In a just published Form 13, filed with the US Securities and Exchange Commission (SEC), China Automotive Systems Inc. (NASDAQ:CAAS) reported that Chen Hanlin has picked up 17,849,014 of common stock as of 2017-05-16.
The acquisition brings the aggregate amount owned by Chen Hanlin to a total of 17,849,014 representing less than 56.41% stake in the company.
For those not familiar with the company, China Automotive Systems, Inc., (China Automotive) is a holding company. The Company, through its subsidiary, Great Genesis Holdings Limited (Genesis), owns interests in over eight Sino-joint ventures and over five subsidiaries in the People’s Republic of China (PRC), which manufacture power steering systems and/or related products for various segments of the automobile industry. Genesis also owns interests in a Brazil-based trading company, which engages mainly in the import and sales of automotive parts in Brazil. Henglong USA Corporation (HLUSA), which is a subsidiary of the Company, engages in marketing of automotive parts in North America, and provides after sales service and research and development support. The Company’s geographical segments include the United States, China and other foreign countries. One of its subsidiaries, Shenyang Jinbei Henglong Automotive Steering System Co., Ltd., focuses on power steering parts for light duty vehicles.
A glance at China Automotive Systems Inc. (NASDAQ:CAAS)’s key stats reveals a current market capitalization of 183.51 Million based on 31.64 Million shares outstanding and a price at last close of $5.06 per share.
Looking at insider activity, there are a few transactions worth noting.
Specifically, on 2016-06-02, Wong picked up 3,000 at a purchase price of $4.20. This brings their total holding to 3,000 as of the date of the filing.
On the sell side, the most recent transaction saw Qizhou unload 30,000 shares at a sale price of $9.60. This brings their total holding to 1,325,136.
It’s possible to gauge a company’s potential by tracking the activity of its major holders, as well as checking in on insider activity such as those transactions listed above. We’ll be keeping an eye on China Automotive Systems Inc. (NASDAQ:CAAS) as things move forward to see if its progress aligns with these transactions.
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