021 shares

Oct. 31, 2020 shares

Feb. 28, 2019 shares

May 31, 2018 shares

Dec. 31, 2023 CNY (¥)

Dec. 31, 2023 USD ($)

Dec. 31, 2022 CNY (¥)

Dec. 31, 2021 CNY (¥)

Dec. 31, 2023 USD ($)

Nov. 24, 2022 $ / shares

Aug. 01, 2022 $ / shares

Jun. 16, 2022 $ / shares

May 01, 2021 $ / shares

Mar. 22, 2021 $ / shares

Oct. 15, 2020 $ / shares

Feb. 15, 2019 $ / shares

SHARE-BASED COMPENSATION-CONTINUED

Options granted | shares

8,454,422

8,353,658

5,569,105

Exercise price for options

$ 1.7951

$ 0.7951

$ 1.2951

$ 1.7951

$ 1.7951

Total fair value of the vested share options

¥ 38,490,513

$ 5,421,275

¥ 158,522,520

¥ 87,634,835

Unrecognized compensation expense related to unvested options

¥ 18,076,716

$ 2,546,052

Expense is expected to recognized over weighted-average period

1 year 29 days

1 year 29 days

Expense is expected to recognized over weighted-average remaining contractual period

7 years 4 months 9 days

7 years 4 months 9 days

Cash dividend per share

$ 0.50

$ 0.50

$ 0.50

Share based compensation cash dividend

¥ 957,700,000

$ 134,800,000

¥ 913,300,000

$ 136,600,000

¥ 955,400,000

$ 147,100,000

Proceeds from exercise of share options

¥ 2,705,206

$ 381,020

7,041,437

8,236,613

Employee stock option

SHARE-BASED COMPENSATION-CONTINUED

Total fair value of the vested share options

94,080,394

13,250,946

95,854,700

80,710,465

Class A ordinary shares

SHARE-BASED COMPENSATION-CONTINUED

Exercise price for options

$ 1.2951

Mr Jiayuan Lin | Class A ordinary shares

SHARE-BASED COMPENSATION-CONTINUED

Share-based Compensation Arrangement by Share-based Payment Award, Shares Purchased for Award | shares

6,000,000

6,000,000

Mr Xiaojun Zhang | Class A ordinary shares

SHARE-BASED COMPENSATION-CONTINUED

Share-based Compensation Arrangement by Share-based Payment Award, Shares Purchased for Award | shares

6,000,000

6,000,000

Employee stock option

SHARE-BASED COMPENSATION-CONTINUED

Proceeds from exercise of share options

¥ 2,705,206

$ 381,020

¥ 7,041,437

¥ 8,236,613

Maximum

SHARE-BASED COMPENSATION-CONTINUED

Exercise price of unexercised option

$ 0.7951

1.2951

$ 1.7951

Minimum

SHARE-BASED COMPENSATION-CONTINUED

Exercise price of unexercised option

$ 0.2951

$ 0.7951

$ 1.2951

Share Incentive Plan 2018

SHARE-BASED COMPENSATION-CONTINUED

Options granted | shares

5,569,105

Options under the ESOP | shares

27,845,526

Exercise price for options

$ 1.7951

Vesting period of options granted

4 years

Share-based compensation award, Tranche one | Share Incentive Plan 2018

SHARE-BASED COMPENSATION-CONTINUED

Vesting rights percentage

50%

Share-based compensation award, Tranche two | Share Incentive Plan 2018

SHARE-BASED COMPENSATION-CONTINUED

Vesting rights percentage

25%

Share Based Compensation Award Tranche Five One [Member]

SHARE-BASED COMPENSATION-CONTINUED

Options granted | shares

28,000

Exercise price for options

$ 0.7951

Share Based Compensation Award Tranche Five Two [Member]

