Cango Newsletter 20200903

统计局：8月官方制造业PMI为51.0%

According to the National Bureau of Statistics, the country’s purchasing managers index (PMI) for the manufacturing sector edged down to 51 in August from 51.2 in July, indicating a steady recovery of the sector. The PMI for the non-manufacturing sector rose to 55.2 for August, compared with 54.2 last month, and it has remained above 50 for six months in a row. The composite PMI covering both the manufacturing and non-manufacturing sectors improved to 54.5 this month, up from 54.1 in July, indicating a continued recovery of the Chinese economy.

王毅：中欧应加强合作，为世界提供更多稳定性

Chinese State Councilor and Foreign Minister Wang Yi delivered speech and answered questions at the French Institute of International Relations on August 30. Wang said the world has been undergoing changes and is full of uncertainty and instability. Particularly, the U.S. government has renounced to undertake international responsibility, and continues to withdraw from international organizations and break its commitments. Under such circumstance, Wang Yi called on Europe to jointly resist the adverse tides of hatred and confrontation instigation, so as to provide more stability for the complicated and changing world.

7月上海社会消费品零售领先全国

According to the statistics released by Shanghai Municipal Commission of Commerce on August 31, the total retail sales of consumer goods in Shanghai increased by 5.9% year-on-year to RMB129.72 billion in July, 7 percentage points ahead of the country’s average growth rate. This year’s "May 5th Shopping Festival" initiated by Shanghai, has rapidly stimulated the local consumption and played a positive role in promoting compensatory consumption and unleashing the market potential. The initiatives to accelerate consumption, such as the monthly consumption themed activities, will continue from September to the next year's Spring Festival.

中汽协：今年1-7月汽车制造业实现利润同比降幅明显收窄

According to China Association of Automobile Manufacturers (CAAM), from January to July 2020, the accumulated profit of the auto manufacturing industry reached RMB251.45 billion, down 5.9% year-over-year, the decrease has been narrowed by 14.8 percentage points compared to the first six months of  2020, and by 17.3 percentage points compared to the same period last year.

特斯拉最大多头：拆股不会改变基本面 维持2024年7000美元目标价不变

ARK Invest, Tesla's biggest bull, believes stock split won't change Tesla's fundamentals, the target price of Tesla by 2024 remains at $7,000.

特斯拉最大多头：拆股不会改变基本面 维持2024年7000美元目标价不变

ARK Invest, Tesla's biggest bull, believes stock split won't change Tesla's fundamentals, the target price of Tesla by 2024 remains at $7,000.

Recently, Xpeng Motors rang the bell at the New York Stock Exchange, becoming the third Chinese EV companies to list in the U.S. The Company announced the pricing of its initial public offering of 99,733,334 American depositary shares (ADS) for $15.00 each. Compared to other global EV makers, Xpeng Motors' valuation and financing scale hit the record high. After completing its IPO, Xpeng Motors leads the entire domestic electric vehicle market in terms of capital and funding.

NIO announced a new capital raise of over $1.7 billion, which is the largest additional offering in China's premium electric vehicle industry. According to NIO, the Company plans to use the net proceeds from the ADS offering mainly to increase the share capital of and the Company’s ownership in Nio China, to purchase equity interests held by certain minority shareholders of NIO China, and for research and development in autonomous driving technologies, global market development and general corporate purposes.

Cango Inc. Reports Second Quarter 2020 Unaudited Financial Results