Why Is Cango Stock Rising Today?

Cango Inc CANG shares are trading higher Wednesday after the company declared a special cash dividend.

Cango's board has approved and declared a special cash dividend of 50 cents per ordinary share, or $1 per American depositary share, on its outstanding shares, to be paid on Nov. 23 to shareholders of record as of Oct. 24.

Cango is an automotive transaction service platform in China connecting car buyers, dealers, financial institutions and other industry participants. 

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CANG Price Action: Cango has a 52-week high of $3.82 and a 52-week low of $1.95.

The stock was up 18.6% at $2.67 at time of publication, according to Benzinga Pro.

Photo: Lorenzo Cafaro from Pixabay.