The hottest Jinhu tire completed the delivery of R

2022-08-02
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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 RMB 3.9 billion and officially became its controlling shareholder. KDB and other creditor groups will continue to hold 23% of the shares and maintain the second largest shareholder status. So far, this cross-border M & A case, which is called the "most tortuous, magnificent and bizarre" in the world, has finally come to a successful conclusion

a book can be written about the tortuous course

from the announcement that 42.01% of the equity of Jinhu tire will be sold in September 2016 to the formal completion of the equity delivery, this remarkable cross-border M & A case 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

with a history of 58 years, Jinhu tire 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, GM, 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 share sale of Jinhu tire in 2016, it immediately attracted many international enterprises around the world to participate in the bidding. On january18,2017, Shuangxing won the bid with non price factors by virtue of its advantages in the Chinese market, and signed the equity transfer agreement on March 13. Unfortunately, due to various internal and external factors of Jinhu tire, Shuangxing and KDB announced that there was no termination of the agreement on September 6

on March 2, 2018, just as people were slowly forgetting this "regret", there was a sudden news from South Korea that KDB would reintroduce Shuangxing as the largest shareholder in the form of capital increase. However, what makes people "shocked" is that Shuangxing takes "the consent of the trade union" as the prerequisite, and the trade union raises a strong protest from the perspective of national feelings and employee employment. After that, through the efforts of Shuangxing, KDB and Jinhu tire management team, the trade union agreed and signed the relevant agreements after the South Korean President, Vice Premier and Minister of planning and finance, chairman of finance, Minister of industry, trade and resources, chairman of the labor and Resources Commission for economic and social development, mayor of Kwangju and other dignitaries expressed their support

in the end, the two stars, together with Qingdao Conson and Qingdao urban investment, jointly invested about 3.9 billion yuan to subscribe for 45% of the shares of Jinhu tire and become the controlling shareholder

it is said that someone is going to write a book about the tortuous story of Shuangxing Electronics' acquisition of Jinhu tire during the R & D period

new starting point starts from the world leader in tire development

this delivery takes "celebrating a new start" as the theme, and takes "enhancing delivery" as "a new starting point for the development of double star 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 in the development of tires with good electrical insulation in the world."

Jinhu tire has a long history and glorious past. Explosion proof tire, large-size tire and automatic production system have led the development trend of tire in the world. Shuangxing tire is known as the "leader of intelligent tire manufacturing in China". It 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 among the "top 500 Asian brands" by the "world brand laboratory" for three consecutive years

chaiyongsen said: "the advantage of Jinhu tire lies in the passenger tire, and the advantage of Double Star Tire lies in the truck tire. The coordination and integration between the two sides is not a simple 1+1 2, but to give play to the 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 combination of Shuangxing and Jinhu tire the largest composite aircraft so far and become a model of friendship between the Chinese and Korean people, a model of China ROK economic and trade cooperation, and a model of friendly labor relations"

response to trade war from passive to active

experts pointed out that although China's tires became the largest tire country in the world as early as more than ten years 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 seizes the opportunity of the integration of global tires, especially Chinese tires, "starting from the technology, product, manufacturing, service and mode 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 5 production bases and 4 R & D centers outside China. After purchasing Jinhu tire, Shuangxing can effectively deal with the anti-dumping of various countries by taking advantage of the advantages and industrial layout of Jinhu tire outside the Chinese market, especially by effectively resolving the impact of possible trade wars

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