/PRNewswire/ Cango Inc. (NYSE: CANG) ("Cango" or the "Company"), a leading automotive transaction service platform in China, today announced its unaudited.
Operator
Good morning, and good evening, everyone. Welcome to the Cango, Inc. s Fourth Quarter and Full Year 2020 Earnings Conference Call. [Operator Instructions] This call is also being broadcast live on the company s IR website.
Joining us today are Mr. Jiayuan Lin, Chief Executive Officer; and Mr. Michael Zhang, Chief Financial Officer of the company. Following management s prepared remarks, we will conduct the Q&A session. Before we begin, I refer you to the safe harbor statement in the company s earnings release, which also applies to the conference today, as management will make forward-looking statements.
With this said, I m now turning the call over to Mr. Jiayuan Lin, CEO of Cango. Please go ahead, sir.
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SHANGHAI, March 11, 2021 /PRNewswire/ Cango Inc. (NYSE: CANG) ( Cango or the Company ), a leading automotive transaction service platform in China, today announced its unaudited financial results for the fourth quarter and full year of 2020.
Fourth Quarter 2020 Financial and Operational Highlights
Total revenues were RMB1,097.4 million (US$168.2 million), a 150.2% increase from RMB438.5 million in the same period of 2019, outperforming the high end of the Company s guidance by 46.3%. The increase was mainly driven by the increased amounts of both financing transactions the Company facilitated and car trading transactions.
Car trading transactions revenues were RMB546.8 million (US$83.8 million), or 49.8% of total revenues in the fourth quarter of 2020.