SINGAPORE, Jan. 15 /PRNewswire-Asia-FirstCall/ -- China Yuchai
International Limited (NYSE: CYD) ("China Yuchai" or the "Company"), announced
today that its subsidiary Guangxi Yuchai Machinery Company Limited ("Guangxi")
has received approval from the provincial government regulatory agency in
charge of state-owned assets administration in the PRC for its acquisition of
the entire equity interest in Guangxi Yulin Hotel Company Ltd ("Yulin Hotel
Company"). This approval is required under PRC regulations in order to ensure
that Guangxi has proper title in the shares of Yulin Hotel Company and pending
its receipt, was a major contributing factor in the delay in finalizing the
2007 consolidated financial statements as the appropriate accounting treatment
under U.S. GAAP had to be determined. Further details of this transaction can
be found in our announcements dated April 11, 2008 and December 1, 2008.
The Company also wishes to advise that under the rules of the New York
Stock Exchange ("NYSE"), it has up to January 15, 2009, to complete and file
its 2007 Annual Report on Form 20-F ("2007 20-F") with the U.S. Securities and
Exchange Commission ("SEC") and return to compliance status. Although the
Company has been working towards this deadline, the receipt of provincial
government approval just prior to the filing deadline is a substantial
positive development necessitating an assessment by the Company as to whether
adjustments are now required to be made to its 2007 consolidated financial
statements. As a result, China Yuchai applied for and received a short
extension of time from NYSE, subject to ongoing monitoring and review by NYSE,
for the completion and filing of its 2007 20-F with the SEC.
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 array of light-duty, medium-sized and
heavy-duty diesel engines for construction equipment, trucks, buses, and cars
in China. GYMCL also produces diesel power generators, which are primarily
used in the construction and mining industries. Through its regional sales
offices and authorized customer service centers, the Company distributes its
diesel 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 & development team and
significant market share in China with high-quality products and reliable
after-sales support. In 2007, GYMCL sold approximately 383,000 diesel engines
and was consistently ranked No. 1 in unit sales by China Association of
Automobile Manufacturers. 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,"
"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 are based on current expectations or beliefs,
including, but not limited to, statements concerning the Company's operations,
financial performance and condition. The Company cautions that these
statements by their nature involve risks and uncertainties, and actual results
may differ materially depending on a variety of important factors, including
those discussed in the Company's reports filed with the Securities and
Exchange Commission from time to time. The Company specifically disclaims any
obligation to update the
forward-looking information in the future.
For more information, please contact:
Kevin Theiss / Dixon Chen
Grayling Global
Tel: +1-646-284-9409
Email: ktheiss@hfgcg.com
dchen@hfgcg.com
SOURCE China Yuchai International Limited
-0- 01/15/2009
/CONTACT: Kevin Theiss, ktheiss@hfgcg.com, or Dixon Chen, dchen@hfgcg.com,
both of Grayling Global, +1-646-284-9409, for China Yuchai International
Limited/
/Web site: http://www.cyilimited.com /
(CYD)
CO: China Yuchai International Limited
ST: Singapore, China
IN: MAC LEI AUT
SU: TNM
AR-JH
-- CNTH020 --
1430 01/15/2009 09:14 EST http://www.prnewswire.com
