Hong Leong Asia units’ director and ex-chief accountant detained in China

The director of China Yuchai International (CYI) and former chief accountant of its unit Guangxi Yuchai Machinery have been detained by Chinese authorities.

Hong Leong Asia, which holds a 48.7 per cent stake in CYI, said on Monday (Oct 20) that the reasons for the detainment and any charges against Wu Qiwei and Qin Xiaohong have not yet been verified.

Wu is a director at CYI and the president of its main operating subsidiary, Guangxi Yuchai Machinery. Qin is the former chief accountant of the latter company.

Li Hanyang, the chairman of Guangxi Yuchai Machinery’s board of directors, will continue to lead its operations. Chen Hai, vice-president at the CYI subsidiary, is assisting to carry out the role of president in Wu’s absence.

CYI specialises in the design, manufacture, assembly and sale of engines for trucks, buses, pickups, construction and agricultural equipment, as well as marine and power generation applications.

The Singapore-headquartered company, reported a 52.2 per cent increase in net profit for the first half of 2025, up from 240.3 million yuan (S$43.7 million) to 365.8 million yuan. This was on the back of higher sales in “almost every engine segment”.

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Hong Leong Asia posted a 13.1 per cent rise in net profit to S$56 million for the first half, up from S$49.5 million in the previous corresponding period. The jump was mainly due to the strong performance of Guangxi Yuchai Machinery.

Shares of Hong Leong Asia plunged as much as 20.6 per cent at 9.23 am on Tuesday, having ended Friday 4.6 per cent or S$0.12 lower at S$2.52.