China Automotive Systems Chairman Withdraws Offer To Buyout Company

China Automotive Systems, Inc. (CAAS) announced Monday that the Special Committee of the Board of Directors has received a letter dated August 16, 2018 from the Buyer withdrawing its non-binding "going-private" proposal.

In the withdrawal Letter, the Buyer stated that, considering recent market conditions, it has decided to withdraw the Proposal and is terminating any further discussion with the Company regarding the Proposal, with immediate effect.

In a letter dated August 30, 2017 from Hanlin Chen, chairman of the Company, and his affiliates, including Wiselink Holdings Limited, a company controlled by Hanlin Chen, and Liping Xie, his wife, and Chariot Company (Cayman) Ltd., an affiliate of North Haven Private Equity Asia IV, L.P., the Buyer proposed to the Board an offer to acquire all outstanding shares of common stock of the Company not owned by the Buyer in a going-private transaction.

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