China’s biggest tyre maker wants to grow even larger and expand its manufacturing footprint to Europe and North America, producing tyres that approach the premium market. To finance these ambitious plans, ZC Rubber will debut on the Shanghai Stock Exchange in the not-too-distant future.
Hangzhou Zhongce Rubber Co. Ltd (ZC Rubber) recently issued an update on the progress of its initial public offering (IPO). According to the data, Zhongce Haichao (a company established by four local Hangzhou enterprises in 2019 in order to invest in ZC Rubber, namely Hangzhou Great Star Industrial Co., Ltd., Hangcha Group Co., Ltd., Juxing United Holding Group Co., Ltd., and Hangzhou Haichao Enterprise Management Partnership (Limited Partnership) holds 41.08 per cent of the tyre manufacturer’s shares and is the company’s controlling shareholder. Qiu Jianping and his daughter Qiu Fei hold 46.95 per cent of the shares and corresponding voting rights of ZC Rubber through Zhongce Haichao and several other companies and therefore control ZC Rubber.
Recently, China’s largest tyre manufacturer Hangzhou Zhongce Rubber (ZC Rubber) has taken an important step in the stock market listing process: The China Securities Regulatory Commission (CSRC) received the IPO application of ZC Rubber. Next, CSRC will review the materials submitted by ZC Rubber. If it passes the audit, ZC Rubber will become a listed company.
Last week, a subsidiary of tyre maker Hankook & Company Group (formerly Hankook Tire Group) became the first Korean prototype company to be listed on the KOSDAQ technology index. Model Solution joined the index with a final issue price of KRW 27,000 (£16.71), which was at the upper end of the announced price range.
China’s largest tyre manufacturer, ZC Rubber, plans to list on the Shanghai Stock Exchange and has entered the pre-listing tutoring stage. Recently, Hangcha Group, one of the principal shareholders of ZC Rubber, confirmed the news. The institution that conducted ZC Rubber’s pre-listing tutoring is China Securities.
Having received approval back in June, Qingdao Sentury Tire has successfully completed its Initial Public Offering (IPO) and is now listed on the Shenzhen Stock Exchange (China) as of 11 September 2020. 11 per cent of the company’s shares were valued at 1.31 billion yuan (162 million euros; £149.859 million) by investors, resulting in a theoretical total valuation of 1.47 billion euros. The offered shares offered were oversubscribed 2887 times over. But what is the company planning to do with its newly-raised funds?
Based in the city of Guangzhou, the Guangzhou International Automobile Exhibition is particularly close to the Chinese off-shore territories of Hong Kong and Macau. Still, despite the show’s proximity to such personal and corporate wealth, Prinx Chengshan unique inasmuch as it was the only Hong Kong stock exchange (HKEX) listed tyre manufacturer at the show.
On 4 December Kesoram Industries Ltd (part of the BK Birla Group of Companies) announced its intention to demerge its Birla Tyres Ltd business. As a result, Birla Tyres will become a listed company with its own shareholders. The demerger is scheduled for 1 January 2019.
Jiangsu General Science Technology Co. Ltd. is set to invest around US$300 million in the construction of a tyre manufacturing facility in Thailand. The news follows earlier reports published in the Spring that Jiangsu General was considering Cambodia for the investment.
Vietnam Rubber Group (VRG), a state-owned business and country’s largest rubber producer/exporter, is scheduled to launch an initial public offering (IPO) on 2 February 2018 with shares being listed on the Ho Chi Minh Stock Exchange in June or July.