Qingdao Hailang Equity Investment Fund Partnership Enterprise (Limited Partnership) and Qingdao Hailang Holding Co., Ltd. agreed to acquire 98.32% stake in Qingdao Doublestar Equipment Manufacturing Co., Ltd. from Qingdao Doublestar Co.,Ltd for approximately CNY 310 million.
March 01, 2021
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Qingdao Hailang Equity Investment Fund Partnership Enterprise (Limited Partnership) and Qingdao Hailang Holding Co., Ltd. agreed to acquire 98.32% stake in Qingdao Doublestar Equipment Manufacturing Co., Ltd. from Qingdao Doublestar Co.,Ltd (SZSE:000599) for approximately CNY 310 million on February 26, 2021. As per terms Qingdao Hailang Equity Investment Fund Partnership Enterprise (Limited Partnership) and Qingdao Hailang Holding Co., Ltd. will acquire 95.52% and 2.8% stake in Qingdao Doublestar Equipment Manufacturing Co., Ltd. for CNY 300 million and CNY 8.3 million respectively. The 6th session of the Qingdao Doublestar Co.,Ltd 9th directorate approved the transaction on February 6, 2021. The transaction is still subjected to the approval of its shareholders.
Qingdao Doublestar Co, Ltd is principally engaged in the manufacture and sale of tires. The Company operates in three segments. The Tires segment consists of all-steel radial tires and semi-steel radial tires. The Machinery segment is engaged in the development, design, manufacture, installation and consulting of casting machinery, rubber and plastic machinery, environmental protection machinery, as well as digital tire tools. The Automotive Aftermarket Services segment is engaged in installation, repair and maintenance of tires. The Company distributes its products within the domestic market and to overseas markets.
QINGDAO DOUBLESTAR CO.,LTD 
