Cango reported Q3 2024 results showing sharp revenue decline to RMB27.0 million from RMB353.6 million year-over-year, but achieved operating profit of RMB35.2 million and net income of RMB67.9 million through aggressive cost control and risk management. The company is expanding internationally through AutoCango.com, which has accumulated 370,000 page views and 60,000 registered users since March 2024 launch, with plans for 15-language support by early 2025. Management projects further revenue decline to RMB15-17.5 million in Q4 2024.

Cango reported a sharp 93% year-over-year revenue decline to RMB45.1 million in Q2 2024, driven by weakness in the Chinese automotive market. Despite lower revenues, the company swung to profitability with RMB86 million net income through cost control measures and credit loss recoveries. Management guided Q3 revenue to decline further to RMB20-25 million. The company is expanding cross-border used car operations via AutoCango.com and maintaining low loan delinquency rates at 2.93% (M1+) and 1.57% (M3+).

Qian Xun Technology Ltd. is transitioning from advertising services to e-commerce and fintech, unveiling PayKet, a stablecoin-based payment service for cross-border trading of used electronics. The company acquired Punkcode Technology for blockchain development and is positioning itself as a fintech provider leveraging cryptocurrencies, IoT, and AI for supply chain finance.

Cango Inc. (NYSE: CANG), a leading automotive transaction service provider in China, has expanded into the Bitcoin mining business, deploying operations across strategic locations globally. The move is driven by the development in blockchain technology and the increasing prevalence of crypto assets.

Cango Inc. agreed to sell its China-based business for $352 million, a move that could pave the way for a Singapore-linked entity to take control of the company as it transitions from a car trader to a bitcoin miner.

Cango Inc. (CANG) has received a non-binding letter of intent from Enduring Wealth Capital Ltd. to acquire a controlling stake in the company. The deal would likely require Cango to dispose of its existing car-trading business in China.

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U.S. stock futures traded higher this morning. Here are some big stocks recording gains in today’s pre-market trading session. Hims & Hers Health, Inc. (NYSE: HIMS) shares jumped 22.1% to $5.64 in pre-market trading after the company reported better-than-expected Q3 results. The company also issued Q4 and FY22 sales guidance above analyst estimates. Lordstown Motors Corp. (NASDAQ: RIDE) gained 13.5% to $2.10 in pre-market trading after the company announced Foxconn will invest up to $170 million in the company. 2U, Inc. (NASDAQ: TWOU) surged 11.6% to $7.10 in pre-market trading after reporting strong Q3 sales. Piper ...

Gainers Ocuphire Pharma, Inc. (NASDAQ: OCUP) shares rose 27.8% to $2.67 in pre-market trading. Ocuphire Pharma entered into a global license agreement for development and commercialization of Nyxol Eye Drops for reversal of mydriasis, presbyopia and night vision disturbances. NeuroBo Pharmaceuticals, Inc. (NASDAQ: NRBO) rose 25.5% to $2.71 in pre-market trading after dipping 17% on Monday. NeuroBo Pharmaceuticals recently announced pricing of a $30 million underwritten public offering and concurrent private placement. Hims & Hers Health, Inc. (NYSE: HIMS) rose 22.1% to $5.64 in pre-market trading after the company reported better-than-expected Q3 results. The company also issued Q4 and FY22 sales guidance above analyst estimates. Tenaya Therapeutics, Inc. (NASDAQ: TNYA) shares rose 17.7% to $2.26 in pre-market trading. Canaccord Genuity initiated coverage on Tenaya Therapeutics with a Buy rating and announced a price target of $21. uCloudlink Group Inc. (NASDAQ: UCL) rose 17.2% to $1.08 in pre-market trading after gaining over 4% on Monday. ContraFect Corporation (NASDAQ: CFRX) rose 15.2% to $0.1797 in pre-market trading after dropping over 5% on Monday. Lordstown Motors Corp. (NASDAQ: RIDE) rose 13.5% to $2.10 in pre-market trading after the company announced Foxconn will invest up to $170 million in the company. 2U, Inc. (NASDAQ: TWOU) rose 11.6% to $7.10 in pre-market trading after reporting strong Q3 sales. Piper Sandler upgraded 2U from Underweight to Neutral and lowered the price target ...

