China Automotive Systems, Inc. (NASDAQ: CAAS), a leading power steering components and systems supplier in China, today announced that the Board of Directors has declared a special cash dividend of US$0.80 per common share. The special cash dividend is payable on or about August 22, to shareholders of record as of the close of business on Tuesday, July 30. The aggregate amount of the special dividend payment will be approximately $25 million.
China Automotive Systems´ Board of Directors approved the special cash dividend after reviewing the Company´s recent financial performance, current financial condition, expected cash requirements for business expansion and future free cash-flow generation.
NASDAQ listing of China Automotive Systems' shares began on August 24. of last year. Over the next two decades, the Company grew from a small Chinese domestic player to a large global tier 1 supplier with operations and customers in North America, South America, Europe and Asia.
China Automotive Systems' sales have also grown from $58.2 million in 2004 to $576.4 million in 2023, an approximate 875% increase. Net income grew by approximately 446% from $6.9 million in 2004 to $37.7 million in 2023.
CAAS shares jumped 49 cents, or 14%, in Friday’s first hour of trading to $4.00.
