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Zhongce Rubber to sell 57% share

Eight shareholders of Zhongce Rubber Group signed an agreement on May 28 that the company planned to sell 57% of shares. 

According to the announcement, Hangzhou Zhongce Haichao Enterprise Management Co.,Ltd.(short in :Zhongce Haichao) and Shanghai Tongzhong  Enterprise Management Co.,Ltd. (short in:Shanghai Tongzhong) will pay 7 billion yuan to buyout 57.1136% of shares in Hangzhou Zhongce Rubber, which belongs to Hangzhou Yuanxin Dongchao Equity Investment Company, Mianyang Yuanxin Dongchao Equity Investment Company, Hangzhou Yuanxin Dongchao Equity Investment Company,Cliff Investment Pte.Ltd., Esta Investments Pte.Ltd., CSI Starlight Company Limited,JGF Holding Invest Limited and China Tire Company.

Zhongce Haichao is co-invested by Hangcha Group, Hangzhou Great Star Science, Great Star Co.,Ltd. and Hangzhou Haichao  Enterprise Management Co.,Ltd., which plans to hold 46.9489% of share in Zhongce Rubber.

Shanghai Tongzhong, co-invested by Tongcheng New Material and Hangzhou Ningce Enterprise Management Co.,Ltd., plans to hold 10.1647% of shares in Zhongce Rubber.

However, there are still uncertain factors in the deal, the company said.

About Zhongce Rubber 

The year 2018 is the 60th anniversary of Zhongce Rubber Group. 

During the past 60 years, Zhongce Rubber has grown from a small factory producing rubber shoes to one of the top 10 global tire manufacturers and witnessed the favorable market situation as well as the splendid achievement of Chinese tire industry. 

Today Zhongce Rubber expects the sales revenue approximately of 4 billion US dollar together with a rapid growth of net income for 2018, remaining as the largest Chinese mainland tire manufacturer. 

The performance result relies on the trust, confidence, supports, and contribution from our partners all over the world. You will receive our great appreciation from me, and from all 30,000 Zhongce Rubber staffs and employees.