Yutong Bus Secures a RMB1.49 Billion Contract with Venezuela FONTUR Company

www.chinabuses.org: Yutong Bus announced that Hong Kong YuTong international Co., LTD a wholly owned subsidiary company has signed a sales contract about 1,216 units’ buses and related facilities with FONTUR Company which is the affiliate of Venezuela Transportation and Communications. The total amount of this contact reaches RMB1.49 billion and the delivery date is from January to July 2012. At present, the contract has been effective and Hong Kong YuTong International Co., Ltd. has received the first down payment of the contract which is RMB 447.00 million. It was said that the contract did not affect the company net profit in the current period but would affect accounting profits during the production time and the delivery time. In addition, the Hong Kong Yutong received its the controlling shareholders Zhengzhou YuTong Group’s notice that China Banking Regulatory Commission had approved Hong Kong Yutong and YuTong Group jointly invested and set up YuTong group financial Co., LTD.

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