State-owned Sinochem group is in advanced talks to buy Singapore-listed natural rubber processor and trader, Halcyon Agri, according to reports in the Wall Street Journal. Sinochem also owns GMG Global, another Singapore-based rubber company. The WSJ report said Halcyon is worth around USD300m. Halcyon has over 4000 employees. The company owns plantations and also buys
China National Chemical Corporation (“ChemChina”) is buying KraussMaffei Group from Onex Corporation for EUR925 million. Closing of this transaction is subject to anti-trust clearance. This transaction is by far the largest investment in Germany by any Chinese company. ChemChina is in the process of merging its tire operations with the Pirelli operations, following the announcement
Continental’s Shanghai subsidiary has signed a strategic cooperation deal with China Automotive Technology and Research Centre (CATARC). The deal appears to be primarily focused on chassis, braking and powertrain, but CATARC operates one of the very few proving grounds in China authorized to test for EU tire labeling rules as well as having tracks and
On Tuesday (12 Jan), Aeolus issued a short stock market notice updating investors on its financial restructuring. The company said that Aeolus and its parent, China National Chemical Rubber Co., Ltd. Are in the process of planning, “a major capital restructuring plan (重大资 产重组预案)” After the restructuring, the company will be listed on the Shanghai Stock
On 9 January, Aeolus held a meeting to review business for the last year. Despite setbacks during the year, Aeolus reported its highest-ever monthly volume in December 2015. Company chairman said Aeolus needs to integrate with Pirelli and to implement strategic adjustment and transition. The business model needs to change from selling mainly on price
On 29 December Aeolus chairman Wang Feng outlined to company staff the three principles of democratic life endorsed by the Communist Party. Be serious (严) to oneself Use the Authority (权) seriously (严) Exercise self-discipline These principles have been promoted by Party Chairman Xi Jinping, as part of his anti-corruption drive. Wang said the tire
In the third major share placement announced in the last week, Sailun and Jinyu are preparing a private placement of shares worth up to RMB1500m (USD228m). The cash will be used to fund an overseas capacity building programme. A series of stock exchange announcements on Tuesday 12 Jan revealed the project, approved by the board
Shandong Linglong held its annual review in front of almost 300 employees on 9 January. The meeting was addressed by Linglong chairman Wang Feng (王锋), deputy general manager Wang Xianqing (王显庆) and others. Source (Chinese language)
China’s Securities Regulation Commission has approved Shandong Linglong Tyre Co.’s application for an initial public share offering (IPO). The Commission originally looked at the application in December and decided to delay the decision until 13 Jan. Linglong plans to issue not more than 200m shares. Linglong’s draft prospectus said the proceeds will be used to
Bridgestone’s European Driveguard was launched today in France. It was marketed as a ‘Game Changer’ within the tire business. At first glance, the product is just another runflat tire, launched 2 years behind its US namesake. But there is a story behind the development, which marks a change of game not necessarily for the tire
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