SINGAPORE, July 6, 2023
/PRNewswire/ -- China Yuchai International Limited (NYSE:
CYD) ("China Yuchai" or the "Company") today announced that Mr.
Ho Raymond Chi-Keung will not seek
re-election at the forthcoming Annual General Meeting of the
Company to be held on August 7, 2023
(the "Meeting") due to personal reasons. In accordance with Bye-law
4(2) of the Bye-laws of the Company, Mr. Ho will retire as a
Director of the Company, upon the conclusion of the Meeting.
Following his retirement, Mr. Ho will step down as a member of the
Audit Committee and the Remuneration Committee of the Company.
Mr. Ho had served on the Board of Directors of the Company from
2004 to 2006, and was re-appointed in 2013. He confirmed that there
were no disputes or conflicts with the Board or the Company
regarding any aspect of the Company's accounting, operations,
policies, or practices.
The Board of Directors of the Company would like to record its
appreciation to Mr. Ho for his dedicated service and valuable
contributions to the Company during his tenure. With Mr. Ho's
retirement, the Board will comprise nine members of which three are
independent directors with effect from August 7, 2023.
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: +1-212-521-4050
Email: cyd@bluefocus.com
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SOURCE China Yuchai International Limited