China Yuchai Establishes New Technology Subsidiary

Rhea-AI Summary

On April 6, 2023, China Yuchai International Limited (NYSE: CYD) announced the incorporation of a wholly-owned subsidiary, Guangxi Xing Yun Cloud Technology Co., Ltd., with a registered capital of RMB 10 million. This new entity will focus on developing proprietary operating systems for data analytics, supporting smart and connected solutions for vehicles and machinery. Additionally, Xing Yun Cloud will oversee IT operations, maintenance, and the development of intelligent network processes for the GYMCL group. Established in 1951, GYMCL is recognized as a leading engine manufacturer in China, selling 321,256 engines in 2022. The company continues to strengthen its market position by investing in technology-driven solutions.

Positive

• Establishment of Guangxi Xing Yun Cloud Technology Co., Ltd. to enhance technology capabilities.
• Investment of RMB 10 million to drive development in data analytics and smart solutions.
• GYMCL's strong market presence, having sold 321,256 engines in 2022.

Negative

• None.

SINGAPORE, April 6, 2023 /PRNewswire/ -- China Yuchai International Limited (NYSE: CYD) ("China Yuchai" or the "Company") a leading manufacturer and distributor of engines for on- and off-road applications in China through its main operating subsidiary, Guangxi Yuchai Machinery Company Limited ("GYMCL"), wishes to announce that GYMCL has incorporated a wholly-owned subsidiary, Guangxi Xing Yun Cloud Technology Co., Ltd., ("Xing Yun Cloud") with a registered capital of RMB 10 million.

This newly formed subsidiary will develop proprietary operating systems to enable data analytics for smart and connected solutions for both on- and off-road vehicles as well as machineries. In addition, Xing Yun Cloud will manage IT operations and maintenance, develop and support new digital projects, and develop intelligent networks and processes for the GYMCL group of companies.

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'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: +1-212-510-8922
Email: cyd@bluefocus.com

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SOURCE China Yuchai International Limited

FAQ

What is the announcement made by China Yuchai on April 6, 2023?

China Yuchai announced the formation of a new subsidiary, Guangxi Xing Yun Cloud Technology Co., Ltd., to develop operating systems for data analytics.

How much capital was registered for Guangxi Xing Yun Cloud Technology Co., Ltd.?

The subsidiary has a registered capital of RMB 10 million.

What will Guangxi Xing Yun Cloud focus on?

It will develop data analytics solutions for smart vehicles and manage IT operations.

How many engines did China Yuchai sell in 2022?

China Yuchai sold 321,256 engines in 2022.

What is the significance of the new subsidiary for China Yuchai investors?

The new subsidiary may enhance China Yuchai's technological capabilities and market competitiveness.