Business
China Automotive Systems extends filing date for 2019 annual report
WUHAN, China, March 23, 2020 /PRNewswire/ -- China Automotive Systems, Inc. (Nasdaq: CAAS) ("CAAS" or the "Company"), a leading power steering components and
About this update from China Automotive Systems, Inc.
[{"type":"text","content":"WUHAN, China, March 23, 2020 /PRNewswire/ -- China Automotive Systems, Inc. (Nasdaq: CAAS) (\"CAAS\" or the \"Company\"), a leading power steering components and systems supplier in China, today announced that is has extended it's 2019 annual report filing date to May 14, 2020 pursuant to the U.S. Securities and Exchange (\"SEC\") order dated March 4, 2020 (Release No. 34-88318) that allows certain companies affected by COVID-19 to file its Form 10-K up to May 14, 2020.\nIn late 2019, an outbreak of a respiratory illness caused by COVID-19 emerged in Wuhan City, Hubei province, PRC, where the Company's headquarters is located. On January 23, 2020, the PRC government announced the lockdown of Wuhan City, considered to be the epicenter of the COVID-19 outbreak, in an attempt to quarantine the city and limit the spread of this virulent virus. The government of Hubei Province implemented strict travel restrictions and ordered all non-essential businesses to remain shuttered starting from January 23, 2020. As a result, the Company's finance team has been unable to complete the preparation of the Company's consolidated financial statements and the Form 10-K until after March 30, 2020. \nIn the first quarter of 2020, the COVID-19 outbreak has caused disruptions in our manufacturing operations, which have resulted in delays in the shipment of products to certain customers. However, as of March 10th, CAAS's production centers in Wuhu Henglong (Wuhu, Anhui Province), Brilliance Henglong (Shenyang, Liaoning Province) and Chongqing Henglong (Chongqing City) have resumed their full operations. Nearly all of the Company's workforce are currently running the main production center in Jingzhou City, Hubei Province. The Company's corporate headquarters has also been temporarily relocated to Jingzhou City until further notice from the Wuhan government. \nMr. Qizhou Wu, Chief Executive Officer of CAAS, commented, \"This outbreak has caused delays in consolidating our 2019 annual financial statements as well as travel restrictions for our outside auditors. We have initiated steps to assist our workers' return to operations and we are nearly back to full operations in all production plants, including the Wuhan operations.\" \n\"We believe the worst is behind us and all corporate activities are close to resuming normal operations,\" Mr. Wu concluded....