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Sailun bond issuance application approved

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Sailun

The China Securities Regulatory Commission reviewed and approved Sailun’s convertible bond public issuance application on 13 September. The tyre company plans to raise about 2 billion yuan (about 250.2 million pounds, 286.3 million euros), mainly for constructing two factories in Vietnam and Cambodia. Sailun said that investing in two overseas factories could further expand its tyre production capacity overseas and increase its manufacturing scale and market share.

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  1. Jiangsu General raises funds for Cambodia factory
  2. Pirelli and Hixih move closer together
  3. Guizhou Tyre raises 1 billion yuan for Vietnam tyre factory in private share issue
  4. Sailun: 7 million tyres sold in Europe and counting
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Michelin launches employee share plan

A job well done may be its own reward, but sharing the resulting profits benefits both employee and employer. This seems to be a principle that Michelin understands well, as the tyre maker has announced its ‘Bib’Action’ employee share ownership plan. Open to 120,000 members of its workforce, Michelin says this latest initiative illustrates its determination to “have its employees collectively rank among its main shareholders.”

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  1. Michelin to purchase additional SIPH shareholding
  2. Michelin cancels treasury shares
  3. Michelin implements partial share buyback management agreement
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Jiangsu General raises funds for Cambodia factory

Jiangsu General

On 12 August, Jiangsu General stated that it would issue shares on the Shanghai Stock Exchange in a non-public funding initiative. The stock issuance plan shows that Jiangsu General is prepared to issue shares to no more than 35 specific investors. The number of shares to be issued shall not exceed 386,578,320 units, which is 30 per cent of Jiangsu General’s total share capital before the issuance of shares. The total amount of funds raised does not exceed 1.018 billion yuan (£124.42 million, 147.15 million euros). It is reported that HOdo Group, the controlling shareholder of Jiangsu General, plans to subscribe for shares in cash, with a subscription amount of not less than 30 million yuan (£3.67 million, 4.34 million euros) and not more than 200 million yuan (£24.45 million, 28.91 million euros).

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  1. China’s GS Tire raises Cambodia investment to $300 million
  2. Jiangsu General investing US$300 million in Thailand tyre plant
  3. Triangle IPO on for early September
  4. Jiangsu General investing $204 million in Cambodia car tyre factory
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Key Sailun shareholder undergoes reorganisation

Macrolink group

Macrolink Group, a significant shareholder of Sailun, recently received a civil ruling from the court in Beijing. The document shows that the court has accepted the reorganisation application filed by Hunan Fortune Group against Macrolink Group. It is reported that the cause of this incident was that Macrolink Group failed to pay off its due debts, and Hunan Fortune Group was the creditor.

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  1. Apex Motorsport gains global sales rights for Sailun motorsport tyres
  2. Sailun’s new truck tyre plant enters service
  3. 50+ Chinese tyremakers increase prices
  4. Sailun raises 1 billion yuan in IPO
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Bridgestone 1H 2022 sales up 24.9%, but full-year EPS revised down on uncertainties

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Bridgestone

Bridgestone sales revenues shot up 24.9 per cent to 1,886 billion yen (£11.632 billion; 13.764 billion euros) in the first half of 2022. However, Bridgestone’s continuing operations figures also show that operating profit dropped 1.4 per cent to 173 billion yen, resulting in 117 billion yen of profit attributable to owners (down 10.5 per cent compared with the same period in 2022). As a result, Bridgestone revised up its full-year revenue forecasts, but revised down its comparable full-year earnings per share estimates by 10 per cent from 397.58 yen per share to 357.93 yen per share.

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  1. Bridgestone stock falls following analyst downgrade
  2. Toyo sells half its Bridgestone shares
  3. Toyo Tire net sales down 9.8% in Q1
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Aeolus officially controls 100% of Prometeon Tyre Group

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Source: T&A research

On 4 August 2022, Aeolus announced it was ready to sign a supplementary agreement with China National Tyre & Rubber Co., Ltd (CNRC). Through that agreement, CNRC has entrusted Aeolus with a 38 per cent stake in Prometeon Tyre Group S.r.l. (PTG).

