Hong Kong Tiancheng Investment and Trade Co., Ltd. announced that it will issue common shares for the gross proceeds of $130.5 million on November 17, 2020. The transaction will include participation from existing investor Shandong Linglong Tyre Co.,Ltd. (SHSE:601966). Post completion of transaction, the investor will retain 100% stakes in the company. The transaction has been approved at 16th meeting of the fourth board of directors of the investor.