UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 2)*
Cango Inc.
(Name of Issuer)
Class A Ordinary Shares, par value US$0.0001
per share
(Title of Class of Securities)
137586 103**
(CUSIP Number)
Mr. Jiayuan Lin
8F, New Bund Oriental Plaza II
556 West Haiyang Road, Pudong New Area
Shanghai 200124
People’s Republic of China
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
With copies to:
Yi Gao, Esq.
Simpson Thacher & Bartlett
35th Floor, ICBC Tower
3 Garden Road
Central, Hong Kong
+852-2514-7600
August 16, 2024
(Date of Event which Requires Filing of this
Statement)
If the filing person has previously filed a statement on Schedule 13G
to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or
240.13d-1(g), check the following box. ☐
Note: Schedules filed in paper format shall include a signed
original and five copies of the schedule, including all exhibits. See §240.13d-7 for other parties to whom copies are to be sent.
* |
The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. |
** |
This CUSIP number applies to the Issuer’s American Depositary Shares (“ADSs”), each representing two Class A ordinary shares. There is no CUSIP number assigned to the Class A ordinary shares. |
The information required on the remainder of this cover page shall
not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act
(however, see the Notes).
CUSIP NO. 137586 103
1. |
Names of Reporting Persons.
Jiayuan Lin |
2. |
Check the Appropriate Box if a Member of a Group (See Instructions)
(a) ☐ (b) x |
3. |
SEC Use Only |
4. |
Source of Funds (See Instructions)
OO |
5. |
Check if Disclosure of Legal Proceedings Is Required Pursuant to Items
2(d) or 2(e)
☐ |
6. |
Citizenship or Place of Organization
People’s Republic of China |
Number of
shares
beneficially
owned by
each
reporting
person
with: |
|
7. |
Sole Voting Power
50,655,433 (1) |
|
8. |
Shared
Voting Power
|
|
9. |
Sole Dispositive Power
50,655,433 (1) |
|
10. |
Shared Dispositive Power
|
11. |
Aggregate Amount Beneficially Owned by Each Reporting Person
50,655,433 (1) |
12. |
Check if the Aggregate Amount in Row (11) Excludes Certain
Shares (See Instructions)
¨ |
13. |
Percent of Class Represented by Amount in Row (11)
27.6%(2) |
14. |
Type of Reporting Person (See Instructions)
IN |
(1) |
Represents (i) 34,702,890 Class B ordinary shares held by Traveler Enterprise Limited, (ii) 2,741,606
Class A ordinary shares represented by American Depositary Shares that are beneficially owned by Traveler Enterprise Limited, (iii) 1
Class A ordinary share held by Medway Brilliant Holding Limited and (iv) 13,210,936 Class A ordinary shares that Mr. Jiayuan
Lin has the right to acquire within 60 days after the date hereof pursuant to the terms of the options granted to him. |
(2) |
The percentage of the class of securities beneficially owned by such reporting person is calculated based on (i) 135,751,299 Class A ordinary shares of the Issuer issued and outstanding as of March 31, 2024, as provided by the Issuer, (ii) 34,702,890 Class B ordinary shares beneficially owned by the reporting person, assuming the conversion of all such Class B ordinary shares into the same number of Class A ordinary shares and (iii) 13,210,936 Class A ordinary shares that Mr. Jiayuan Lin has the right to acquire within 60 days after the date hereof pursuant to the terms of the options granted to him, assuming such options were exercised. |
The voting power of the shares beneficially owned by the reporting
person represents 44.1% of the total outstanding voting power. The percentage of voting power
is calculated by dividing the voting power beneficially owned by such reporting person by the voting power of (i) a total of 135,751,299
Class A ordinary shares and 72,978,677 Class B ordinary shares of the Issuer issued and outstanding as of March 31, 2024,
as provided by the Issuer, as well as (ii) 13,210,936 Class A ordinary shares that Mr. Jiayuan Lin has the right to acquire
within 60 days after the date hereof pursuant to the terms of the options granted to him, assuming such options were exercised. In respect
of all matters subject to a shareholders’ vote, each Class A ordinary share is entitled to one vote, and each Class B
ordinary share is entitled to 20 votes, voting together as one class. Each Class B ordinary share is convertible into one Class A
ordinary share at any time by the holder thereof. Class A ordinary shares are not convertible into Class B ordinary shares under
any circumstances.
