GYMCL Removed From Unverified List

Rhea-AI Summary

China Yuchai International Limited (NYSE: CYD) announces that its subsidiary, Guangxi Yuchai Machinery Company Limited (GYMCL), has been removed from the U.S. Department of Commerce's Unverified List. This update follows previous communications in October and December 2022. GYMCL continues its operations without major impacts to its supply chain. The company is recognized as a leading engine manufacturer in China, having sold 456,791 engines in 2021. For further inquiries, investor relations can be contacted via email or phone.

Positive

• GYMCL removed from U.S. Department of Commerce's Unverified List, enhancing operational credibility.
• Continued normal operations with no major supply chain disruption.

Negative

• None.

 

SINGAPORE, Dec. 16, 2022 /PRNewswire/ -- China Yuchai International Limited (NYSE: CYD) ("China Yuchai" or the "Company") wishes to update that, further to the releases on October 16, 2022 and December 5, 2022, its subsidiary, Guangxi Yuchai Machinery Company Limited ("GYMCL"), has been removed from the Unverified List by the U.S. Department of Commerce.

GYMCL's business continues to operate normally with no major supply chain impact.

About China Yuchai International

China Yuchai International Limited, through its subsidiary, Guangxi Yuchai Machinery Company Limited, 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 2021, GYMCL sold 456,791 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

View original content:https://www.prnewswire.com/news-releases/gymcl-removed-from-unverified-list-301704947.html

SOURCE China Yuchai International Limited

FAQ

What recent update has China Yuchai International Limited provided regarding GYMCL?

China Yuchai announced that GYMCL has been removed from the U.S. Department of Commerce's Unverified List.

How does the removal from the Unverified List affect GYMCL's operations?

GYMCL continues to operate normally without major supply chain impacts.

What is the significance of GYMCL being removed from the Unverified List for China Yuchai's investors?

It enhances GYMCL's operational credibility and may positively influence investor confidence.

How many engines did GYMCL sell in 2021?

GYMCL sold 456,791 engines in 2021, establishing itself as a leading manufacturer in China.