Overseas Daily | Qingdao Double Star's merger with Jinhu Tire receives CSRC registration approval, Ningbo company goes to Russia to organize the Consumer Expo

Qingdao Double Star’s Restructuring of Kumho Tire Approved by the CSRC

According to the Shanghai Securities Journal, Qingdao Double Star Co., Ltd. has obtained approval for registration from the China Securities Regulatory Commission for its restructuring project involving South Korea’s Kumho Tire on March 26. This marks the first case in the history of China’s tire industry where an A-share listed company has acquired and restructured an overseas listed company, which is of milestone significance. According to the plan, Qingdao Double Star will purchase 45% of Kumho Tire’s shares through the issuance of shares and cash payment. After the transaction is completed, Kumho Tire will become a listed subsidiary controlled by Qingdao Double Star. Kumho Tire has established 9 production bases and 5 research and development centers worldwide.

Ningbo Enterprises Attend Consumer Expo in Russia

According to Zhejiang Online, on March 26, more than 20 Ningbo enterprises formed a team of nearly 100 people to go to Moscow to hold the third Ningbo (Russia) Home Goods Expo. The expo will take place from March 31 to April 3. This exhibition features a “Buyer-Seller Matching Center” to shift enterprises from merely “going out to exhibit” to “going in to host exhibitions,” allowing for in-depth exploration of the Russian and broader CIS markets through one-on-one discussions, addressing the bottlenecks in traditional European and American markets.

Hanwang Gold Acquires Remaining Stake in Australian Gold Mine

Hanwang Gold International Limited announced its plan to acquire the remaining 9.56% stake in Hanwang Gold Limited to achieve 100% control over its Australian gold operations. The transaction value is approximately HKD 814.6 million. The target company has gold resources of 5.54 million ounces and gold reserves of 2.62 million ounces that meet JORC standards.

China Chemical Wins Bid for Wanli Tire’s Cambodia Base Phase II Project

The Guangzhou Public Resources Trading Center released the bidding results, stating that the construction general contracting project for the second phase of Wanli Tire Co., Ltd.'s Cambodia base has been won by China Chemical Engineering Fourth Construction Co., Ltd., with a winning bid amount of USD 10,438,288.46. This represents significant progress for Wanli Tire in advancing the construction of its overseas tire production base in Cambodia.

China Civil Engineering Signs Contract for Mexican Railway Supporting Project

According to China Civil Engineering Group Co., Ltd., on March 24, a consortium consisting of China Civil Engineering, Aldesa, and local partners formally signed a business contract for the supporting project of the Querétaro to Irapuato railway in Mexico. This move marks a significant breakthrough for China Civil Engineering in the Mexican railway contracting market and is another successful practice of the “China Civil Engineering + Aldesa” consortium model in the Americas region.

Daye Co. Acquires German Landscaping Machinery Company

Ningbo Daye Landscaping Equipment Co., Ltd. recently announced that its board of directors has approved a proposal for its wholly-owned subsidiary, AL-KO Geräte GmbH, to acquire 100% of the shares of the German company ARE for a transaction amount of 1 euro (approximately 8 RMB). The announcement showed that ARE was established in June 2017 with a registered capital of 25,000 euros and has a wholly-owned subsidiary, AL-KO KOBER LLC, engaged in the sales and after-sales service of landscaping machinery products.

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