The China Securities Regulatory Commission (CSRC) approved Triangle Tires’ most recent initial public offering (IPO) bid. Qingdao, Shandong Province-based tyre manufacturer Triangle was one of 13 firms to receive a CSRC go-ahead on Friday 19 August. The IPO is set to take place in Shanghai. An official IPO announcement is expected in September.
The news follows a turbulent year for stock markets in the People’s Republic, resulting in the suspension of trading at various points. Indeed, the CSRC froze IPOS last year in an effort to stabilize the tempestuous market. However, China resumed IPOs in November 2015. Nevertheless, recent Chinese tyre IPOs have proved popular. Linglong, for example, held its IPO in June and saw the offering attract 2000 times more interest than expected.