SHARE-BASED COMPENSATION-CONTINUED

Options granted | shares

1,585,000

Exercise price for options

$ 0.7951

SHARE-BASED COMPENSATION - Summ

SHARE-BASED COMPENSATION - Summary of Assumptions Used to Value the Share Options Granted to Employees (Details)	Aug. 01, 2022 CNY (¥)	Jun. 16, 2022 CNY (¥)	May 01, 2021 CNY (¥)	Oct. 15, 2020 CNY (¥)	Feb. 15, 2019 CNY (¥)	May 25, 2018 CNY (¥)	Aug. 01, 2022 $ / shares	Jun. 16, 2022 $ / shares	May 01, 2021 $ / shares	Oct. 15, 2020 $ / shares	Feb. 15, 2019 $ / shares	May 25, 2018 $ / shares
SHARE-BASED COMPENSATION-CONTINUED
Risk-free interest rate		3.20%	0.74%	0.74%	2.66%	2.93%
Volatility		47.80%	38%	37.60%	38.70%	38.70%
Expected exercise multiple		2.80	2.30	2.30	2.30	2.80
Dividend yield		0%	0%	0%	0%	0%
Expected life		10 years	10 years	10 years	10 years	10 years
Exercise price | $ / shares								$ 0.7951	$ 1.2951	$ 1.7951	$ 1.7951	$ 1.7951
Fair value of ordinary shares | ¥		¥ 10.52	¥ 21.72	¥ 19.03	¥ 26.80	¥ 37.82
Share-based compensation award, Tranche five one
SHARE-BASED COMPENSATION-CONTINUED
Risk-free interest rate	2.59%
Volatility	48.10%
Expected exercise multiple	2.80
Dividend yield	0%
Expected life	10 years
Exercise price | $ / shares							$ 0.7951
Fair value of ordinary shares | ¥	¥ 8.66
Share-based compensation award, Tranche five two
SHARE-BASED COMPENSATION-CONTINUED
Risk-free interest rate	2.59%
Volatility	48.10%
Expected exercise multiple	2.20
Dividend yield	0%
Expected life	10 years
Exercise price | $ / shares							$ 0.7951
Fair value of ordinary shares | ¥	¥ 8.66

SHARE-BASED COMPENSATION - Su_2

SHARE-BASED COMPENSATION - Summary of Option Activity under ESOP (Details) - CNY (¥)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SHARE-BASED COMPENSATION
Number of options, Beginning balance	36,055,258	25,946,770	18,510,727
Number of options, Granted		13,613,000	8,454,422
Number of options, Exercised	(1,285,640)	(1,817,288)	(737,228)
Number of options, Forfeited	(856,922)	(1,687,224)	(281,151)
Number of options, Ending balance	33,912,696	36,055,258	25,946,770
Weighted average exercise price, Beginning balance	¥ 2	¥ 8	¥ 12
Weighted average exercise price, Granted		5	8
Weighted average exercise price, Exercised	2	4	11
Weighted average exercise price, Forfeited	2	6	9
Weighted average exercise price, Ending balance	2	2	8
Weighted average grant date fair value, Beginning balance	20	25	26
Weighted average grant date fair value, Granted		10	22
Weighted average grant date fair value, Exercised	22	25	30
Weighted average grant date fair value, Forfeited	9	20	22
Weighted average grant date fair value, Ending balance	¥ 20	¥ 20	¥ 25
Aggregate Intrinsic Value, Exercised	¥ 2,708,085	¥ 5,086,872	¥ 13,715,140
Vested or expected to vest, Number of options	33,354,223
Vested or expected to vest, Weighted average exercise price	¥ 2
Vested or expected to vest , Aggregate Intrinsic Value	¥ 50,890,823
Exercisable, Number of options	26,599,071
Exercisable, Weighted average exercise price	¥ 2
Exercisable, Aggregate Intrinsic Value	¥ 40,584,025

SHARE-BASED COMPENSATION - Su_3

SHARE-BASED COMPENSATION - Summary of Allocated Share-based Compensation Expense (Details)	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
SHARE-BASED COMPENSATION-CONTINUED
Share-based compensation expense	¥ 38,490,513	$ 5,421,275	¥ 158,522,520	¥ 87,634,835
Cost of revenue
SHARE-BASED COMPENSATION-CONTINUED
Share-based compensation expense	2,187,338	308,080	4,160,056	4,927,484
Sales and marketing
SHARE-BASED COMPENSATION-CONTINUED
Share-based compensation expense	7,715,989	1,086,774	14,691,410	15,311,101
General and administrative
SHARE-BASED COMPENSATION-CONTINUED
Share-based compensation expense	26,831,755	3,779,174	135,888,877	63,035,444
Research and development
SHARE-BASED COMPENSATION-CONTINUED
Share-based compensation expense	¥ 1,755,431	$ 247,247	¥ 3,782,177	¥ 4,360,806

