WUHAN, China, May 15, 2012 /PRNewswire-Asia-FirstCall/ -- China Automotive Systems, Inc. ("CAAS" or the "Company") (NASDAQ: CAAS), a leading power steering components and systems supplier in China, today announced that Mr. Arthur Wong was appointed to the board of directors of the Company (the "Board") on May 15, 2012, where he will serve as chairman of the audit committee of the Board and as a member of the nominating and compensation committees of the Board.
Mr. Wong is currently the chief financial officer of GreenTree Inns Hotel Management Group, Shanghai, China, which is one of the largest economy hotel chains in China. He also currently serves as a member of the boards of directors for VisionChina Media Inc. (NASDAQ:VISN) and Besunyen Holdings Company Limited (HKG:926), and as chairman of the audit committees for both companies' boards of directors. Mr. Wong was formerly the chief financial officer of Nobao Renewable Energy, Shanghai, China, and Asia New-Energy, Henan, China. Prior to that, he worked at Deloitte Touche Tohmatsu ("Deloitte"), from 1982 to 2008, in that firm's San Jose, Hong Kong and Beijing offices. Mr. Wong rose to become a partner in Deloitte's Beijing office, and oversaw that office's expansion from less than 100 people to over 1,000. While serving at Deloitte, Mr. Wong acted as the audit partner for various companies, including international auto and auto parts manufacturers. He also led accounting teams on IPO and financing projects, set up and improved accounting internal control systems and corporate governance for public companies, provided internal audit and internal control advice, and worked on mergers and acquisition and restructuring accounting. Mr. Wong has significant experience working with U.S.- and Hong Kong-listed companies and in the regulatory regimes of those jurisdictions.
Mr. Wong received a Bachelor of Science in Applied Economics degree from the University of San Francisco and was awarded a Higher Diploma of Accountancy from Hong Kong Polytechnic. His professional affiliations include being a member of the American Institute of Certified Public Accountants, the Hong Kong Institute of Certified Public Accountants and the Chartered Association of Certified Accountants. Mr. Wong speaks fluent English, Mandarin and Cantonese.
In addition, the Board received and accepted the resignation of Mr. Bruce C. Richardson on May 15, 2012. Mr. Richardson was the chairman of the Board's audit committee and a member of the nominating and compensation committees of the Board. Mr. Richardson's resignation was not the result of any disagreement with the Company on any matter relating to the Company's operations, policies or practices and is effective immediately.Mr. Hanlin Chen, Chairman, commented, "As we continue to grow, Mr. Wong's proven track record working in a global firm, strong knowledge of the auto sector and deep experience in corporate governance will be strong assets for the Board and help CAAS achieve its long-term strategic goals. We thank Mr. Richardson for his past contributions to the Board and we wish him well with his 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 3.5 million sets, steering columns, steering oil pumps and steering hoses. Its customer base is comprised of leading Chinese auto manufacturers, such as China FAW Group, Corp., Dongfeng Auto Group Co., Ltd., BYD Auto Company Limited, Beiqi Foton Motor Co., Ltd., Chery Automobile Co., Ltd. and Chrysler North America, outside of 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 9, 2012, 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: