SINGAPORE, Dec. 31,
2023 /PRNewswire/ -- China Yuchai International
Limited (NYSE: CYD) ("China Yuchai" or the "Company), one of
the largest powertrain solution manufacturers through its main
operating subsidiary in China,
Guangxi Yuchai Machinery Company Limited ("GYMCL"), today announced
that GYMCL has recently entered into an agreement with Beijing
Liandong Jinyuan Management Technology Co., Ltd. ("Beijing
Liandong") for the sale of GYMCL's 100% equity holding in Yuchai
Remanufacturing Services (Suzhou) Co., Ltd. ("Suzhou Reman") to
Beijing Liandong. The consideration for the transaction will
be in the form of cash and it will be paid into an escrow account
in phases. The consideration is RMB 179.94
million, along with the book value of cash and cash
equivalents and an agreed-upon fair value for the equipment in
Suzhou Reman as of the settlement date. The transaction is subject
to, amongst others, the receipt of approval of the Suzhou
Industrial Park Administrative Committee.
About China Yuchai International
China Yuchai International Limited, through its subsidiary,
Guangxi Yuchai Machinery Company Limited ("GYMCL"), engages in the
manufacture, assembly, and sale of a wide variety of light-,
medium- and heavy-duty engines for trucks, buses, passenger
vehicles, construction equipment, marine and agriculture
applications in China. GYMCL also produces diesel power
generators. The engines produced by GYMCL range from diesel
to natural gas and hybrid engines. Through its regional sales
offices and authorized customer service centers, GYMCL distributes
its engines directly to auto OEMs and retailers and provides
maintenance and retrofitting services throughout China.
Founded in 1951, GYMCL has established a reputable brand name,
strong research and development team and significant market share
in China with high-quality
products and reliable after-sales support. In 2022, GYMCL
sold 321,256 engines and is recognized as a leading manufacturer
and distributor of engines in China. For more information, please visit
http://www.cyilimited.com.
Safe Harbor Statement:
This news release may contain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. The words "believe", "expect", "anticipate", "project",
"targets", "optimistic", "confident that", "continue to",
"predict", "intend", "aim", "will" or similar expressions are
intended to identify forward-looking statements. All statements
other than statements of historical fact are statements that may be
deemed forward-looking statements. These forward-looking statements
including, but not limited to, statements concerning China Yuchai
group of entities' operations, financial performance and condition
are based on current expectations, beliefs and assumptions which
are subject to change at any time. China Yuchai cautions that these
statements by their nature involve risks and uncertainties, and
actual results may differ materially depending on a variety of
important factors such as government and stock exchange
regulations, competition, political, economic and social conditions
around the world and in China
including those discussed in China
Yuchai's Form 20-Fs under the headings "Risk Factors", "Results of
Operations" and "Business Overview" and other reports filed with
the Securities and Exchange Commission from time to time. All
forward-looking statements are applicable only as of the date it is
made and China Yuchai specifically disclaims any obligation to
maintain or update the forward-looking information, whether of the
nature contained in this release or otherwise, in the future.
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SOURCE China Yuchai International Limited