China Zenix Announces Open Market Stock Purchases By Management
ZHANGZHOU, China, Dec. 30, 2011 /PRNewswire-Asia/ -- China Zenix Auto International Limited (NYSE: ZX) ("Zenix Auto" or "the Company"), the largest commercial vehicle wheel manufacturer in China in both the aftermarket and OEM market by sale volume, today announced that deputy chief executive officer and chief sales and marketing officer, Mr. Junqiu Gao, purchased 15,000 common shares of the Company's stock at an average price of $3.30 per share in open market transactions during December. Additionally, Mr. Yuzhou Wang, deputy financial controller, made several recent purchases totaling 5,000 shares of the Company's common stock in open market transactions at prices as high as $5.00 per share.
Mr. Junqiu Gao, commented, "Our stock is grossly undervalued. The current share price does not reflect our status and long-term value as the undisputable leader in the commercial vehicle wheel market in China, the world's largest commercial vehicle market. Our new aluminum wheels will add an additional growth dimension to our domestic and export businesses when introduced later in 2012. Our Bridge-Arc wheel products continue to increase market penetration in China's burgeoning aftermarket. These catalysts further align management's interests with our shareholders and express our confidence in the Company's ability to grow shareholder value."
About China Zenix Auto International Limited
China Zenix Auto International Limited is the largest commercial vehicle wheel manufacturer in China in both the aftermarket and OEM market by sales volume. With a large intellectual property portfolio, the Company offers more than 230 series of tubed steel wheels, tubeless steel wheels, and off-road steel wheels in both the aftermarket and OEM market in China and internationally. Zenix Auto's customers include group members of a number of large PRC commercial vehicle manufacturers, and it also exports products to over 70 distributors in 30 countries worldwide. With five large, strategically located manufacturing facilities in multiple regions across China, the Company has an aggregate annual production capacity of approximately 12.5 million units of steel wheels as of December 31, 2010. For more information, please visit: http://www.zenixauto.com/en.Safe Harbor
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