China-based online automotive services platform Cango has raised US$44 million in its initial public offering (IPO) on the New York Stock Exchange. Cango, which is backed by private equity fund managers Warburg Pincus and Primavera Capital Group, technology conglomerate Tencent Holdings and ride-hailing company Didi Chuxing, sold 4 million American Depository Shares for US$11.00 per share. Warburg Pincus and Primavera originally invested in the company in 2017. None of the company’s previous backers sold shares in the offering.