Key Developments: China Automotive Systems Inc (CAAS.PH)
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11 Jun 2013
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Latest Key Developments (Source: Significant Developments)
Court Denies Class Action Status For Claims Against China Automotive Systems Inc
China Automotive Systems, Inc. announced that, on May 31, 2013, the U.S. District Court for the Southern District of New York declined to certify a class of investors in a securities fraud class action suit against the Company. Due to this denial, depositions in this case have been postponed or canceled, and the case will proceed only on behalf of the individual named plaintiffs and not as a class action. Full Article
China Automotive Systems Inc Reaffirms FY 2013 Revenue Guidance
China Automotive Systems Inc announced that for fiscal 2013, it expects revenue growth of 10% year-over-year. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $410 million for fiscal 2013. Full Article
China Automotive Systems Inc Comments On FY 2013 Revenue Guidance
China Automotive Systems Inc announced that for fiscal 2013, it expects revenue growth of 10% year-over-year. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $386 million for fiscal 2013. Full Article
China Automotive Systems Inc Comments On FY 2012 Revenue Guidance
China Automotive Systems Inc announced that for fiscal 2012, it expects annual revenues to be even with those for the year 2011. Full Article
China Automotive Systems Inc Announces $5 Million Share Repurchase Program
China Automotive Systems Inc announced that its Board of Directors approved a share repurchase program of up to $5 million of its outstanding common shares periodically over the next 12 months. Repurchases will be made in open market transactions, at prevailing market prices subject to applicable laws, regulations and approvals. The timing of the share repurchases will depend on a variety of factors, including market conditions. Full Article
China Automotive Systems, Inc.'s Great Genesis Holdings Limited Announces Sale Of Zhejiang Steering Pump-Manu Co., Ltd. Business
China Automotive Systems, Inc. announced that its wholly owned subsidiary, Great Genesis Holdings Limited (reat Genesis), has entered into a definitive agreement (Agreement) to sell its equity interest in Zhejiang Henglong & Vie Pump-Manu Co., Ltd. (Zhejiang), to the Zhejiang Vie Group (Vie Group), Great Genesis's joint venture partner in Zhejiang. This transaction is subject to local regulatory authority approval. Full Article
China Automotive Systems, Inc. Lowers FY 2012 Revenue Guidance
China Automotive Systems, Inc. announced that its revenue guidance is for 5% year over year growth for fiscal 2012. The Company reported revenue of $348 million in fiscal 2011. According to I/B/E/S Estimates, analysts were expecting the Company to report revenue of $385 million for fiscal 2012. Full Article
China Automotive Systems, Inc. Issues FY 2012 Revenue Guidance Above Analysts' Estimates
China Automotive Systems, Inc. announced that for fiscal 2012, it expects 10% year over year growth. The Company reported revenue of $348 million in fiscal 2011. According to I/B/E/S Estimates, analysts were expecting the Company to report revenue of $381 million for fiscal 2012. Full Article
China Automotive Systems, Inc. Forms New Joint Venture With SAIC-IVECO Hongyan Company
China Automotive Systems, Inc. announced that its Board of Directors has approved the formation of a joint venture with SAIC-IVECO Hongyan Company to create a new manufacturing facility with a capacity to produce 200,000 power steering units for commercial vehicles in China. The new joint venture, named Chongqing Henglong Hongyan Power Steering Systems Co. Ltd., has registered capital of RMB60 million and it will be 70% owned by CAAS. SAIC-IVECO will own the remaining 30% of the joint venture which will be located in Chongqing City. Based in Chongqing City, China, the SAIC-IVECO Hongyan Company has been manufacturing heavy-duty trucks for over 40 years. It designs and manufactures a wide range of heavy-duty trucks and specialty trucks based on heavy-duty trucks such as tractor trucks, dump trucks, cargo trucks, tanker trucks, and some construction engineering vehicles like concrete mixer trucks, dump trucks, and heavy-duty cargo trucks. Truck manufacturing capacity is 70,000 vehicles annually and consists of over 1,000 models, with load capacities ranging between 5 tons to 60 tons. Full Article
China Automotive Systems, Inc. To Supply North American Aftermarket Steering Gears to Global OEM
China Automotive Systems, Inc. announced that it has been selected as a supplier of aftermarket power steering gears to a global OEM's parts division for use in one SUV model in North America. The gears are being produced by the Company in China and exported to North America. The SUV is a well-established model in North America that has been in production for several years and has experienced strong growth in the first nine months of 2011. The supply agreement was reached in 2010 partially based on CAAS's excellent product quality and delivery record. Full Article
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