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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities
Exchange Act of 1934
Date of Report (Date of earliest event reported):
July 19, 2024
China Automotive Systems, Inc.
(Exact name of registrant as specified in its charter)
Delaware |
000-33123 |
33-0885775 |
(State or other jurisdiction of
incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
No. 1 Henglong Road, Yu Qiao Development Zone
Shashi District, Jing Zhou City
Hubei Province
The People's Republic of China
(Address of principal executive offices, including zip code)
Registrant’s telephone number, including
area code (86) 27-8757 0027
(Former name or former address, if changed since
last report)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered
pursuant to Section 12(b) of the Act:
Title of each class |
Trading Symbol |
Name of each exchange on which
registered |
Common Stock, $0.0001 par value |
CAAS |
The Nasdaq Capital Market |
Indicate by check mark whether the registrant is an emerging growth
company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act. ¨
On
July 19, 2024, China Automotive Systems, Inc. (the "Company"), issued a press release
announcing that its Board of Directors has declared a special cash dividend of $0.80 per share of common stock. The dividend is payable
to the Company's shareholders of record as of July 30, 2024, and is expected to be paid on August 22, 2024. A copy of the press release
is attached as Exhibit 99.1 to this Current Report on Form 8-K.
Item 9.01 |
Financial Statements and Exhibits |
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, as amended, the Company has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
|
China Automotive Systems, Inc. |
|
(Registrant) |
|
|
|
|
|
Date: July 19, 2024 |
By: |
/s/ Hanlin Chen |
|
|
Hanlin Chen |
|
|
Chairman |
Exhibit 99.1
China Automotive Systems Announces Special Cash
Dividend
- Celebrating 20th Anniversary of
NASDAQ Listing -
WUHAN, China, July 19, 2024 /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 Board of Directors has declared a special cash dividend of US$0.80 per common share.
The special cash dividend is payable on or about August 22, 2024 to shareholders of record as of the close of business on Tuesday, July
30, 2024. The aggregate amount of the special dividend payment will be approximately $25 million.
China Automotive Systems´ Board of Directors
approved the special cash dividend after reviewing the Company´s recent financial performance, current financial condition, expected
cash requirements for business expansion and future free cash-flow generation.
NASDAQ listing of China Automotive Systems’
shares began on August 24, 2004. Over the next two decades, the Company grew from a small Chinese domestic player to a large global tier
1 supplier with operations and customers in North America, South America, Europe and Asia. China Automotive Systems’ sales have
also grown from $58.2 million in 2004 to $576.4 million in 2023, an approximate 875% increase. Net income grew by approximately 446% from
$6.9 million in 2004 to $37.7 million in 2023.
The Company has become a leading supplier of steering
products in China, the world’s largest automotive market, with large customers including leading vehicle OEMs such as BYD Auto Co.,
Ltd., Zhejiang Geely Automobile Co., Ltd., Chery Automobile Co., Ltd., Chongqing Changan Automobile Co., Ltd., SAIC Motor Co., Ltd., FAW
Group and others. BYD is one of the largest vehicle manufacturers and is a leading EV producer with growing market presence around the
world. Internationally, CAAS supplies steering products to Stellantis N.V. in North and South America and Europe. With its worldwide operations,
Stellantis has become the Company’s largest customer generating substantial growth in our Brazilian operations and in other markets.
Ford Motor Company is also a customer in North America and Mahindra & Mahindra Ltd has become a large customer in India. European
presence is enhanced through the Company’s ownership in Sentient AB, a Swedish automotive technology company specializing in software
development and hardware design with a focus on autonomous driving (“ADAS”) technologies.
Mr. Hanlin Chen, chairman of CAAS, stated, "This
special dividend not only rewards our shareholders for their long-term support, but also speaks volumes of our confidence in our sustainable
growth for the future. We are very proud that our large customer base and broad technology offerings position us strategically for global
auto industry transitions from internal combustion engines to electric vehicles, as well as human driving to autonomous driving.”
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
8 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 Stellantis N.V. and Ford Motor Company 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. 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 Annual Report on Form 10-K as filed with the Securities and Exchange
Commission on March 28, 2024, and in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission.
Any of these factors and other factors beyond our control, could have an adverse effect on the overall business environment, cause uncertainties
in the regions where we conduct business, cause our business to suffer in ways that we cannot predict and materially and adversely impact
our business, financial condition and results of operations. A prolonged disruption or any further unforeseen delay in our operations
of the manufacturing, delivery and assembly process within any of our production facilities could continue to result in delays in the
shipment of products to our customers, increased costs and reduced revenue. 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.
jieli@chl.com.cn
Kevin Theiss
Awaken Advisors
+1-212-510-8922
Kevin@awakenlab.com
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China Automotive Systems (NASDAQ:CAAS)
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