Guizhou Tyre Deregisters Subsidiary Qianjin Rubber

Guizhou Tyre Co., Ltd. announced on Nov. 30 to deregister its subsidiary, Guizhou Qianjin Rubber Co., Ltd.

With a registered capital of 40 million yuan, the legal representative of Qianjin Rubber was Ma Shichun and the type of the firm was a limited liability company.

Guizhou Tyre took a 98.75% stake in Qianjin Rubber and Guizhou Tyre Import and Export Co., Ltd. held a 1.25% stake. The latter is a wholly-owned subsidiary of Guizhou Tyre.

As of end-Oct., 2016, the total assets of Qianjin Rubber amounted to 154.02 billion yuan and the net assets valued 121.88 billion yuan. In the first 10 months of this year, the company’s business revenue was 7.11 million yuan, while the net profit was -2.45 million yuan.

In 2015, the company’s business revenue totaled 16.58 million yuan, with the net profit at 4.93 million yuan.

According to Guizhou Tyre, as a part of Guizhou Tyre’s special-purpose tire relocation project, the relocation of Qianjin Rubber has been completed and it has already started operation. Deregistering the company helps Guizhou Tyre to integrate resources, optimize deployment, and increase the productivity and management efficiency.

Deregistration of Qianjin Rubber will not cause physical impacts on the consolidated report or on current profits and losses.

The business scope of Qianjin Rubber included production of tires, rubber air spring, and other relevant rubber products; selling own products, tire retread, leasing of fixed assets; and land leasing.