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Shah Capital sent a letter to China Yuchai International (CYD) with proposals to be discussed at AGM

Key Summary: On May 24, 2018, Shah Capital Management (8%) sent a letter to the Board proposing better allocation of free cash flow, establishing a financial leasing company independently or with a Chinese partner, exploring dual listing in Hong Kong or Shenzhen/Shanghai, and considering changes to the current Board of Directors and top management.

Shah Capital sent a letter to China Yuchai International (CYD) with proposals to be discussed at AGMKey Summary: On May 24, 2018, Shah Capital Management (8%) sent a letter to the Board proposing better allocation of free cash flow, establishing a financial leasing company independently or with a Chinese partner, exploring dual listing in Hong Kong or Shenzhen/Shanghai, and considering changes to the current Board of Directors and top management.

Market cap: $850 million | China Yuchai International Limited, through its subsidiaries, manufactures and sells diesel and natural gas engines in the People's Republic of China and internationally.

On May 24, 2018, Shah Capital Management (8%) sent a letter to the Board with the following proposals to be discussed at the upcoming AGM:

  • The company should properly allocate all future free cash flow, compared to its past strategy of bolstering the bank cash balance only.
  • The company should consider establishing a financial leasing company by itself or in partnership with a Chinese financial entity.
  • The company should consider dual listing in Hong Kong or Shenzhen/Shanghai.
  • The company should consider adding or changing the current Board of Directors and top management.

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