WUHAN, China, Aug. 20, 2018 /PRNewswire/ -- China Automotive
Systems, Inc. (NASDAQ: CAAS) ("CAAS" or the "Company"), a
leading power steering components and systems supplier in
China, today announced that the
Special Committee of the Board of Directors (the "Board") has
received a letter dated August 16,
2018 (the "Withdrawal Letter") from the Buyer withdrawing
its non-binding "going-private" proposal (the "Proposal").
In a letter dated August 30, 2017
from Mr. Hanlin Chen, chairman of
the Company, and his affiliates, including Wiselink Holdings
Limited, a company controlled by Mr. Hanlin
Chen, and Ms. Liping Xie, his
wife (collectively, the "Chairman Parties"), and Chariot Company
(Cayman) Limited ("NHPEA"), an affiliate of North Haven Private
Equity Asia IV, L.P. (together with the Chairman Parties, the
"Buyer"), the Buyer proposed to the Board an offer to acquire all
outstanding shares of common stock of the Company not owned by the
Buyer in a going-private transaction.
In the Withdrawal Letter, the Buyer stated that, considering
recent market conditions, it has decided to withdraw the Proposal
and is terminating any further discussion with the Company
regarding the Proposal, with immediate effect.
About China Automotive Systems, Inc.
Based in Hubei Province,
the 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 eight Sino-foreign joint ventures. The Company
offers a full range of steering system parts for passenger
automobiles and commercial vehicles. The Company currently offers
four separate series of power steering with an annual production
capacity of over 6 million sets of steering gears, columns and
steering hoses. Its customer base is comprised of leading auto
manufacturers, such as China FAW Group, Corp., Dongfeng Auto Group
Co., Ltd., BYD Auto Company Limited, Beiqi Foton Motor Co., Ltd.
and Chery Automobile Co., Ltd. in China, and Chrysler Group LLC in North America. For more information, please
visit: http://www.caasauto.com.
Forward-Looking Statements
This press release contains statements that are "forward-looking
statements" as defined under the Private Securities Litigation
Reform Act of 1995. Forward-looking statements represent our
estimates and assumptions only as of the date of this press
release. These forward-looking statements include statements
regarding the qualitative and quantitative effects of the
accounting errors, the periods involved, the nature of the
Company's review and any anticipated conclusions of the Company or
its management and other statements that are not historical facts.
Our actual results may differ materially from the results described
in or anticipated by our forward-looking statements due to certain
risks and uncertainties. As a result, the Company's actual results
could differ materially from those contained in these
forward-looking statements due to a number of factors, including
those described under the heading "Risk Factors" in the Company's
Form 10-K annual report filed with the Securities and Exchange
Commission on March 29, 2018, and in
documents subsequently filed by the Company from time to time with
the Securities and Exchange Commission. We expressly disclaim any
duty to provide updates to any forward-looking statements made in
this press release, whether as a result of new information, future
events or otherwise.
For further information, please contact:
Jie Li
Chief Financial Officer
China Automotive Systems, Inc.
Email: jieli@chl.com.cn
Kevin Theiss
Investor Relations
Awaken Advisors
+1-212-521-4050
kevin.theiss@awakenlab.com
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SOURCE China Automotive Systems, Inc.