Fenghua Intelligence Tire to raise over RMB10 mln to buy tires from the Continental Tire
2017-12-19 15:33:42Editor：AmandaFont Size：Big Medium Small
Wuxi Fenghua Intelligence Tire Co., Ltd. has announced its plan to raise 11.78 million yuan for paying back some loans and for purchasing tires from the Continental Tire.
Fenghua Tire was authorized by Sumitomo Rubber (China) Co., Ltd. as a dealer of the brand in the first half of this year.
In the first six months of this year, the Chinese company’s operating revenue totaled 51.73 million yuan, up 24.8% year on year; and the net profit reached 977,500 million yuan, up 249.4%.
It attributed the growths to business expansion and channel construction.
Fenghua Tire plans to raise the fund through directional private placement.
Tireworld
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