CAAS China Automotive Systems Inc

 

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. ¨

 

 

 

Item 8.01

Other Events

 

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

 

(d)

Exhibits

 

Exhibit No	Description
99.1	Press Release of China Automotive Systems, Inc. dated July 19, 2024.
104	Cover Page Interactive Data File (formatted in Inline XBRL in Exhibit 101)

 

 

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 20^th 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

 

 

v3.24.2

Cover	Jul. 19, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Jul. 19, 2024
Entity File Number	000-33123
Entity Registrant Name	China Automotive Systems, Inc.
Entity Central Index Key	0001157762
Entity Tax Identification Number	33-0885775
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	No. 1 Henglong Road, Yu Qiao Development Zone
Entity Address, Address Line Two	Shashi District
Entity Address, Address Line Three	Jing Zhou City
Entity Address, City or Town	Hubei Province
Entity Address, Country	CN
City Area Code	86
Local Phone Number	27-8757 0027
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, $0.0001 par value
Trading Symbol	CAAS
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false

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