SINGAPORE, Oct. 16,
2022 /PRNewswire/ -- The Board of Directors of
China Yuchai International Limited (NYSE: CYD) ("China
Yuchai" or the "Company") wishes to announce that the Company
recently noted that the Bureau of Industry and Security (the "BIS")
in the Department of Commerce of the
United States of America (the "U.S. Department of Commerce")
added the Company's subsidiary, Guangxi Yuchai Machinery Co., Ltd.,
to the Unverified List, which is set forth as a supplement to the
Export Administration Regulations ("EAR").
The Company understands that GYMCL has been proactively
addressing the matter. As at the date of this announcement,
GYMCL's business is operating normally with no major supply chain
impact.
Based on information released by the U.S. Department of
Commerce, entities are added to the Unverified List as the BIS was
unable to verify their bona fides because an end-use check (i.e.
the legitimacy and reliability relating to the end use or end users
of items subject to the EAR) could not be completed satisfactorily
for reasons outside the U.S. Government's control. The Company
understands that an entity's listing on the Unverified List does
not mean that U.S. exporters cannot engage with the parties listed.
Rather, the U.S. exporters will have to conduct additional due
diligence to verify end use or end users of final products before
exporting the goods.
The Company will make further announcements as and when
appropriate in the event of any material development on the
matter.
In the meantime, shareholders and potential investors of the
Company are advised to exercise caution when dealing in shares or
securities of the Company.
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