ORDINARY SHARES - Additional In

ORDINARY SHARES - Additional Information (Details)	Apr. 27, 2021 shares	Sep. 14, 2020 shares	Aug. 14, 2019 shares	Jun. 26, 2019 shares	Aug. 06, 2018 shares	Jul. 30, 2018 shares	Jul. 26, 2018 Vote shares	Dec. 31, 2023 $ / shares shares	Dec. 31, 2022 $ / shares shares
Class A ordinary shares
ORDINARY SHARES
Number of shares issued	2,000,000				600,000	8,000,000
Par value | $ / shares								$ 0.0001	$ 0.0001
Shares authorized								420,647,280	420,647,280
Number of shares converted		2,000,000	1,737,238	609,805			169,239,905
Ordinary shares, vote per share | Vote							1
Ordinary shares, shares issued								229,831,213	229,831,213
Ordinary shares, outstanding								144,857,131	196,605,493
Class B ordinary shares
ORDINARY SHARES
Par value | $ / shares								$ 0.0001	$ 0.0001
Shares authorized								79,325,720	79,325,720
Ordinary shares, vote per share | Vote							20
Ordinary shares, shares issued								72,978,677	72,978,677
Ordinary shares, outstanding								72,978,677	72,978,677
American Depositary Shares
ORDINARY SHARES
Number of shares issued					300,000	4,000,000

TREASURY SHARES - Additional In

TREASURY SHARES - Additional Information (Details)

12 Months Ended

Dec. 31, 2023 USD ($) $ / shares shares

Dec. 31, 2023 CNY (¥) shares

Jun. 01, 2023 USD ($) $ / shares shares

Jun. 01, 2023 CNY (¥) shares

Sep. 28, 2022 USD ($) $ / shares shares

Sep. 28, 2022 CNY (¥) shares

Mar. 15, 2021 USD ($) $ / shares shares

Mar. 15, 2021 CNY (¥) shares

Dec. 31, 2023 USD ($) $ / shares shares

Dec. 31, 2023 CNY (¥) shares

Apr. 21, 2023 USD ($)

Apr. 22, 2022 USD ($)

Aug. 19, 2021 USD ($)

Mar. 02, 2021 USD ($)

Jun. 05, 2019 USD ($)

TREASURY SHARES

Average repurchase price per ADS | $ / shares

$ 2.69

Share Repurchase Program 2019 Share Repurchase Program 2021 Share Repurchase Program 2022 And New Share Repurchase Programs

TREASURY SHARES

Repurchase Value

$ 127,945,203

¥ 866,976,818

Average price

$ 127,945,203

¥ 866,976,818

Investor | New Share Repurchase Program

TREASURY SHARES

Number of Shares repurchased

48,601,124

48,601,124

Average repurchase price per ADS | $ / shares

$ 1.30

Repurchase Value

$ 31,590,731

¥ 228,603,163

Average price

$ 31,590,731

¥ 228,603,163

American Depositary Shares | Share Repurchase Programs 2019

TREASURY SHARES

Authorized to repurchase of shares | $

$ 10,000,000

American Depositary Shares | Share Repurchase Programs 2022

TREASURY SHARES

Authorized to repurchase of shares | $

$ 50,000,000

American Depositary Shares | Share Repurchase Program 2022 And New Share Repurchase Program

TREASURY SHARES

Number of Shares repurchased

2,216,439

2,216,439

American Depositary Shares | New Share Repurchase Program

TREASURY SHARES

Authorized to repurchase of shares | $

$ 50,000,000

American Depositary Shares | Share Repurchase Program 2019 Share Repurchase Program 2021 Share Repurchase Program 2022 And New Share Repurchase Programs

TREASURY SHARES

Number of Shares repurchased

44,707,126

44,707,126

Average repurchase price per ADS | $ / shares

$ 2.86

American Depositary Shares | Minghuai LP And Xiehuai LP

TREASURY SHARES

Repurchase Value

$ 114,271,929

¥ 773,130,748

Average price

$ 114,271,929

¥ 773,130,748

American Depositary Shares | Minghuai LP And Xiehuai LP | Share Repurchase Programs 2022

TREASURY SHARES

Number of Shares repurchased

1,735,027

1,735,027

Average repurchase price per ADS | $ / shares

$ 2.30

Repurchase Value

$ 3,991,729

¥ 28,791,942

Average price

$ 3,991,729

¥ 28,791,942

American Depositary Shares | Investor | New Share Repurchase Program

TREASURY SHARES

Number of Shares repurchased

24,300,562

24,300,562

American Depositary Shares | Xiehuai L.P. | Share Repurchase Programs 2021

TREASURY SHARES

Number of Shares repurchased

3,000,000

3,000,000

Repurchase Value

$ 28,350,000

¥ 184,728,600

Average price

$ 28,350,000

¥ 184,728,600

Class A Ordinary shares

TREASURY SHARES

Number of Shares repurchased

84,974,082

84,974,082

4,440,170

4,440,170

Class A Ordinary shares | Share Repurchase Program 2022 And New Share Repurchase Program

