Company Name: China Automotive Systems, Inc.
Stock Market: NASDAQ (CAAS)
Industry Sector: Motor Vehicle Parts and Accessories
Market Capitalisation: $57 million
Yearly Revenue: $133.6 million
Operating Income: $21.3 million
Net Income: $8.9 million
Total Assets: $183 million
Key People: Hanlin Chen (Chairman of the Board), Qizhou Wu (Chief Executive Officer and Director), Jie Li (Chief Financial Officer), Tse, Yiu Wong Andy (Senior Vice President), Shengbin Yu (Senior Vice President), Shaobo Wang (Senior Vice President), Daming Hu (Chief Accounting Officer)
Headquarters Address: No. 1 Henglong Road, Yu Qiao Development Zone Shashi District, Jing Zhou City Hubei Province, China
Number of Employees: approximately 2,322 (as of December 31, 2007)
Website Address: www.caasauto.com
Company Overview
On June 29, 1999, China Automotive Systems, Inc. (“China Automotive” or the “Company”) was established under the laws of Delaware. Its former name was Visions-In-Glass, Inc. On March 5, 2003, it completed the acquisition of the entire outstanding and issued ownership interest of Great Genesis Holding Limited (“Genesis”). Upon the acquisition, it continued the business operations of Genesis. Currently, Great Genesis Holding Limited owns ownership interest in 8 Sino-joint business enterprises, manufacturing power-assisted steering schemes, and related items for various divisions of the China’s auto industry. On May 19, 2003, its name was changed to China Automotive Systems, Inc.
Henglong USA Corporation (“HLUSA”) is a completely owned business subsidiary of China Automotive and was established in Troy, Michigan. on January 8, 2007. HLUSA principally markets automotive components in North America. The Company has equity interest in Sino-joint business enterprises, including Shashi Jiulong Power Steering Gears Co., Ltd. ("Jiulong"), Zhejiang Henglong and Vie Pump-Manu Co., Ltd. ("Zhejiang"), Wuhu HengLong Auto Steering System Co., Ltd. (“Wuhu”), Wuhan Jielong Electric Power Steering Co., Ltd. (“Jielong”), Jingzhou Hengsheng Automotive System Co., Ltd, (“Hengsheng”), Jingzhou Henglong Automotive Parts Co., Ltd. ("Henglong"), Universal Sensor Application Inc.(“USAI”), and Shenyang Jinbei Henglong Automotive Steering System Co., Ltd. ("Shenyang").
Through its equity interest in Sino-joint business enterprises, China Automotive Systems, Inc. manufactures power-assisted steering systems and other components for China’s auto industry. The Company provides power-assisted steering gears, auto parts, steering pumps, automotive steering devices, electric power steering and sensor modular. Moreover, the company provides the built-in, power steering rack and device, as well as pinion power guiding devices for heavy-duty and light cars and vehicles.
Current Financial Overview
As of December 31, 2007, the net product sales of China Automotive Systems, Inc. increased 39.5% or $37,830,564 to $133,597,003, from $95,766,439 in December 31, 2006. This increase in net sales was influenced by various factors.
In 2007, the increases in the income of Chinese inhabitants and the increase of their expenditure led to growth in the sales of passenger vehicles, which resulted in increases in the Company’s sales of steering gears and pumps for passenger vehicles. Increased national economic investments in China caused increases in the sales of commercial automobiles, which resulted in growth in the Company’s sales of steering pumps and gears for commercial automobiles. The technological enhancements to the product lines of China Automotive, production efficiency, and technological content of the products of China Automotive were improved, therefore satisfying market needs.
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