China Yuchai Announces Board Change

Rhea-AI Summary

China Yuchai International Limited (NYSE: CYD) announced the resignation of Mr. Tan Eng Kwee as a Director, effective immediately. Mr. Tan's departure includes leaving his non-voting observer role on the Audit Committee as of July 20, 2020. He joined the Board in 2019, and the Board expressed gratitude for his contributions. China Yuchai, through its subsidiary GYMCL, is a leading manufacturer and distributor of engines in China, including diesel and hybrid engines, with a significant market share.

Positive

• Strong market position in China with significant sales of 376,148 engines in 2019.
• Established brand recognition and a robust research and development team.

Negative

• Potential instability with the resignation of a board member.
• Possible impact on governance and strategic direction due to board member changes.

SINGAPORE, July 20, 2020 /PRNewswire/ -- China Yuchai International Limited (NYSE: CYD) ("China Yuchai" or the "Company") announced today that Mr. Tan Eng Kwee has resigned as a Director of the Company with immediate effect.  With his resignation, Mr. Tan will also cease to be a non-voting member with observer status of the Audit Committee ("AC") as of July 20, 2020.

Mr. Tan had joined the Board of Directors and AC in 2019. The Board of Directors expresses its appreciation to Mr. Tan for his service and contributions to the success of the Company.  

About China Yuchai International

China Yuchai International Limited, through its subsidiary, 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 2019, GYMCL sold 376,148 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's and the joint venture's 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. Among others, if the COVID-19 pandemic is not effectively and timely controlled, our business operations and financial condition may be materially and adversely affected due to a deteriorating market for automotive sales, an economic slowdown in China and abroad, a potential weakening of the financial condition of our customers, or other factors that we cannot foresee. 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.

For more information:

Investor Relations
Kevin Theiss
Tel: +1-212-521-4050
Email: cyd@bluefocus.com

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SOURCE China Yuchai International Limited

FAQ

Who resigned from the board of China Yuchai on July 20, 2020?

Mr. Tan Eng Kwee resigned as a Director of China Yuchai International Limited.

What impact does Mr. Tan's resignation have on China Yuchai?

His resignation may affect corporate governance and strategic decisions within the company.

What is the significance of the engines sold by China Yuchai in 2019?

China Yuchai sold 376,148 engines in 2019, highlighting its strong market presence.

What types of engines does China Yuchai manufacture?

China Yuchai manufactures diesel, natural gas, and hybrid engines for various applications.