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  1. Pirelli truck tyres separating and merging with Aeolus/ChemChina
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ZC Rubber preparing for IPO

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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.

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  1. Triangle to upgrade PCR and TBR production with IPO funds
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Four-for-one split for Michelin shares

Shareholders at the Annual Meeting of Compagnie Générale des Établissements Michelin on 13 May voted in favour of splitting the par value of the Michelin share into four. Michelin explains that this decision is linked to the 66 per cent rise in the share price between 31 December 2018 (€86.70) and 31 December 2021 (€144.15).

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  1. Hankook share sale a boost for Michelin entry-level and medium production
  2. Michelin implements partial share buyback management agreement
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  4. Michelin, Conti “well positioned” for market change: Goldman Sachs
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Yongsheng Rubber shareholding changes

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Tyrepress has learned from people familiar with the matter that the shareholding of Shandong Yongsheng Rubber Group Co., Ltd. has changed recently. After the equity change, Tian Xiuzhen held 50 per cent and became the group’s major shareholder. Liu Zijun and Liu Huiqin each own 25 per cent of the shares.

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  1. Yokohama and Kumho sign technology exchange, capital alliance MOU
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Nynas reorganisation closed

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Nynas

Nynas has settled payments to trade creditors with claims remaining, after receiving an initial payment of 100,000 Swedish krone each following the completion of Nynas’s company reorganisation in January 2021. According to a statement published by the speciality oil refiner and supplier on 19 January 2021, those actions are “in accordance with the composition agreement between all creditors and as decided by the District Court of Södertörn”.

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  1. Nynas exits reorganisation
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Itochu bids $1.7 billion for Hitachi Construction Machinery stake

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Hitachi Construction Machinery (Europe) NV

Hitachi is selling around half its 51 per cent shareholding in Hitachi Construction Machinery Co Ltd for 200 billion yen (£1.271 billion; 1,524 billion euros; US$1.7 billion) to Kwik-Fit’s owner Itochu and investment fund Japan Industrial Partners, according to reports published by Nikkei on 13 January 2022. Itochu confirmed that it is “considering this matter”, but declined to give further details later the same day in a statement that read:

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  1. Yokohama to buy ex-Pirelli commercial/industrial tyre business Prometeon
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  3. Mahansaria Tyres (MTPL) to buy Tyres International
  4. Yokohama offers US$2 billion for Trelleborg Wheel Systems as global off-highway tyre segment consolidates
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Goodyear names Christian Gadzinski as IR head

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Goodyear

The Goodyear Tire & Rubber Company has appointed Christian Gadzinski as senior director of Investor Relations. He reports to Christina Zamarro, vice president, Finance & Treasurer.

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  1. Goodyear appoints new EMEA president
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Titan International shares up 49% after market consolidation reports

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What a difference a month makes. Titan International shares are trading 49 per cent higher now than they were before Christmas. The difference? The news that competitor Trelleborg is in talks with “external parties” relating to the sale of its Trelleborg Wheel Systems (TWS) industrial/OTR tyre business and subsequent market comments publish by Titan chairman Morry Taylor.

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  1. Titan receives additional settlement put option notice
  2. Yokohama to buy ex-Pirelli commercial/industrial tyre business Prometeon
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Trelleborg share price up 16% after Wheel Systems acquisition reports

Trelleborg AB’s share price has risen sharply following reports that the company is in talks relating to the sale of Trelleborg Wheel Systems business.

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  1. Trelleborg reorganisation brings greater prominence to tyres
  2. Yokohama offers US$2 billion for Trelleborg Wheel Systems as global off-highway tyre segment consolidates
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Bridgestone delisting from Nagoya Stock Exchange

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Bridgestone Corporation has applied to have its shares delisted from the Nagoya Stock Exchange. Explaining the rationale behind this move, the company notes that it is currently listed on three stock exchanges in Japan – Tokyo, Nagoya and Fukuoka. In order to reduce the management costs and streamline management operations related to duplicate listings, it has decided to delist from the Nagoya Stock Exchange.

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  1. Bridgestone decreases stake in Nokian Tyres
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