Hong Leong Asia units’ director and ex-chief accountant detained in China
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The reasons for the detainment and any charges against Wu Qiwei and Qin Xiaohong have not yet been verified.
PHOTO: CHINA YUCHAI INTERNATIONAL
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- China Yuchai International director Wu Qiwei and ex-chief accountant Qin Xiaohong have been detained by Chinese authorities, says Hong Leong Asia.
- Guangxi Yuchai Machinery's chairman will lead operations. The vice-president at the CYI subsidiary will assist as president in Wu's absence.
- Hong Leong Asia shares plunged 20.6% following the news, despite CYI's 52.2% profit increase in H1 2025 driven by higher sales.
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SINGAPORE – China Yuchai International director Wu Qiwei and Guangxi Yuchai Machinery’s former chief accountant Qin Xiaohong have been detained by the Chinese authorities.
Hong Leong Asia, which holds a 48.7 per cent stake in China Yuchai International, said on Oct 20 that the reasons for the detainment and any charges against the two had not yet been verified.
Mr Wu is a director at China Yuchai International and president of its main operating subsidiary Guangxi Yuchai Machinery.
Mr Li Hanyang, chairman of Guangxi Yuchai Machinery’s board of directors, will continue to lead its operations. Vice-president Chen Hai of the China Yuchai International subsidiary is assisting to carry out the role of president in Mr Wu’s absence.
China Yuchai International 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$43.8 million) to 365.8 million yuan. This was on the back of higher sales in “almost every engine segment”.
Hong Leong Asia posted a 13.1 per cent rise in net profit to $56 million for the first half, up from $49.5 million in the previous corresponding period. The jump was mainly due to the strong performance of Guangxi Yuchai Machinery.
Hong Leong Asia shares ended trading on the Singapore Exchange 4.6 per cent or 12 cents lower at $2.52 on Oct 17. They plunged as much as 20.6 per cent in the morning session of Oct 21, before closing the day at $2.21. THE BUSINESS TIMES
