After four years of cooperation with the US Cooper Tire & Rubber Company (hereinafter referred to as Cooper Tire), Chengshan Group, one of the country’s largest tire manufacturers, reduced its stake in the joint venture company.
Reporter was informed exclusively that Cooper Tire is acquiring 14% of the shares of Cooper Chengshan (Shandong) Co., Ltd. (hereinafter referred to as “Chengbo Chengshanâ€) held by Chengshan Group, thereby increasing its shareholding ratio to 65%. The shareholding ratio will drop to 35%.
In August last year, Chengshan Group had liquidated and cancelled its Shandong Chengshan Tire Co., Ltd. (“Chengshan Stockâ€), and its current holding of Cooper Chengshan’s shares is its entire tire industry assets. With the reduction of holdings, the tire business has gradually lost its position in the Chengshan Group.
Price 17.9 million US dollars
The reporter was informed that the Weihai Municipal Bureau of Commerce recently submitted a request for the transfer of shares in Cooper Chengshan to the Shandong Provincial Department of Commerce. The content of this “instruction†is that Chengshan Group will transfer its 14% equity to Cooper Tire, and the transfer price will be US$ 17.9 million. The matter is being processed.
The equity transfer was due to an agreement between Chengshan Group and Cooper Tire in a joint venture in 2006.
In that year, Cooper Tire Co., Ltd. established a solid-platinum Chengshan and Rongcheng Chengshan Steel Cord Co., Ltd. (hereinafter referred to as “Chengshan Steel Cordâ€) with Chengshan Group for a contribution of US$75 million. The shareholding percentage of Cooper Tire is 51. % and 25%. The transaction also includes the right to sell the Chengshan Group - Chengshan Group has the right to sell the remaining 49% of the shares to Cooper Tire from January 1, 2009 to December 31, 2011.
In July last year, Chengshan Group informed Cooper Tire that it is considering exercising its right to sell; it has recently announced that it will sell 14% of its shares. The reporter noted that after the establishment of Cooper Chengshan, the company has maintained a rapid development momentum in recent years. Since the beginning of last year, it has launched a 10 million semi-steel radial tire project with a total investment of 2 billion yuan. Why did the Chengshan Group choose to reduce its stake in the company at this time? On the 5th, the Herald reporter called the Chengshan Group. A person from the office said, “This is something that senior people only understand.†An analyst from Qingdao International Rubber Exchange Market believes that Chengshan Group's reduction of its equity in the joint venture company may be related to the “special security case†initiated by the United States. After the implementation of the “Special Protection†at the end of September last year, the export volume of Cooper’s tires to U.S. tires has suddenly dropped to 10,000 per month from the original monthly of 100,000, and its new 10 million semi-steel radial tire project has also been affected. Great impact. Afterwards, the secondary industry was once ranked among the top three tire manufacturers in China. What are the tire industry assets of the Chengshan Group after the reduction of shares in Cooper Chengshan? The above-mentioned Chengshan Group office official frankly stated: “All our tire assets are built in Cooper.†Chengshan Group's website shows that in addition to Cooper Tire, the Group also participates in shares of Ansel Mittal Rongcheng Steel Cord Co., Ltd. and Laotian Taihua Rubber Co., Ltd. These two companies belong to the upstream industry of tires, but Chengshan Group is only a minority shareholder. Among them, Ansaier Mittal Rongcheng Steel Cord Co., Ltd. was formerly Chengshan Steel Cord, and Ansel Mittal Group acquired 90% of its equity in 2007. Chengshan Group currently holds only 10% of its equity. It is worth noting that, while fading out of the tire industry chain, Chengshan Group has begun to set foot in some new industries in recent years. These original "sideline businesses" are showing a trend of full-scale glory. In 2008, Shandong Haizhibao Ocean Technology Co., Ltd. was established. The company's total investment is as high as 1.38 billion yuan. The controlling shareholder is the Chengshan Group. Its main business is the production and sales of marine functional foods and seafood. In the real estate sector, Chengshan Group has established Rongcheng Chengshan Jianshe Industry Co., Ltd., and has successively developed residential districts such as Cathay Pacific New District, Meijia Community and Chengshan Jiayuan (high-rise) residential community. The Chengshan Aoyuan Community under development is a total construction area of ​​220,000 square meters. Meter's high quality large fully enclosed residential area. In addition, there are Chengshan pawn, Chengshan Friendship Hotel and Chengshan Property under the Chengshan Group.
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