CUSIP NO. 137586 103
1. |
Names of Reporting Persons.
Traveler Holdings Limited |
2. |
Check the Appropriate Box if a Member of a Group (See Instructions)
(a) ☐ (b) x |
3. |
SEC Use Only |
4. |
Source of Funds (See Instructions)
OO |
5. |
Check if Disclosure of Legal Proceedings Is Required Pursuant to Items
2(d) or 2(e)
☐ |
6. |
Citizenship or Place of Organization
British Virgin Islands |
Number of
shares
beneficially
owned by
each
reporting
person
with: |
|
7. |
Sole Voting Power
37,444,496(1) |
|
8. |
Shared
Voting Power
|
|
9. |
Sole Dispositive Power
37,444,496(1) |
|
10. |
Shared Dispositive Power
|
11. |
Aggregate Amount Beneficially Owned by Each Reporting Person
37,444,496(1) |
12. |
Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions)
¨ |
13. |
Percent of Class Represented by Amount in Row (11)
22.0%(2) |
14. |
Type of Reporting Person (See Instructions)
CO |
(1) |
Represents (i) 34,702,890 Class B ordinary shares held by Traveler Enterprise Limited and (ii) 2,741,606 Class A ordinary shares represented by American Depositary Shares that are beneficially owned by Traveler Enterprise Limited. Traveler Enterprise Limited is wholly owned by Traveler Holdings Limited. |
(2) |
The percentage of the class of securities beneficially owned by such reporting person is calculated based on (i) 135,751,299 Class A ordinary shares of the Issuer issued and outstanding as of March 31, 2024 and (ii) 34,702,890 Class B ordinary shares beneficially owned by the reporting person, assuming the conversion of all such Class B ordinary shares into the same number of Class A ordinary shares. |
CUSIP NO. 137586 103
1. |
Names of Reporting Persons.
Traveler Enterprise Limited |
2. |
Check the Appropriate Box if a Member of a Group (See Instructions)
(a) ☐ (b) x |
3. |
SEC Use Only |
4. |
Source of Funds (See Instructions)
OO |
5. |
Check if Disclosure of Legal Proceedings Is Required Pursuant to Items
2(d) or 2(e)
☐ |
6. |
Citizenship or Place of Organization
British Virgin Islands |
Number of
shares
beneficially
owned by
each
reporting
person
with: |
|
7. |
Sole Voting Power
37,444,496(1) |
|
8. |
Shared
Voting Power
|
|
9. |
Sole Dispositive Power
37,444,496(1) |
|
10. |
Shared Dispositive Power
|
11. |
Aggregate Amount Beneficially Owned by Each Reporting Person
37,444,496(1) |
12. |
Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions)
☐ |
13. |
Percent of Class Represented by Amount in Row (11)
22.0%(2) |
14. |
Type of Reporting Person (See Instructions)
CO |
(1) |
Represents (i) 34,702,890 Class B ordinary shares held by Traveler Enterprise Limited and (ii) 2,741,606 Class A ordinary shares represented by American Depositary Shares that are beneficially owned by Traveler Enterprise Limited. |
(2) |
The percentage of the class of securities beneficially owned by such reporting person is calculated based on (i) 135,751,299 Class A ordinary shares of the Issuer issued and outstanding as of March 31, 2024 and (ii) 34,702,890 Class B ordinary shares beneficially owned by the reporting person, assuming the conversion of all such Class B ordinary shares into the same number of Class A ordinary shares. |
Explanatory Note
This Amendment No. 2 to Schedule 13D (this “Amendment No. 2”)
hereby amends the prior statement on Schedule 13D initially filed with the U.S. Securities and Exchange Commission on June 23, 2022,
as amended by the Amendment No. 1 to Schedule 13D filed on March 3, 2023 (as so amended, collectively, the “Schedule
13D”), on behalf of each of Mr. Jiayuan Lin, a citizen of the People’s Republic of China, Traveler Holdings Limited,
a company established in the British Virgin Islands, and Traveler Enterprise Limited, a company established in the British Virgin Islands
and wholly owned by Traveler Holdings Limited. Except as amended and supplemented herein, the information previously reported in the Schedule
13D remains unchanged. Capitalized terms used but not defined herein have the meanings assigned thereto in the Schedule 13D.
