07:49 AM EDT, 04/03/2025 (MT Newswires) -- Cango ( CANG ) said Thursday that it has signed definitive agreements to sell its existing business in China to Ursalpha Digital for about $351.9 million in cash.

The initial payment of about $210.6 million will be made at closing, while the remaining amount will be paid once Cango ( CANG ) fulfills certain tax filing and payment obligations, according to the company.

Closing of the transaction is subject to the completion of an internal restructuring that separates the China business from businesses outside China as well as other conditions, Cango ( CANG ) said.