TREASURY SHARES

Number of Shares repurchased

4,432,878

4,432,878

Class A Ordinary shares | Share Repurchase Programs 2021

TREASURY SHARES

Authorized to repurchase of shares | $

$ 100,000,000

$ 100,000,000

Class A Ordinary shares | Share Repurchase Program 2019 Share Repurchase Program 2021 Share Repurchase Program 2022 And New Share Repurchase Programs

TREASURY SHARES

Number of Shares repurchased

89,414,252

89,414,252

Class A Ordinary shares | Minghuai LP And Xiehuai LP | Share Repurchase Programs 2022

TREASURY SHARES

Number of Shares repurchased

3,470,054

3,470,054

Class A Ordinary shares | Xiehuai L.P. | Share Repurchase Programs 2021

TREASURY SHARES

Number of Shares repurchased

6,000,000

6,000,000

Average repurchase price per ADS | $ / shares

$ 9.45

RESTRICTED NET ASSETS - Additio

RESTRICTED NET ASSETS - Additional Information (Details) ¥ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 USD ($)
RESTRICTED NET ASSETS
Percentage of net after-tax income of Group's subsidiary and VIE required to be annually appropriated to the statutory general reserve fund	10%
Limit of statutory reserve fund as a percentage of registered capital, after which allocations to statutory reserve fund are no longer required	50%
Material assets transferred	¥ 0	¥ 0	¥ 0
Dividends	0	0	¥ 0
Amounts restricted including paid in capital and statutory reserve funds	¥ 4,806	¥ 5,621		$ 677

SUBSEQUENT EVENTS - Additional

SUBSEQUENT EVENTS - Additional Information (Details) - USD ($)				4 Months Ended	12 Months Ended
	Apr. 23, 2024	Dec. 31, 2023	Apr. 21, 2023	Apr. 16, 2024	Dec. 31, 2023
Subsequent Event | New Share Repurchase Program
SUBSEQUENT EVENTS
Repurchase Value	$ 50,000,000
American Depositary Shares | Subsequent Event | Share Repurchase Program 2021
SUBSEQUENT EVENTS
Repurchase Value				$ 1,153,492
Number of Shares repurchased				831,463
Class A ordinary shares
SUBSEQUENT EVENTS
Number of Shares repurchased		84,974,082			4,440,170
Class A ordinary shares | Institutions Investor One | New Share Repurchase Program
SUBSEQUENT EVENTS
Repurchase Value			$ 2,903,495
Number of Shares repurchased			2,322,796
Class A ordinary shares | Institutions Investor Two | New Share Repurchase Program
SUBSEQUENT EVENTS
Repurchase Value			$ 6,816,363
Number of Shares repurchased			5,453,090

