China Automotive Systems, Inc.

Company Profile

■URL

http://www.caasauto.com

■Address

Henglong Road, Yuqiao Development Zone, Shashi, Jinzhou, Hubei, China

Business Overview

-A supplier of power steering systems and related components primarily to the Chinese automotive industry. The Company has also increased its penetration in North America. In the FY ended Dec. 31, 2015, Chrysler became its largest customer.

-It produces, develops and sells a full range of steering system components for both passenger and commercial vehicles. The Company's products include power steering components, manual steering components, steering columns, steering oil pumps and steering hoses. The Company also produces sensors and wire harnesses.

-In 2015, the Company's sales decreased due to market competition, raw material prices increase and exchange rate fluctuations. Sales grew steadily in North America due to renewal of the supply agreement with Chrysler.



Major Competitors

Products Supplier Major Customers
Steering Systems ZF Shanghai Steering Systems SAIC-Volkswagen, SAIC-GM
FAW-Koyo Steering Systems FAW-Volkswagen

Shareholders

-Listed on NASDAQ. (As of Dec. 31, 2015)
Name or Company Name Investment Ratio (%)
Chen Hanlin, Xie Liping & Wiselink Holding Limited 55.57%
Wu Qizhou 4.13%
Tse Andy 1.25%
Others 39.05%
Total 100%

Products

Power Steering Systems and Component Parts

  • Rack and pinion power steering systems
  • Recirculating ball power steering systems
  • Electric power steering systems
  • Manual steering systems
  • Steering columns
  • Steering pumps
  • Steering hoses
  • Tension rods

Sensors

  • Vacuum pressure sensors
  • Low pressure sensors
  • Medium pressure sensors
  • Automotive temperature sensors

Automobile Wire Harnesses

History

1993 The Company's subsidiary, Shashi Jiulong Power Steering Gears Co., Ltd. was established.
1994 Shashi Jiulong supplied recirculating ball power steering systems for the FAW Group.
1997 The Company's subsidiary, Jingzhou Henglong Automotive Parts Co., Ltd. was established.
Jun. 1999 The Company was incorporated in the State of Delaware under the name Visions-In-Glass, Inc.
2002 The Company's subsidiary, Shenyang Jinbei Henglong Automotive Steering System Co., Ltd. was established.
2002 The Company's subsidiary, Zhejiang Henglong & Vie Pump-Manu Co., Ltd. was established.
Mar. 2003 The Company acquired all of the issued and outstanding equity interests of Great Genesis Holdings Limited.
May 2003 The Company changed its name from Visions-In-Glass, Inc. to China Automotive Systems, Inc.
2003 Tsinghua University (Automotive Engineering Department) Henglong Automotive Steering Systems Research Institute was established.
Aug. 2004 The Company successfully listed on NASDAQ in the United States.
2005 The Company's subsidiary, Universal Sensor Application, Inc. was established.
2006 The Company's subsidiary, Wuhan Jielong Electric Power Steering Co., Ltd. was established.
2006 The Company's subsidiary, Wuhu Henglong Automotive Steering Systems Co., Ltd. was established.
2007 The Company's subsidiary, Jingzhou Hengsheng Automotive Systems Co., Ltd. was established.
2009 The Company's subsidiary, Jingzhou Hengsheng became a supplier for Chrysler in the USA.
2010 The Company established Beijing Hainachuan Henglong Automotive Steering Sytem Co., Ltd. with Beijing Automotive Group.
Jan. 2012 The Company formed Chongqing Henglong Hongyan Power Steering Systems Co. Ltd. with SAIC-IVECO Hongyan Company.
Mar. 2012 The Company's integrated business in China, the holding subsidiary, Hong Kong Great Genesis Holding Ltd., increased Jingzhou Hengsheng's registered capital by adding the subsdiaries' equity to Hengsheng. Meanwhile, Jingzhou Hengsheng Automotive Systems Co., Ltd. changed its name into Hube Henglong Automotive System Group Co., Ltd.
May 2012 The Company sold all its equity interest in Zhejiang Henglong & Vie Pump-Manu Co., Ltd. to the Zhejiang Vie Group.
May 2014 Wuhan Jielong Electric Power Steering Co., Ltd., the Company's subsidiary, established Wuhan Chuguanjie Automotive Science & Technology Ltd.
Aug. 2014 The Company announced that the company and Jingzhou Jiulong Machinery and Electronic Manufacturing Co., Ltd. signed an agreement that China Automotive Systems will acquire the following shares from Jingzhou Jiulong Machinery and Electronic Manufacturing: a 20 percent share in Jingzhou Henglong Automotive Parts Co., Ltd.; and a 19 percent share in Shashi Jiulong Power Steering Gears Co., Ltd.
Apr. 2016 The Company announced its main subsidiary, Hubei Henglong Automotive System Group Co., Ltd., has sold its 51% equity control position in Fujian Qiaolong Special Purpose Vehicle Co., Ltd. to Longyan Huanyu Emergency Equipment Technology Co., Ltd.

Supplemental Information 1