WUHAN, Hubei, China, May 18 /Xinhua-PRNewswire/ -- China Automotive
Systems, Inc. (Nasdaq: CAAS), a leading power steering components and systems
supplier in China, today announced Mr. Guangxun Xu has resigned his non-
executive director position from the China Automotive Systems' Board effective
May 11, 2007 to fill the role of Chief Representative of NASDAQ in China.
During his tenure with China Automotive Systems, he served on the audit
committee, the compensation committee and the nomination committee of the
board. These Committee vacancies will be filled through the appointment of
other current independent directors.
Mr. Guangxun Xu is a veteran of 25 years in finance; he served as a
managing director with the NASDAQ Stock Market International, Asia for over 10
years. He then later founded NASDAQ Listing Services Limited in 2004, where he
provided advisory services to Chinese companies on US and UK listings, IPOs,
pre-IPO restructuring, M&A, Corporate and Project Finance, corporate
governance, post-IPO compliance, investor relations and risk management. He
holds an MBA from Middlesex University, London.
Mr. Hanlin Chen, the Chairman and CEO of China Automotive Systems,
commented, "We congratulate Mr. Xu's on his new position with NASDAQ China. As
a strong supporter of NASDAQ in China, China Automotive Systems thanks NASDAQ
for giving us the opportunity to enter the world's largest capital market. We
strongly believe, under Mr. Xu's leadership, NASDAQ will continue to expand in
China attracting both technology and traditional companies to list in the US
market. We wish Mr. Xu success in his career pursuits in NASDAQ."
Mr. Guangxun Xu commented, "As the head of NASDAQ in China, it is my
responsibility to step down from the Board and stay independent from any
public company. I've enjoyed my tenure on China Automotive Systems Board. I
wish China Automotive Systems success in continuous future growth and business
expansion."
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.
