Yuchai International was asked by Singapore Regal shareholders to dismiss high-

On September 4, the board of directors of Yuchai International (CYD.NYSE) listed on the NYSE will hold a special meeting at the request of some investors. At the meeting, investors will vote whether to recall two senior executives of the overseas listed company.

“Over the years, Yuchai International has been controlled by Singapore’s Hong Leong Group. Under this situation, Yuchai International could not normally disclose its performance, and some high-level companies are dereliction of duty,” said one investor.

As an affiliate of Guangxi Yuchai Group, Fenglong Asia, the largest shareholder of Yuchai International, holds 21.2% of the shares, and Yuchai Group, Xia Fund and public shareholders hold 18%, 5.8% and 49.8% of the shares, respectively. The actual controller of Hong Leong Asia is Singapore's Guo family, a rich man in Southeast Asia.

The senior executive who proposed the removal of the minority shareholder on September 4 was a director (Hong Kong President Zhang Donggui of Hong Leong) and an audit committee chairman and independent director Mr. Tan Aik-leang. In addition, two additional independent directors of the United States are also added.

A person from the U.S. Summer Fund Management Company told CBN reporters that all Yuchai International investors decided to vote on the above proposal. If more than 50% of the shares held by the shareholders are approved, the resolution will take effect. “We hope to find a person who is full-time and has US listing experience and ability to replace him. I do not want him to serve as a director of Yuchai International.” The person believed that the above two executives did not perform their due responsibilities, “Yuchai International’s The quarterly report cannot be seen, and the annual report is always late. However, the announcement issued by the Yuchai International Board of Directors on July 30 does not agree with the above approach.

On August 5th, CBN reporters contacted Hong Leong’s Asian counterparts, but as of the time of writing, the other party did not respond.

Another important proposal of the special meeting is that minority shareholders want to abolish outdated "gold stocks."

"Gold stocks" means that minority shareholders have a one-vote veto. In Yuchai International Corporation, it is not Yuchai Group that holds the "Golden Shares" but Singapore Hong Leong Asia.

According to the above summer fund sources, since Hong Leong Asia has a one-vote veto power, it has actual control over Yuchai International’s operations and management, making it difficult to implement certain decisions.

According to public reports, in 2002, Yuchai Machinery Co., Ltd. (Yuchai International held 75% of its shares in the main diesel engine business) had received guidance from BOCI International, but in the end there was no result because the foreign party (Hong Leong Group) ) Do not agree to sign.

Yuchai Group also made efforts to break the gold stocks, but failed. There have been public reports quoting some comments made by Wang Jianming, former chairman of Yuchai Group: “For historical reasons, Yuchai Group selected some short-term investors to cooperate and brought some regrets to the long-term development of the company.”

“We hope that these proposals will be approved by Yuchai Group. In this way, the interests of shareholders can be maximized.” The summer fund said.

The Melt Flow Rate Tester is defined as the mass or volume of the thermoplastic melts at a given temperature and load, and the melt passes through the standard die every 10 minutes. This instrument can only be used for the determination of the melt flow rate (MFR) of the mass method, which can be used to characterize the viscous flow characteristics of thermoplastics in the molten state.

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