China Automotive Systems Announces Management's Plans to Purchase Company Shares
 |
WUHAN, Hubei, China, Oct. 23, 2008: China Automotive Systems, Inc., ("China Automotive" or "Company") 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."
