Chinese aviation fund invests in, partners with Sentury Tire
Qingdao Sentury Tire has already stated its intention to become a player in the aviation tyre business, and in June 2014 the tyre maker received its first airworthiness certificate from a civil aviation authority (a Chinese Technical Standard Order Authorisation issued by the Civil Aviation Administration of China) ahead of the start of aviation tyre production later in the year. Now the company reports that on 29 December 2014, the AVIC (Aviation Industry Corporation of China) Fund of China invested RMB 400 million (£42.2 million) in Sentury Tire and become its strategic partner.
The AVIC Fund of China was jointly created by AVIC Capital (AVIC’s platform for financial operations) and the China Construction Bank in order to invest in aviation-related businesses viewed as holding the greatest market potential. Sentury says the new cooperation will help it touch new frontiers and enlarge its development potential.