CONDENSED FINANCIAL INFORMATI_3

CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY - Condensed Balance Sheets (Details)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Current assets
Cash and cash equivalents	¥ 1,020,604,191	$ 143,749,094	¥ 378,917,318	¥ 1,434,806,922
Short-term investments	635,070,394	89,447,794	1,941,432,848
Other current assets	12,097,018	1,703,829	22,055,970
Total current assets	3,884,019,494	547,052,704	5,470,343,990
Non-current assets
Total non-current assets	764,590,520	107,690,323	1,545,908,343
TOTAL ASSETS	4,648,610,014	654,743,027	7,016,252,333
Current liabilities
Others	33,957,234	4,782,776	32,195,710
Other current liabilities	33,957,234	4,782,776	32,195,710
Total current liabilities	777,742,901	109,542,797	2,530,902,347
Other non-current liabilities	226,035	31,836	314,287
Total non-current liabilities	53,890,626	7,590,336	163,440,981
Total liabilities	831,633,527	117,133,133	2,694,343,328
Shareholders' equity
Additional paid-in capital	4,813,679,585	677,992,589	4,805,240,472
Accumulated other comprehensive income	111,849,166	15,753,626	66,359,902
Retained earnings (accumulated deficit)	(335,625,776)	(47,271,902)	9,109,587
Total shareholders' equity	3,816,976,487	537,609,894	4,321,909,005
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	4,648,610,014	654,743,027	7,016,252,333
Class A ordinary shares
Shareholders' equity
Ordinary shares	154,483	21,758	154,483
Class B ordinary shares
Shareholders' equity
Ordinary shares	49,777	7,011	49,777
Parent Company
Current assets
Cash and cash equivalents	681,383,135	95,970,807	85,823,048
Short-term investments	366,279,947	51,589,452	1,149,961,626
Other current assets	378,978	53,378	4,395,552
Total current assets	1,471,926,705	207,316,541	1,642,843,934
Non-current assets
Investments in subsidiaries	50,291,278	7,083,378	54,820,009
Contractual interest in the VIEs and VIEs' subsidiaries	2,616,728,505	368,558,501	2,978,731,315
Total non-current assets	2,667,019,783	375,641,879	3,033,551,324
TOTAL ASSETS	4,138,946,488	582,958,420	4,676,395,258
Current liabilities
Others	321,969,994	45,348,525	319,983,531
Other current liabilities	321,969,994	45,348,525	319,983,531
Total current liabilities	321,969,994	45,348,525	354,486,246
Other non-current liabilities	7	1	7
Total non-current liabilities	7	1	7
Total liabilities	321,970,001	45,348,526	354,486,253
Shareholders' equity
Treasury shares	(773,130,748)	(108,893,188)	(559,005,216)
Additional paid-in capital	4,813,679,585	677,992,589	4,805,240,472
Accumulated other comprehensive income	111,849,166	15,753,626	66,359,902
Retained earnings (accumulated deficit)	(335,625,776)	(47,271,902)	9,109,587
Total shareholders' equity	3,816,976,487	537,609,894	4,321,909,005
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	4,138,946,488	582,958,420	4,676,395,258
Parent Company | Subsidiaries
Current assets
Short-term amounts due from subsidiaries (other than WFOE)	423,884,645	59,702,904	402,663,708
Current liabilities
Others			34,502,715
Other current liabilities			34,502,715
Parent Company | Class A ordinary shares
Shareholders' equity
Ordinary shares	154,483	21,758	154,483
Parent Company | Class B ordinary shares
Shareholders' equity
Ordinary shares	¥ 49,777	$ 7,011	¥ 49,777

CONDENSED FINANCIAL INFORMATI_4

CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY - Condensed Balance Sheets (Parenthetical) (Details) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Class A ordinary shares
Condensed balance sheets
Ordinary shares, par value	$ 0.0001	$ 0.0001
Ordinary shares, shares authorized	420,647,280	420,647,280
Ordinary shares, shares issued	229,831,213	229,831,213
Ordinary shares, shares outstanding	144,857,131	196,605,493
Class B ordinary shares
Condensed balance sheets
Ordinary shares, par value	$ 0.0001	$ 0.0001
Ordinary shares, shares authorized	79,325,720	79,325,720
Ordinary shares, shares issued	72,978,677	72,978,677
Ordinary shares, shares outstanding	72,978,677	72,978,677
Parent Company | Class A ordinary shares
Condensed balance sheets
Ordinary shares, par value	$ 0.0001	$ 0.0001
Ordinary shares, shares authorized	420,674,280	420,674,280
Ordinary shares, shares issued	229,831,213	229,831,213
Ordinary shares, shares outstanding	144,857,131	196,605,493
Parent Company | Class B ordinary shares
Condensed balance sheets
Ordinary shares, par value	$ 0.0001	$ 0.0001
Ordinary shares, shares authorized	79,325,720	79,325,720
Ordinary shares, shares issued	72,978,677	72,978,677
Ordinary shares, shares outstanding	72,978,677	72,978,677

