China Automotive Adopts $5M Share Buyback Program

by Shivani Kumaresan, Benzinga Staff Writer

April 11, 2022 8:07 AM | 1 min read |

China Automotive Systems Inc CAAS said its board of directors approved a share repurchase program of up to $5 million over the next 12 months.
Repurchases will be made in open market transactions at prevailing market prices not to exceed $4.00 per share through March 30, 2023.
"Our stock's market capitalization is well below our combined cash, cash equivalents and short-term investments, our working capital, our book value, and the valuations of a number of peer companies focused on multiple financial factors,” said CFO Jie Li.
The company held $161.3 million in cash and equivalents as of December 31, 2021.
Price Action: CAAS shares closed lower by 5.40% at $2.79 on Friday.