Gainers Pintec Technology Holdings Limited (NASDAQ: PT) shares jumped 216.2% to close at $0.9058 on Wednesday. Agrify Corporation (NASDAQ: AGFY) climbed 88% to close at $ 0.9540 on Wednesday after climbing over 32% on Tuesday. FLJ Group Limited (NASDAQ: FLJ) jumped 86.3% to close at $2.85 on Wednesday. 9F Inc. (NASDAQ: JFU) gained 83.4% to close at $0.3485. FOXO Technologies Inc. (NASDAQ: FOXO) jumped 59.3% to close at $1.43 after the company announced its insurance distribution subsidiary, FOXO LIFE, recruited its first distribution partner, BGA Insurance, to begin product rollout in California. Happiness Development Group Limited (NASDAQ: HAPP) climbed 59.1% to close at $3.85. Happiness Development Group shareholders approved a 1 for 20 reverse split of ordinary shares. Hempacco Co., Inc. (NASDAQ: HPCO) shares gained 43.4% to close at $3.14 after the company reported a 486% year-on-year jump in first-half FY22 revenue to about $2.8 million. mCloud Technologies Corp. (NASDAQ: MCLD) jumped 39.4% to close at $2.23. Code Chain New Continent Limited (NYSE: CCNC) shares climbed 38.8% to close at $0.2290 on Wednesday after declining around 14% on Tuesday. Vigil Neuroscience, Inc. (NASDAQ: VIGL) gained 37% to close at $13.92. Applied DNA Sciences, Inc(NASDAQ: APDN) rose 36.5% to close at $2.73. Applied DNA Sciences recently received its largest single purchase order for LinearDNA™ valued above the mid-six-figures. Aspen Group, Inc. (NASDAQ: ASPU) rose 35.3% to settle at $0.4424 after the company cancelled its equity distribution agreement. Pineapple Energy Inc.. (NASDAQ: PEGY) jumped 34% to close at $6.70. The stock has been a momentum name for a few weeks now. Meta Materials Inc. (NASDAQ: MMAT) gained 33% to close at $1.05. Oriental Culture Holding LTD (NASDAQ: OCG) rose 31.6% to close at $0.89. Compugen Ltd. (NASDAQ: CGEN) gained 29.2% to close at $0.8521. Gatos Silver, Inc. (NYSE: GATO) gained 29.1% to close at $3.33. Gatos Silver reported a 59% year-over-year surge in Q3 silver production. Visionary Education Technology Holdings Group Inc. (NASDAQ: VEDU) gained 28.8% to close at $0.79. Celularity Inc. (NASDAQ: CELU) gained 20.9% to close at $2.26. LumiraDx Limited (NASDAQ: LMDX) jumped 20.9% to settle at $1.04. Adamis Pharmaceuticals Corporation (NASDAQ: ADMP) surged 18% to close at $0.1728 after jumping over 16% on Tuesday. Adamis Pharmaceuticals recently announced a review of strategic alternatives. ObsEva SA (NASDAQ: OBSV) rose 16.9% to close at $0.1851 after dropping 3% on Tuesday. El ...

The stock's high dividend yield comes with a risky proposition.

Gainers Code Chain New Continent Limited (NYSE: CCNC) shares jumped 74% to $0.2868 after declining around 14% on Tuesday. FLJ Group Limited (NASDAQ: FLJ) gained 69% to $2.59. Hempacco Co., Inc. (NASDAQ: HPCO) shares climbed 57.8% to $3.4550 after the company reported a 486% year-on-year jump in first-half FY22 revenue to about $2.8 million. Pineapple Energy Inc.. (NASDAQ: PEGY) gained 43% to $7.15. The stock has been a momentum name for a few weeks now. Happiness Development Group Limited (NASDAQ: HAPP) rose 36% to $3.31. Happiness Development Group shareholders approved a 1 for 20 reverse split of ordinary shares. Adamis Pharmaceuticals Corporation (NASDAQ: ADMP) climbed 31.8% to $0.1929 after jumping over 16% on Tuesday. Adamis Pharmaceuticals recently announced a review of strategic alternatives. Agrify Corporation (NASDAQ: AGFY) gained 28.4% to $0.6517 after climbing over 32% on Tuesday. Applied DNA Sciences, Inc(NASDAQ: APDN) gained 28% to $2.60. Applied DNA Sciences recently received its largest single purchase order for LinearDNA™ valued above the mid-six-figures. Gatos Silver, Inc. (NYSE: GATO) rose 14.9% to $2.9650. Gatos Silver reported a 59% year-over-year surge in Q3 silver production. Cango Inc. (NYSE: CANG) rose 13.1% to $2.5550 after the company declared a special cash dividend of $0.50 per share. El Pollo Loco Holdings, Inc. (NASDAQ: LOCO) gained 12.7% to $10.26 after the company declared a special dividend of $1.50 per share and approved a 20 million share buyback program. KnowBe4, Inc. (NASDAQ: KNBE) gained 12.6% to $24.32 after the company announced it will be acquired by Vista Equity Partners for $4.6 billion. Siyata Mobile Inc. (NASDAQ: SYTA) jumped 12.4% to ...