Jiangsu Xingda Steel Tyre Cord Group Corporation announced that it expects to receive CNY 230 million in funding from Chengshan Group Co., Ltd., Shandong Linglong Tyre Co.,Ltd., Sailun Group Co., Ltd., Triangle Tyre Co., Ltd, Jiaxing Jianxin Chenyue Equity Investment Enterprise (Limited Partnership)
December 15, 2020
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Jiangsu Xingda Steel Tyre Cord Group Corporation announced that it entered in to capital increase agreement with the Chengshan Group Co., Ltd for CNY 50,000,000 for 26.33% stake, Shandong Linglong Tyre Co.,Ltd. (SHSE:601966) for CNY 50,000,000 for 0.73% stake,, Sailun Group Co., Ltd. (SHSE:601058) for CNY 50,000,000 for 0.73% stake, Triangle Tyre Co., Ltd (SHSE:601163) for CNY 50,000,000 for 0.73% stake, and Jiaxing Jianxin Chenyue Equity Investment Enterprise (Limited Partnership) for CNY 30,000,000 for 0.43% stake. for gross proceeds of CNY 230,000,000 on December 16, 2020. The company registered capital pre-transaction is CNY 1,844,286,380, post transaction the registered capital will increase to CNY1,908,175,265.
TRIANGLE TYRE CO., LTD is a China-based company and mainly engaged in research and development, manufacture and sales of tire. The main products of the company are high-performance tires for commercial vehicles, tires for passenger car, oblique engineering tires, meridian project tires and meridian project giant tires. Meanwhile, the Company also provides original equipment manufacture service for clients. The Company distributes its products in domestic and to overseas markets.
Jiangsu Xingda Steel Tyre Cord Group Corporation announced that it expects to receive CNY 230 million in funding from Chengshan Group Co., Ltd., Shandong Linglong Tyre Co.,Ltd., Sailun Group Co., Ltd., Triangle Tyre Co., Ltd, Jiaxing Jianxin Chenyue Equity Investment Enterprise (Limited Partnership)