omniture

China Automotive Systems Announces Promotions and Change in Management Responsibilities

2007-09-25 18:41 1157

-- Mr. Qizhou Wu Promoted to Chief Executive Officer

-- Mr. Jie Li Appointed as Chief Financial Officer

WUHAN, Hubei, China, Sept. 25 /Xinhua-PRNewswire/ -- China Automotive Systems, Inc. (Nasdaq: CAAS), a leading power steering components and systems supplier in China, today announced the promotion of Mr. Qizhou Wu to Chief Executive Officer and Mr. Jie Li to Chief Financial Officer, effective immediately.

Mr. Qizhou Wu was a co-founder of China Automotive Systems and he has over 20 years experience in the automotive industry, in particular the original equipment manufacturing (OEM) sector. Mr. Wu was the Chief Operating Officer (COO) of the Company overseeing the growth and expansion of the Company's operations since March 2003. He was the General Manager of Jingzhou Henglong Automobile Parts Co. Ltd., from September 1999 to December 2002. He also has been the President of Hubei Henglong Industry Group since August 2003. In the early 1990s, Mr. Wu was the Vice President of the Automobile Research Institute in Ningbo, Zhejiang Province. Mr. Wu earned both his Bachelor's and Master's degrees in automobile engineering from Tsinghua University in Beijing.

Mr. Jie Li has served as the Corporate Secretary of the Company since December 2004. Mr. Li brings extensive experience in management and corporate planning including mergers and acquisition. Prior to joining the Company in September 2003, Mr. Li had management responsibilities as he was Assistant President of Jingzhou Jiulong Industrial Inc. from 1999 to 2003 and the general manger of Jingzhou Tianxin Investment Management Co. Ltd. Mr. Li is fluent in English and obtained his Bachelor's degree from the University of Science and Technology of China in Hefei, Anhui Province. He also completed his graduate studies in economics and business management at the Hubei Administration Institute.

Mr. Li also has extensive experience in capital market transactions in China. He has been involved in several merges and acquisitions among private and public companies in the mainland China, including China Sanjiang Space Group, Hubei Super-Elec Auto Electric Motor Co., Ltd., Jingzhou Jiulong Industrial Inc., Zhonglian Construction Co., Ltd. (Sihuan Pharmaceutical Co.,Ltd, Shenzhen Stock Exchange: 000605), Yueyang Hengli Air-Cooling Equipment Co. Ltd. (Shenzhen Stock Exchange: 000622). In addition, he also managed the privatization and restructuring of Jingzhou Jiulong Group and Jingzhou Gear, two formerly state-owned enterprises.

Mr. Hanlin Chen will continue to serve as the Chairman of the Board with a focus on developing the Company's vision and strategic plan for future growth including mergers and acquisitions and other strategic expansion.

Mr. Chen, Chairman of the Board, commented, "With the Company's rapid growth, our board unanimously recognized the need to strengthen our management team and to reinforce the leadership within our organization and industry. I am very confident that Qizhou Wu, my long-time partner and a prominent industry veteran, will manage and guide the Company through its next development phase. With Jie Li's capital market track record and solid knowledge of China Automotive Systems, we believe that he will help improve our communications with investors and strengthen our financial planning ability. Jie will also assist me on identifying and executing potential acquisition opportunities in China. As Chairman of the Company, I will continue to concentrate on strategic initiatives to better position the Company in the Chinese market, and plan key acquisitions complementary to our existing product offerings and distribution so we can expand more rapidly in the global markets. With the growing trend of global purchasing and rising auto ownership in China, the Chinese auto parts industry presents the best mix of depth and breadth for growth. We aim to continue to capture this market opportunity, increase our earnings and build value for our shareholders."

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 800,000 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., Donfeng Auto Group Co., Ltd., Brilliance China Automotive Holdings Ltd., Beiqi Foton Motor Co., Ltd. and Chery Automobile Co., Ltd. etc. For more information, please visit: http://www.caasauto.com .

Safe Harbor Statement

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations or beliefs, including, but not limited to, statements concerning the Company's operations, financial performance and, condition. For this purpose, statements that are not statements of historical fact may be deemed to be forward-looking statements. The Company cautions that these statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including, among others, the impact of competitive products, pricing and new technology; changes in consumer preferences and tastes; and effectiveness of marketing; changes in laws and regulations; fluctuations in costs of production, and other factors as those discussed in the Company's reports filed with the Securities and Exchange Commission from time to time.

For further information, please contact:

Jie Li

Chief Financial Officer

China Automotive Systems

Email: jieli@chl.com.cn

Kevin Theiss

The Global Consulting Group

Tel: +1-646-284-9409

Email: ktheiss@hfgcg.com

Stacy Dimakakos

Media Relations

The Global Consulting Group

Tel: +1-646-284-9417

Email: sdimakakos@hfgcg.com

Source: China Automotive Systems, Inc.
Related Stocks:
NASDAQ:CAAS
Keywords: Auto
collection