Recently, Shuangqin Group Co., Ltd. held its third meeting of the 7th Board of Directors, and the company’s holding subsidiary, Shuangqin Group (Anhui) Huali Tire Co., Ltd. (hereinafter referred to as Anhui Huili Company), accelerated the development of the light truck tire business The implementation of targeted capital increase, the introduction of strategic investors - Michelin Finance and Michelin (China) Investment Co., Ltd.
It is understood that in order to further speed up the "back force" brand car light truck tire business, with the respective advantages of Michelin and Double Money in the car light truck tire business to enhance the company's core competitiveness, will "back force" to develop into high-end car light truck (supporting and Replacement) Tire Brand, Anhui Huili Company will introduce strategic investors to implement targeted capital increase for Michelin Finance Corporation (hereinafter referred to as "MiCai Corporation") and Michelin (China) Investment Co., Ltd. (hereinafter referred to as "MiDi Corporation"). The total amount of this capital increase amounted to approximately RMB 666,666,700, and all the capital increase was subscribed and paid by Mi Cai Corporation and Mito Investment Corporation. After the completion of the capital increase, Shuangqian Company holds 40.8% of Anhui Huili Company and Huayi Group holds 19.2% of Anhui Huili Company. Anhui Huili Company will become a Sino-foreign joint venture company.
At present, Anhui Huili Company has obtained the “Approval of Foreign Capital Acquiring Shuangqin Group (Anhui) Huali Tire Co., Ltd.†from the Department of Commerce of Anhui Province, and it has officially obtained the approval certificate of foreign-invested enterprises, completing Anhui Huili Company’s implementation of targeted capital increase. The examination and approval procedures for Chinese-foreign joint ventures and the procedures for the change of business registration are being handled.
Anhui Huili Company plans to build and operate its factory in Wuwei County, Anhui Province, and the scale of the plant will reach the world level. The factory's production scale will be more than 6 million passenger car light truck tires in the first phase. In the five to eight years from the establishment date of the Sino-foreign joint venture, the final production capacity of more than 15 million light truck tires per year will be built. It is principally engaged in the development, production, processing, marketing, sales and distribution of mid- to high-end passenger car light truck tires and related rubber products and provides services related to high-end passenger car light truck tires.
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