China Yuchai International is a Bermuda-based holding company whose core asset is a roughly 76% controlling stake in Guangxi Yuchai Machinery, a Chinese engine manufacturer headquartered in Yulin City, Guangxi. Yuchai designs, manufactures, and sells internal combustion engines across a broad range of applications, including on-road trucks and buses, off-road construction and agricultural equipment, and stationary and marine uses such as power generation and marine propulsion. Yuchai sells primarily to OEM customers — truck makers, bus manufacturers, and equipment builders — who integrate Yuchai engines into finished vehicles and machinery. Revenue is driven by unit volumes and average selling prices, which vary significantly by engine type, with heavy-duty and high-horsepower engines carrying materially higher prices than light-duty units. Yuchai also earns aftermarket revenue through a network of over 6,000 domestic service stations. A 50/50 joint venture with Rolls-Royce's MTU division produces premium diesel engines for power generation and oil & gas. Yuchai is growing its presence in data center backup power generation, where combined Yuchai and MTU Yuchai unit sales grew from roughly 750 units to over 2,000 units in FY25. Yuchai is also expanding internationally through a licensing agreement in Vietnam, a production facility in Thailand, and indirect exports as Chinese OEMs sell Yuchai-powered vehicles abroad. Yuchai's secondary asset is a roughly 49% stake in HL Global Enterprises, a Singapore-listed hospitality and property company, which is a small and non-core holding.