CAAS Announces Management Plans to Purchase Company Shares
2008-10-24 Source：english.chinabuses.com
China Automotive Systems, Inc. a leading power steering components and systems supplier in China, today announced that its founder and Chairman, Mr. Hanlin Chen, Chief Executive Officer, Mr. Qizhou Wu, Chief Financial Officer, Mr. Jie Li and other officers are planning to invest 500,000 dollars to purchase common shares of the Company in the open market.
Chairman Hanlin Chen commented, "This share purchase reflects management's belief that the recent stock price has been impacted by market factors that are far below our long-term value. In the most recent quarter we reported a 28.1% revenue gain compared with the year ago period. For the six months ended June 30, 2008, our fully diluted earnings per share rose to $0.36. The Company also reported cash and equivalents of $28.4 million at June 30, 2008."
"In the past 15 years, we have built a successful business with the leading market share in China. As we continue our quest in the world's second largest auto nation and 15 billion dollar global market, we are confident with our investment and increased ownership of China Automotive Systems."
About CAAS
Based in Hubei Province, People's Republic of China, China Automotive Systems, Inc. is a leading supplier of power steering components and systems to the Chinese automotive industry, operating through seven Sino-foreign joint ventures. The Company offers a full range of steering system parts for passenger automobiles and commercial vehicles. The Company currently offers 4 separate series of power steering and 307 models of power steering with an annual production capacity of 1.1 million sets, steering columns, steering oil pumps and steering hoses. Its customer base is comprised of leading Chinese auto manufacturers such as China FAW Group, Corp., Dongfeng Auto Group Co., Ltd., Brilliance China Automotive Holdings Ltd., Beiqi Foton Motor Co., Ltd. and Chery Automobile Co., Ltd., etc.
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