China Automotive Systems Announces Changes to the Board of Directors

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Jul 23, 2019, 06:00 ET

WUHAN, China, July 23, 2019 /PRNewswire/ -- China Automotive Systems, Inc. (NASDAQ: CAAS), ("CAAS" or the "Company"), a leading power steering components and systems supplier in China, today announced that at the Annual General Meeting held on July 18 in Wuhan, China, Dr. Henry Lu and Dr. Tong Kooi Teo were elected as new independent members of the board of directors.

Dr. Henry Lu is the Managing Director of NBS Group. Prior to that, Dr. Lu was the Managing Director of China Merchants Capital where he led a team in healthcare and industrial sector investments. From 2012 to 2014, Dr. Lu was a Managing Partner of Sycamore Venture (China). From 2006 to 2011 he was the Chief Representative of Chicago-headquartered investment banking and asset management firm, William Blair & Company in China. Prior to that, Dr. Lu spent many years with McKinsey & Company where he advised global and regional companies such as Mercedes Benz, Honda and Johnson Controls on their growth and financial strategies. He is currently an independent director of Hong Kong-listed Hua Lien International (Holding) Company Limited and was formerly an independent director of New York Stock Exchange-listed Nepstar Drugstore Chain. Dr. Lu received a PhD from Columbia University in 1997 and a Master of Business Administration from University of Chicago Booth School of Business in 2000.

Dr. Tong Kooi Teo brings over 30 years of business experience including banking, manufacturing and investments. He is currently the Chief Executive Officer of DPS Corporate Advisory Company Limited. He is also a Non-Executive Director of Guocoland (China) Limited since February 2018. Dr. Teo was a senior manager of Hong Kong-listed Guoco Group, the Managing Director of Guoco Investment (China) Ltd. from 2014 to 2018, and the Group Managing Director of Guocoland (China) Ltd. from 2012 to 2014. Prior to that, Dr. Teo was the Chief Executive Officer of China and Vietnam Operations for Malaysia listed WCT Holdings Bhd from 2011 to 2012. Before joining WCT Holdings, Dr. Teo was the Chief Executive Officer of Singapore-listed Hong Leong Asia Ltd. from 2004 to 2010. In his early career, Dr. Teo has also held senior management positions with Tasek Corporation Bhd, Malaysia, Hong Leong Bank Malaysia and Deutsche Bank Malaysia. Dr. Teo received his Bachelor of Science and Master of Business Administration from Golden Gate University (San Francisco), and a Doctor of Professional Studies in Management Studies degree from Fordham University.

Mr. Arthur Wong and Mr. Robert Tung did not stand for re-election at the Annual General Meeting. There were no disagreements between Messrs. Wong or Tung with the Company on any matter relating to the Company´s operations, policies or practices.

Mr. Hanlin Chen, Chairman, commented, "We welcome Dr. Lu and Dr. Teo to the board of directors, and we look forward to their extensive experience and business acumen to help guide our company to meet our long-term strategic goals and enhance shareholder value. At the same time, we thank Messrs. Wong and Tung for their contributions in the past years and wish them well in their future endeavors."

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 nine 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 6 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 Chrysler Group LLC 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. These forward-looking statements include statements regarding the qualitative and quantitative effects of the accounting errors, the periods involved, the nature of the Company's review and any anticipated conclusions of the Company or its management and other statements that are not historical facts. 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 Form 10-K annual report filed with the Securities and Exchange Commission on March 28, 2019, and in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission. 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.
Email: [email protected]

Kevin Theiss
Investor Relations
+1-212-521-4050
Email: [email protected]

SOURCE China Automotive Systems, Inc.