CONDENSED FINANCIAL INFORMATI_5

CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY - Condensed Statements of Comprehensive Income (Details)	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Condensed statements of comprehensive income (loss)
General and administrative	¥ (156,966,463)	$ (22,108,264)	¥ (299,545,363)	¥ (276,179,441)
Foreign exchange loss	1,099,229	154,823	5,918,231	1,351,400
Net (loss) gain on equity securities	24,093,019	3,393,431	(9,810,585)	(12,991,522)
Net recovery on provision for credit losses	136,485,155	19,223,532	(319,359,716)	(203,415,094)
Other income	30,701,851	4,324,265	52,066,718	41,911,589
Other expense	1,624,789	228,847	2,465,972	6,605,833
Net income (loss) before income taxes	55,583,429	7,828,762	(874,511,343)	12,308,294
Income tax expense	(93,456,703)	(13,163,101)	(236,696,540)	(20,852,646)
Net income (loss)	(37,873,274)	(5,334,339)	(1,111,207,883)	(8,544,352)
Other comprehensive income (loss), net of tax	45,489,264		253,877,012	(72,130,683)
Total comprehensive income (loss), net of tax	7,615,990	1,072,690	(857,330,871)	(80,675,035)
Parent Company
Condensed statements of comprehensive income (loss)
General and administrative	6,797,975	957,475	7,443,140	10,079,685
Interest Income	56,622,110	7,975,057	26,502,229	4,440,117
Foreign exchange loss	(178,578)	(25,152)	(411,971)	(390,858)
Net (loss) gain on equity securities	(49,125)	(6,919)	(14,671,470)	(27,278,116)
Net recovery on provision for credit losses	362,724	51,089
Share of income (loss) of subsidiaries	(5,407,894)	(761,686)	(9,705,617)	(15,118,076)
Contractual interests in the VIEs and VIEs' subsidiaries	(87,530,375)	(12,328,395)	(1,131,232,451)	37,717,412
Other income	5,105,839	719,142	24,251,883	1,928,027
Other expense			(8,186)	(6,218,510)
Net income (loss) before income taxes	(37,873,274)	(5,334,339)	(1,112,718,723)	(14,999,689)
Income tax expense			1,510,840	6,455,337
Net income (loss)	(37,873,274)	(5,334,339)	(1,111,207,883)	(8,544,352)
Other comprehensive income (loss), net of tax	45,489,264	6,407,029	253,877,012	(72,130,683)
Total comprehensive income (loss), net of tax	¥ 7,615,990	$ 1,072,690	¥ (857,330,871)	¥ (80,675,035)

CONDENSED FINANCIAL INFORMATI_6

CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY - Condensed Statements of Cash Flows (Details)	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Condensed statements of cash flows
Net income (loss)	¥ (37,873,274)	$ (5,334,339)	¥ (1,111,207,883)	¥ (8,544,352)
Net gain (loss) on equity securities	(49,125)	(6,919)	(15,331,464)	(27,278,116)
Provision (Net Recovery On Provision) For Credit Losses	(136,485,155)	(19,223,532)	319,359,716	203,415,094
Changes in operating assets and liabilities
Net cash (used in) provided by operating activities	1,026,026,460	144,512,804	(567,385,052)	(404,390,831)
Net cash provided by investing activities	2,124,698,277	299,257,494	1,959,528,803	2,661,222,986
Net cash provided by financing activities	(1,193,778,999)	(168,140,255)	(2,990,208,748)	(1,946,434,308)
Effect of exchange rate changes on cash and cash equivalents and restricted cash	48,897,458	6,887,063	270,267,366	(15,008,806)
Net increase (decrease) in cash and cash equivalents and restricted cash	2,005,843,196	282,517,106	(1,327,797,631)	295,389,041
Cash, cash equivalents and restricted cash at beginning of the year	1,282,483,134	180,633,971	2,610,280,765	2,314,891,724
Cash, cash equivalents and restricted cash at the end of the year	3,288,326,330	463,151,077	1,282,483,134	2,610,280,765
Parent Company
Condensed statements of cash flows
Net income (loss)	(37,873,274)	(5,334,339)	(1,111,207,883)	(8,544,352)
Net gain (loss) on equity securities	(49,125)	(6,919)	(14,671,470)	(27,278,116)
Provision (Net Recovery On Provision) For Credit Losses	(362,724)	(51,089)
Share of income (loss) of subsidiaries	5,407,894	761,686	9,705,617	15,118,076
Contractual Interests in the VIEs and VIEs Subsidiaries	87,530,375	12,328,395	1,131,232,451	(37,717,412)
Changes in operating assets and liabilities	6,050,188	852,154	(182,850)	(6,320,138)
Changes in operating assets and liabilities
Net cash (used in) provided by operating activities	60,801,584	8,563,726	44,218,805	(10,185,710)
Net cash provided by investing activities	739,237,782	104,119,463	1,028,108,135	2,150,227,042
Net cash provided by financing activities	(244,176,932)	(34,391,602)	(1,969,849,465)	(1,391,602,116)
Effect of exchange rate changes on cash and cash equivalents and restricted cash	39,697,653	5,591,297	125,457,077	(5,443,535)
Net increase (decrease) in cash and cash equivalents and restricted cash	595,560,087	83,882,884	(772,065,448)	742,995,681
Cash, cash equivalents and restricted cash at beginning of the year	85,823,048	12,087,923	857,888,496	114,892,815
Cash, cash equivalents and restricted cash at the end of the year	¥ 681,383,135	$ 95,970,807	¥ 85,823,048	¥ 857,888,496