Yuchai Forms JV For Engine & Emergency Services In China - China Yuchai Intl (NYSE:CYD)

China Yuchai International Limited CYD unit GYMCL's subsidiary YMMC has formed a new joint venture, Suzhou Yuxing Automobile Technology Co., Ltd.
The JV will enhance the nationwide engine services and emergency services for all vehicles powered by Yuchai engines in China. The total registered capital for Suzhou Yuxing is RMB 5 million, pro-rated among the equity owners by their respective interest.
YMMC has a 30% equity interest in the JV. Xingwei Automobile Technology (Wuxi) Co., Ltd. owns a 25% equity interest, Tianjin Zhuoyu Automobile Technology Partnership has an 8% equity interest, and Fujian Zhongchuang Chelian Network Technology Co., Ltd., has a 12% equity interest.
Tianjin Zhongding Chuangxing Automobile Technology Partnership, incorporated by YMMC's distributors, owns a 25% equity interest in the JV.
Price Action: CYD shares are trading lower by 0.19% at $10.79 on the last check Tuesday.