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SORL Form The Special Committee Members
Published:2019-06-18  [Back]

ZHEJIANG, China, May 24, 2019 (GLOBE NEWSWIRE) -- SORL Auto Parts, Inc. (SORL) (“SORL” or the “Company”), a leading manufacturer and distributor of automotive brake systems as well as other key safety-related auto parts in China, announced that it has increased the size of  its board of directors (the “Board”) from seven (7) to nine (9) and appointed Mr. Xiao Lin and Mr. Binghua Feng as independent directors and the special committee members. 

Mr. Lin (age 31) has been serving as the CEO and portfolio manager of Aspen Capital Management (HK) Limited since August 2017.  Between August 2016 and August 2017, Mr. Lin was a portfolio manager of Pine River Capital Management (HK) Limited.  Between August 2012 and August 2016, Mr. Lin was a senior associate of Goldman Sachs (Asia) L.L.C.  Since April 2017, Mr. Lin has been serving as an independent director of Sichuan Meifeng Chemical Industry Co., Ltd.  Mr. Lin received his Master of Finance degree from the Massachusetts Institute of Technology (MIT) in 2011 and his Bachelor of Science degree in Applied Math from Renmin University of China in 2010.

Mr. Feng (age 45) has been serving as the Executive Vice President and Secretary-General of Zhejiang Automobile & Motorcycle Parts Chamber Of Commerce since 2010. Mr. Feng has extensive experience in the auto parts industry. Mr. Feng received his associate degree from Northeast University of Finance and Economics of China in 2013. 

There are no understandings or arrangements between each of Mr. Lin and Mr. Feng and any other person pursuant to which they were selected as directors. There is no family relationship between each of Mr. Lin and Mr. Feng with any of our other officers and directors, or person nominated or chosen by the Company to become an officer or director. In the past two years there have been no transactions in which the Company was or is to be a participant and the amount involved exceeds $120,000, and in which the Mr. Lin or Mr. Feng had or will have a direct or indirect material interest, and there are currently no such proposed transaction.

 Mr. Xiao Lin and Mr. Binghua Feng have formed the special committee of independent directors (the “Special Committee”) to review, evaluate and negotiate the  non-binding preliminary proposal letter, dated April 25, 2019, from Mr. Xiaoping Zhang, SORL’s Chairman and Chief Executive Officer (“Chairman Zhang”), Ms. Shuping Chi and Mr. Xiaofeng Zhang, directors of the Company, and Ruili Group Co., Ltd. (together, the “Consortium”) to acquire all of the outstanding shares of common stock of the Company not already owned by the Consortium, and any alternative thereto and to make a recommendation with respect to the Proposal and any alternative thereto.

The Company cautions its shareholders and others considering trading in its securities that neither the Special Committee nor the Board has set a definitive timetable for the completion of its evaluation of the Proposal or to make any decision with respect to the Company’s response to the Proposal. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that the Proposal or any other transaction will be approved or consummated.

About SORL Auto Parts, Inc.

As a global tier one supplier of brake and control systems to the commercial vehicle industry, SORL Auto Parts, Inc. is the market leader for commercial vehicles brake systems, such as trucks and buses in China. The Company distributes products both within China and internationally under the SORL trademark. SORL is listed among the top 100 auto component suppliers in China, with a product range that includes 65 categories with over 2000 specifications in brake systems and others. The Company has four authorized international sales centers in UAE, India, the United States and Europe. SORL is working to establish a broader global sales network. For more information, please visit http://www.sorl.cn.

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