China Yuchai Announces Update of Its Share Buyback Plan

Rhea-AI Summary

China Yuchai International (NYSE: CYD) has provided an update on its share buyback plan initiated on June 7, 2024. The plan allows for repurchases of up to US$40 million or 4 million shares, whichever occurs first. As of August 12, 2024, the company has repurchased 3,226,159 shares for approximately US$38.5 million. The repurchased shares will be held as treasury shares, and the buyback process is ongoing. This significant progress in the buyback plan demonstrates China Yuchai's commitment to enhancing shareholder value and confidence in its future prospects.

Positive

• Repurchased 3,226,159 shares, representing 80.65% of the maximum share count target
• Invested US$38.5 million in share buybacks, reaching 96.25% of the maximum dollar amount
• Demonstrates strong commitment to enhancing shareholder value
• Potential positive impact on earnings per share (EPS) due to reduced share count

Negative

• Significant cash outlay of US$38.5 million for share repurchases
• Reduced cash reserves may limit future investment opportunities

SINGAPORE, Aug. 14, 2024 /PRNewswire/ -- China Yuchai International Limited (NYSE: CYD) ("China Yuchai" or the "Company"), had on June 7, 2024, adopted a share buyback plan, of up to US$40 million in dollar amount or 4 million in number, whichever occurs earlier. As of the end of market trading on August 12, 2024, the Company repurchased a total of 3,226,159 shares for a total amount of approximately US$38.5 million.

The shares purchased under the Company's share buyback plan will be held as treasury shares. The Company's repurchase process remains ongoing.

About China Yuchai

China Yuchai International Limited, through its subsidiary, Guangxi Yuchai Machinery Company Limited ("Yuchai"), 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. Yuchai also produces diesel power generators. The engines produced by Yuchai range from diesel to natural gas and hybrid engines. Through its regional sales offices and authorized customer service centers, Yuchai distributes its engines directly to auto OEMs and retailers and provides maintenance and retrofitting services throughout China. Founded in 1951, Yuchai 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 2023, Yuchai sold 313,493 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 they are 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: +1-212-510-8922
Email: cyd@bluefocus.com 

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SOURCE China Yuchai International

FAQ

What is the total amount China Yuchai (CYD) has spent on share buybacks as of August 12, 2024?

China Yuchai (CYD) has spent approximately US$38.5 million on share buybacks as of August 12, 2024.

How many shares has China Yuchai (CYD) repurchased under its current buyback plan?

China Yuchai (CYD) has repurchased a total of 3,226,159 shares under its current buyback plan.

When did China Yuchai (CYD) adopt its current share buyback plan?

China Yuchai (CYD) adopted its current share buyback plan on June 7, 2024.

What are the maximum limits of China Yuchai's (CYD) share buyback plan?

China Yuchai's (CYD) share buyback plan has a maximum limit of US$40 million in dollar amount or 4 million in number of shares, whichever occurs earlier.