Item 5. Interest in Securities of the Issuer
Item 5 of the Schedule 13D is hereby amended and restated in its entirety
as follows:
The information set forth in Items 2, 3 and 6 of this Schedule 13D
and the cover pages of this Schedule 13D is hereby incorporated by reference into this Item 5.
(a)-(b) The responses of each Reporting Person to rows 7, 8, 9,
10, 11 and 13 of the cover pages of this Schedule 13D are hereby incorporated by reference into this Item 5.
As of the date hereof, (i) 34,702,890 Class B ordinary shares
are held directly by Traveler Enterprise Limited, (ii) 2,741,606 Class A ordinary shares represented by American Depositary
Shares are beneficially owned by Traveler Enterprise Limited, (iii) 1 Class A ordinary share is held by Medway Brilliant Holding
Limited and (iv) Mr. Jiayuan Lin holds options to purchase up to 13,210,936 Class A ordinary shares exercisable within
60 days of the date hereof.
The percentage of the class of securities beneficially owned is calculated
based on (i) 135,751,299 Class A ordinary shares of the Issuer issued and outstanding as of March 31, 2024, as provided
by the Issuer, (ii) 34,702,890 Class B ordinary shares beneficially owned by the Reporting Persons, assuming the conversion
of all such Class B ordinary shares into the same number of Class A ordinary shares and (iii) 13,210,936 Class A ordinary
shares that Mr. Jiayuan Lin has the right to acquire within 60 days after the date hereof pursuant to the terms of the options granted
to him, assuming such options were exercised, as applicable.
The voting power of the shares beneficially owned by Mr. Jiayuan
Lin represents 44.1% of the total outstanding voting power. The percentage of voting power is
calculated by dividing the voting power beneficially owned by such reporting person by the voting power of (i) a total of 135,751,299
Class A ordinary shares and 72,978,677 Class B ordinary shares of the Issuer issued and outstanding as of March 31, 2024,
as provided by the Issuer, as well as (ii) 13,210,936 Class A ordinary shares that Mr. Jiayuan Lin has the right to acquire
within 60 days after the date hereof pursuant to the terms of the options granted to him, assuming such options were exercised. In respect
of all matters subject to a shareholders’ vote, each Class A ordinary share is entitled to one vote, and each Class B
ordinary share is entitled to 20 votes, voting together as one class. Each Class B ordinary share is convertible into one Class A
ordinary share at any time by the holder thereof. Class A ordinary shares are not convertible into Class B ordinary shares under
any circumstances.
In addition to the Special Option Grant, as described further in Item
6 below, the Issuer previously granted certain options to purchase Class A ordinary shares to Mr. Jiayuan Lin pursuant to the
Issuer’s 2018 share incentive plan (the “2018 Plan”).
By virtue of the voting agreement described further in Item 6 below,
the Reporting Persons and certain parties thereto may each be deemed to be a member of a “group” for purposes of Section 13(d) of
the Exchange Act. However, neither the filing of this Schedule 13D nor any of its contents shall be deemed to constitute an admission
that the Reporting Persons are members of any such group. Each Reporting Person disclaims beneficial ownership of the Class A ordinary
shares that may be deemed to be beneficially owned solely by virtue of the voting agreement.
(c) The information set forth in Items 3 and 6 of this Schedule
13D is hereby incorporated by reference into this Item 5. Mr. Jiayuan Lin became the beneficial owner of 498,158 additional Class A
ordinary shares underlying share options which will vest within 60 days from the date hereof. Except as disclosed in this Schedule 13D,
none of the Reporting Persons has effected any transactions relating to the Class A ordinary Shares during the past 60 days.
(d) Not applicable.
(e) Not applicable.
Signatures
After reasonable inquiry and to the best of its knowledge and belief,
the undersigned certify that the information set forth in this statement is true, complete and correct.
Dated: August 20, 2024
JIAYUAN LIN |
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By: |
/s/ Jiayuan Lin |
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TRAVELER HOLDINGS LIMITED |
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By: |
/s/ Susan Palmer /s/ Joanne Turnbull |
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Name: Rustem Limited represented by Susan Palmer and Joanne Turnbull |
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Title: Director and Authorized Signatory |
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TRAVELER ENTERPRISE LIMITED |
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By: |
/s/ Jiayuan Lin |
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Name: Jiayuan Lin |
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Title: Authorized Signatory |
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