The hottest Jinhu tire completed the delivery of 3

2022-08-16
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On July 6, Shuangxing and Korea Industrial Bank (KDB) completed the delivery of the equity of Jinhu tire in Seoul, South Korea. Shuangxing held 45% of the equity of Jinhu tire with about 3.9 billion yuan and officially became its controlling shareholder. Creditor groups such as KDB will continue to hold 23% of the shares and maintain the second largest shareholder position. So far, this cross-border M & A case, known as the "most tortuous, magnificent and bizarre" in the world, has finally come to a successful conclusion

twists and turns can be written in a Book

from the release of the news that 42.01% of the equity of Jinhu tire will be sold in September 2016 to the formal completion of the delivery of the equity, this remarkable cross-border M & A has experienced twists and turns, and it took more than 660 days to declare the dust settled. There are many unknown and thrilling "stories" hidden behind the scenes

Jinhu tire, with a history of 58 years, is the second largest tire enterprise in South Korea. It has 8 factories and 5 R & D centers around the world. Its car tires are famous for "fashion, sports and fuel saving". Its products are mainly supplied to automobile manufacturers including Mercedes Benz, BMW, Volkswagen, general motors, Hyundai and Kia. BMW's latest X3 original is Jinhu tire. Jinhu tire once had a market share of more than 20% in China, far ahead of all brands, including foreign brands. It has a high brand and quality reputation in European and American markets

therefore, after the announcement of the equity sale of Jinhu tire in 2016, many international enterprises around the world immediately participated in the bidding. On January 18, 2017, relying on its advantages in the Chinese market, Shuangxing won the bid with non price factors, and signed the equity transfer agreement on March 13. Unfortunately, due to various factors of Jinhu tire itself and outside, Shuangxing and KDB announced no termination of the agreement on September 6

on March 2, 2018, just as people slowly forgot this "regret", suddenly came the news from South Korea that KDB would reintroduce Shuangxing as the largest shareholder by increasing capital. However, what is "shocking" is that Shuangxing took "the consent of the trade union" as the prerequisite, and the trade union made a strong protest from the perspective of national sentiment and employee employment. After that, through the efforts of Shuangxing, KDB and Jinhu tire management group on the 6th, the trade union agreed and signed the relevant agreement after the South Korean President, Vice Premier and Minister of planning and finance, chairman of the Finance Commission, Minister of industry, trade and resources, chairman of the labor and Resources Commission for economic and social development, mayor of Gwangju and other political leaders expressed their support

finally, double star United Qingdao Conson and Qingdao Urban Investment Co., Ltd. jointly invested about 3.9 billion yuan to subscribe for 45% shares of Jinhu tire and become the controlling shareholder

it is said that someone is going to write a book about the twists and turns of Shuangxing's acquisition of Jinhu tire

new starting point starts from the leader of world tire development

this delivery takes "celebrating a new start" as the theme, and takes the delivery as "a new starting point for the development of Shuangxing and Jinhu tires". At the signing ceremony, chaiyongsen, chairman of Shuangxing group, said, "the new starting point is to become one of the greatest tire companies in the world, starting from the leader of world tire development"

Jinhu tire has a long history and glorious past. Explosion proof tires, large-size tires, automated production systems, etc. have led the development trend of world tires. Known as the "leader of Chinese tire intelligent manufacturing", Shuangxing tire is the only enterprise in the world that has both commercial tire "industry 4.0" factory and passenger tire "industry 4.0" factory. Shuangxing brand has been rated as the first Chinese tire in the "top 500 Asian brands" by the "world brand laboratory" for three consecutive years

Chai Yongsen said, "the advantage of Jinhu tire lies in the passenger car tire, and the advantage of Double Star Tire" as a part of our proprietary internal development lies in the passenger car tire. The acceleration of the commercialization process of the two sides is not a simple 1+1 2, but to play a multiplier effect ". "Both parties should give full play to their respective advantages and become one of the world's greatest tire groups starting from the technology, products, manufacturing, services and models that will lead the future of global tires.". "Strive to make the cooperation between Shuangxing and Jinhu tire become a model of friendship between the Chinese and South Korean people, a model of economic and trade cooperation between China and South Korea, and a model of friendly labor relations". China's plastic machinery enterprise market will be more open

coping with the trade war from passive to active

experts pointed out that although China's tires became the world's largest tire country as early as more than a decade ago, so far there is no world-class tire enterprise. Shuangxing's acquisition of Jinhu tire has not only made it one step into the top ten global tires, but also become the largest tire enterprise in China. Shuangxing seized the opportunity of the integration of global tires, especially Chinese tires, "starting from the technology, products, manufacturing, services and models that will lead the future of global tires", which is not only in line with the law of industry development, but also in line with the strategic positioning of high-quality development

more importantly, Jinhu tire has five production bases and four R & D centers outside China. After the acquisition of Jinhu tire by Shuangxing, taking advantage of the advantages and industrial layout of Jinhu tire outside the Chinese market can effectively deal with the anti-dumping of various countries, especially the impact of possible trade war

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