China Yuchai International Announces Share Buyback and Equity Incentive Plans, Highlights Green Energy Buses with Hydrogen Fuel Cells
Key Ideas
- China Yuchai International Limited announced a $40 million share buyback plan, utilizing existing cash reserves and operating cash flow.
- The company's Board of Directors approved equity incentive plans for its Chinese subsidiaries, focusing on equity interests in MGP.
- Guangxi Yuchai Machinery Company, a subsidiary of China Yuchai, unveiled 50 green energy buses with Yuchai Xingshunda hydrogen fuel cells in Beijing.
- Yuchai Xingshunda, a joint venture established in 2022, aims at developing, manufacturing, and selling fuel cell powertrain systems, highlighting a move towards hydrogen technology.
China Yuchai International Limited announced a share buyback of up to $40 million or 4 million shares, to be funded by operating cash flow and existing cash balance. The company's cash and bank balances were reported at RMB6.0 billion ($852.7 million). Shares repurchased will be held as treasury shares. Additionally, the Board approved equity incentive plans for its Chinese subsidiaries, focusing on equity interests in MGP. Guangxi Yuchai Machinery Company, a subsidiary, introduced 50 green energy buses with Yuchai Xingshunda hydrogen fuel cells in Beijing. Yuchai Xingshunda, a joint venture, aims to develop, manufacture, and sell fuel cell powertrain systems, showcasing advancements in hydrogen technology.