China Automotive Systems Inc – ‘8-K/A’ for 3/5/03

On:  Friday, 10/29/04, at 4:22pm ET   ·   For:  3/5/03   ·   Accession #:  1010549-4-684   ·   File #:  0-33123

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Amendment to Current Report   —   Form 8-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K/A       Amendment to Current Report                            4     15K 

Document Table of Contents

8-K/A
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SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON DC 20549

--------------

FORM 8-K/A

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
 SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported) March 5, 2003
                                                 -------------

CHINA AUTOMOTIVE SYSTEMS, INC.
--------------------------------------------------------------------------------
(Exact name of Registrant as Specified in Charter)

     Delaware                      000-33123                  33-0885775
--------------------------------------------------------------------------------
(State of Other Jurisdiction         (Commission               (IRS Employer    
      of Incorporation)              File Number)            Identification No.)

The Fourth Floor Bldg. E No. 501
 Jin Gang Rd. Jiniao Developing Zone
Pudong, Shanghai, China 201206
--------------------------------------------------------------------------------
(Address of Principal Executive Offices)

Registrant's telephone number, including area code         0716-8324631         
                                                  ------------------------------

--------------------------------------------------------------------------------
 (Former Name or Former Address, if changed since last report)

Check  the  appropriate  box  below  if the  Form  8-K  filing  is  intended  to
simultaneously  satisfy the filing obligation of the registrant under any of the
following provisions:                                                           

[_]      Written  communications  pursuant to Rule 425 under the  Securities Act
(17 CFR 230.425)                                              

[_]      Soliciting  material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)                                               

[_]      Pre-commencement  communications  pursuant to Rule  14d-2(b)  under the
Exchange Act (17 CFR 240.14d-2(b))                            

[_]      Pre-commencement  communications  pursuant to Rule  13e-4(c)  under the
Exchange Act (17 CFR 240.13e-4(c))                            

8-K/A
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Item 2.01.  Completion of Acquisition or Disposition of Assets.                 

Explanatory Note                                              

         This Form 8-K/A has been filed  solely to revise  the  information  set
forth in the second  paragraph of the "Strategic  Plan" disclosure under Item 2.
of the Form 8-K filed with the  Securities  and Exchange  Commission on March 5,
2003.                                                                           

Acquisition                                                                     

         Visions-In-Glass, Inc. (the "Registrant") entered into a Share Exchange
Agreement,  (the "Exchange Agreement"),  dated as of March 5, 2003, by and among
the Registrant,  Yarek Bartosz, Guofu Dong ("Dong"),  Liping Xie ("Xie"), Qizhou
Wu ("Wu"), Tse Yiu Wong ("Wong"),  Hanlin Chen ("Chen" together with Dong, Wong,
Wu and Xie, the  "Sellers")  and Great Genesis  Holding  Limited,  a corporation
organized  under  the laws of Hong Kong  Special  Administrative  Region,  China
("Genesis").  Pursuant to the Exchange Agreement, on March 5, 2003 (the "Closing
Date"), the Registrant  acquired (the "Acquisition") from the Sellers all of the
issued and outstanding  equity interests of Genesis (the "Genesis  Shares").  As
consideration for the Genesis Shares, the Registrant issued 20,914,250 shares of
its common stock to the Sellers. The parties have submitted the documents to the
Hong Kong Stamp Duty Office (the  "Office") as required by Hong Kong law so that
Office can assess the stamp duty  imposed in  connection  with the  transactions
described in the Share Exchange Agreement. The consideration for the Acquisition
was determined  through arms length  negotiations  between the management of the
Registrant and the Sellers.                                                     

         Until the Closing  Date,  the  Registrant  had only nominal  assets and
liabilities and no current business operations.  As a result of the Acquisition,
the Registrant will continue the business operations of Genesis.                

Overview of Genesis                                                             

         Genesis owns all of the capital stock of Jilong Enterprises  Investment
Corp. Ltd., a Hong Kong Company ("Jilong").  Jilong in turn owns an interests in
four  sino-joint  ventures  which each  manufacture  power  steering  systems or
related products for different segments of the automobile industry in China. The
combined sales of the sino-joint  ventures rank second in their industry  sector
with combined sales totaling 30% to 40% of the market share in China.           

Joint Venture              Ownership Interest          Business Segment   

JiuLong Co., Ltd.                   81%                  Buses and Trucks       
HengLong Co. Ltd.                   42%                  Small Cars and Vans    
JinBei Heng Long                    55%                  Vans                   
Henlong WanAn Co., Ltd.             51%                  Power Steering Pumps   

         Genesis  has  long-term  contracts  with more than forty  manufactures,
including  the  two  of the  largest  automobile  manufacturers  China's  No.  1
Automobile  Manufactory  with  $10  Billion  USD in  sales  and  China's  No.  2
Automobile  Manufactory with $2 Billion USD in sales. Genesis also has long term
contracts with the largest Van manufacturer in China,  Shenyang Jinbei Co., Ltd.
which has  approximately  $2.5 billion USD in annual sales and Fukang,  a Citren
invested  automobile  manufacturing  which has  approximately  $1 billion USD in
annual sales.                                                                   

         Genesis  currently owns two trademarks on automobile  parts and several
Chinese  patents for power  steering  technology.  By  integrating  new advanced
technologies,  such as  electronic  chips in  power  steering  systems  into its
current  product  line,  the  group is  pursuing  aggressive  strategies  on the
technology level to maintain a competitive edge within the automobile industry. 

8-K/A
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Strategic Plan                                                                  

         The short to midterm  strategic plan is to focus on market expansion in
the domestic and international  arena.  Generally,  to achieve this goal Genesis
will focus on name  recognition,  customer  service  and the  ability to provide
quality products to its customers. In addition,  product line expansion,  with a
focus on  parts,  accessories  and new  technologies  will be  important  to the
overall development of the business. For international market expansion, Genesis
will target North America and the  Asia-pacific  countries,  and the Middle East
areas such as the United States, Canada, Malaysia, Indonesia and Korea.         

Industry Overview                                                               

         The  Automobile  industry is one of the fastest  growing  industries in
China  with a  growth  rate of 42% in  sales in  2002.  The  Chinese  Automobile
industry is expected to grow at the current rate of 10% to 15% per year over the
next 3 years.  An  increase  of 10% to 15% in 2003  will  make  China  the third
largest  automobile  market  in the  world and  likely  to  become  the  leading
purchaser of cars,  parts and  accessories  in the next 5 to 10 years.  Based on
these  figures  Genesis  maintains  that it will  achieve  at least a 30% annual
growth rate over the next three years. Genesis's projected growth rate in fiscal
year 2003 of 50% will be achieved  without a  substantial  change to our current
structure.  Genesis's growth rate is slightly above China's  industry  standard,
however it's consistent with Genesis's current environment.                     

8-K/A
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SIGNATURES

         Pursuant to the  requirements  of the Securities  Exchange Act of 1934,
the  registrant  has duly  caused  this report to be signed on its behalf by the
undersigned hereunto duly authorized.                                           

                                                  CHINA AUTOMOTIVE SYSTEMS, INC.

Date:    October 22, 2004                           By:  /s/ Hanlin Chen        
                                                  ------------------------------
                                      Name:  Hanlin Chen
                                                  Title: Chief Executive Officer

Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘8-K/A’ Filing		Date		First		Last			Other Filings
Filed on:		10/29/04							10KSB/A
		10/22/04		4
For Period End:		3/5/03		1		2			8-K,  8-K/A
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