U.S. Department of Commerce Conducted An End-Use Check on GYMCL

Rhea-AI Summary

On December 5, 2022, China Yuchai International Limited (NYSE: CYD) announced an update regarding its subsidiary, Guangxi Yuchai Machinery Company Limited (GYMCL). Following a previous release on October 16, 2022, the U.S. Department of Commerce conducted an end-use check on GYMCL. As of this announcement, GYMCL continues to operate normally without any major supply chain disruptions. The Company remains committed to providing updates on any significant developments in the future.

Positive

• GYMCL's operations continue without major supply chain disruptions.

Negative

• None.

SINGAPORE, Dec. 5, 2022 /PRNewswire/ -- China Yuchai International Limited (NYSE: CYD) ("China Yuchai" or the "Company") wishes to update that, further to the release on October 16, 2022, an end-use check has been conducted on its subsidiary, Guangxi Yuchai Machinery Company Limited ("GYMCL"), by the U.S. Department of Commerce.

As at the date of this announcement, GYMCL's business continues to operate normally with no major supply chain impact.

The Company will make further announcements as and when appropriate in the event of any further material development on the matter.

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 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

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SOURCE China Yuchai International Limited

FAQ

What was the recent announcement by China Yuchai International Limited regarding GYMCL?

China Yuchai announced that the U.S. Department of Commerce conducted an end-use check on its subsidiary GYMCL, which continues to operate normally.

How does the end-use check by the U.S. Department of Commerce affect China Yuchai's operations?

As of the announcement date, there were no major impacts on GYMCL's operations from the end-use check.

When was the end-use check on GYMCL completed?

The end-use check was conducted prior to the announcement on December 5, 2022.

What is the significance of the end-use check for investors in CYD?

The end-use check indicates regulatory scrutiny but, as per the announcement, GYMCL remains operational, suggesting limited immediate risk.