China Zenix Extends Filing Date for 2019 Annual Report
Apr 8, 2020
ZHANGZHOU, China, April 8, 2020 /PRNewswire/ -- China Zenix Auto International Limited (OTC: ZXAIY) ("Zenix Auto" or "the Company"), the largest commercial vehicle wheel manufacturer in China in both the aftermarket and OEM market by sales volume, announced today that it has elected to extend the due date for the filing of its 2019 annual report on Form 20-F pursuant to the U.S. Securities and Exchange ("SEC") order dated March 4, 2020 (Release No. 34-88318). This order allows certain companies affected by COVID-19 to file its Form 20-F within 45 days after the original filing due date.
In late 2019, an outbreak of the COVID-19 virus emerged in China. On January 23, 2020, the PRC government began to lockdown key areas of China to limit the spread of this dangerous virus. Widespread travel restrictions were implemented and all non-essential businesses were shuttered in heavily affected areas in China. As the Company is headquartered in China, its operations have been largely suspended since the beginning of the Chinese New Year in late January 2020 through early March of 2020. The Company's finance team could not carry out their work as previously scheduled and were therefore unable to complete the preparation of the Company's consolidated financial statements and the Form 20-F in time to meet the SEC's original deadline of April 30, 2020.
In mid-March, the PRC government started easing travel restrictions within China, and the Company has been gradually ramping up operations to accommodate customer demand. However, the COVID-19 virus has since spread beyond China's borders, disrupting global supply chains and hampering consumer confidence and business sentiment. The COVID-19 pandemic has impacted the Company's operating results in the first quarter of 2020 and there is substantial uncertainty as to whether operating results in the second quarter of 2020 could fully return to normal.
In reliance on the SEC order, the Company anticipates filing its 2019 annual report on Form 20 no later than June 14, 2020.
About China Zenix Auto International Limited
China Zenix Auto International Limited is the largest commercial vehicle wheel manufacturer in China in both the aftermarket and OEM market by sales volume. The Company offers more than 798 series of aluminum wheels, tubed steel wheels, tubeless steel wheels, and off-road steel wheels in the aftermarket and OEM markets in China and internationally. The Company's customers include large PRC commercial vehicle manufacturers, and it also exports products to over 80 distributors in more than 28 countries worldwide. With six large, strategically located manufacturing facilities in multiple regions across China, the Company has a designed annual production capacity of approximately 15.5 million units of steel and aluminum wheels as of December 31, 2018. Investors can find quotes for the Company on www.otcmarkets.com. For more information, please visit: www.zenixauto.com/en.
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. The Company may make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement. Further information regarding these risks is included in our filings with the SEC. The consequences of the coronavirus outbreak to economic conditions and the automobile industry in general, and the financial position and operating results of our company in particular, have been material in the first quarter of 2020, are changing rapidly, and cannot be predicted. The Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this press release and in the attachments is as of the date of the press release, and the Company undertakes no duty to update such information, except as required under applicable law. For more information, please contact
Tel: +1-(212) 521-4050
SOURCE China Zenix Auto International Limited