[6-K] China Yuchai International Ltd. Current Report (Foreign Issuer)

Rhea-AI Filing Summary

MicroStrategy 8-K (28 Jul 25) – ATM & Bitcoin Update

Between 21-27 Jul 25 the Company sold no shares under any of its four at-the-market programs:

• MSTR common: $17.0 bn capacity remaining of $21 bn
• STRK 8.00% preferred: $20.5 bn of $21 bn
• STRF 10.00% preferred: $1.9 bn of $2.1 bn
• STRD 10.00% preferred: $4.2 bn of $4.2 bn

Total unused authorization ≈ $43.6 bn.

Bitcoin holdings: no purchases during the week; balance remains 607,770 BTC acquired for $43.61 bn (avg cost $71,756).

Item 7.01 information is being furnished, not filed. Management directs investors to its public dashboard for ongoing disclosures.

Positive

• No share sales occurred during the reporting week, avoiding immediate dilution.
• Transparent disclosure of ATM capacities and exact Bitcoin holdings (607,770 BTC, $43.61 bn).

Negative

• $43.6 bn of unused ATM authority represents potential future dilution across common and preferred classes.
• Continued concentration in Bitcoin with no additional asset diversification disclosed.

Insights

Financial Analyst

TL;DR: Neutral—no ATM usage or BTC buys; large issuance capacity still hangs over equity.

The 8-K confirms that MicroStrategy did not tap any of its four ATM programs in the past week, so near-term dilution was avoided. However, the Company retains authority to issue up to $43.6 bn across common and three preferred series, representing a sizeable overhang that could be activated quickly if market conditions permit. Bitcoin exposure is unchanged at 607,770 BTC costing $43.61 bn, maintaining the firm’s leverage to crypto price moves but also its balance-sheet volatility. With no operational or financial performance metrics disclosed, the filing is largely informational and does not alter our valuation model today.

Risk Analyst

TL;DR: Filing signals latent dilution risk and continued single-asset concentration.

Investors should note the contrast between $43.6 bn of unused issuance authority and a week of zero share sales—management is preserving optionality to raise capital rapidly. Each preferred series carries an 8-10 % coupon, implying potentially high future dividend obligations if activated. Meanwhile, the Company’s treasury remains overwhelmingly concentrated in Bitcoin; no diversification steps were taken this period. Overall, today’s disclosure is not impactful on its own but reiterates the structural risks inherent in MicroStrategy’s capital strategy.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

OF THE SECURITIES EXCHANGE ACT OF 1934

July 28, 2025

(Commission File No. 1 - 13522)

CHINA YUCHAI INTERNATIONAL LIMITED

(Translation of registrant’s name into English)

16 Raffles Quay #26-00

Hong Leong Building

Singapore 048581

(Address of registrant’s principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F  Form 40-F 

EXHIBIT INDEX

Exhibit		Description
99.1		Press release dated July 28, 2025 – China Yuchai International to Announce Unaudited 2025 First-Half Year Financial Results on August 8, 2025

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized.

China Yuchai International Limited
(Registrant)
By:	/s/ HOH Weng Ming
Name:	HOH Weng Ming
Title:	President and Director

Date: July 28, 2025