SINGAPORE, April 30 /PRNewswire-Asia/ -- China Yuchai International Limited (NYSE: CYD) ("China Yuchai" or the "Company"), announced today that its subsidiary, Guangxi Yuchai Machinery Company Limited ("GYMCL"), has been awarded the status of a "High-Tech Enterprise" from the Chinese government. With this designation, GYMCL qualifies for a preferential national income tax rate of 15% through the year 2010 rather than the normal corporate income tax rate of 25%.
GYMCL met the qualifying criteria as a High-Tech Enterprise based on a series of tests and inspections. Among the distinguishing characteristics of High-Tech Enterprises are possession of innovative core technology, independent intellectual property rights, a high ratio of educated scientific and technical personnel to total employees, and a high proportion of high-tech product Research & Development expense to total expenses.
GYMCL's R&D and technical innovations have made it a leader in the development of environmentally friendly products. Among its successes have been the launch of the first self-developed National 4 and National 5 compliant diesel engines in China to reduce engine emissions. GYMCL has also a history of being the first to market with a number of new diesel engine innovations. For the 2008 Beijing Olympic Games, GYMCL was the only company producing National 4 compliant engines commercially resulting in the receipt of a large number of orders compared with other engine types.
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 2008, GYMCL sold approximately 372,000 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 .
For more information, please contact:
Kevin Theiss / Dixon Chen
Grayling
Tel: +1-646-284-9409
Email: kevin.theiss@us.grayling.com
dixon.chen@us.grayling.com
