Hong Kong Tiancheng Investment and Trade Co., Ltd. announced that it expects to receive $130.5 million in funding from Shandong Linglong Tyre Co.,Ltd.
November 16, 2020
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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.
SHANDONG LINGLONG TYRE CO., LTD. is a China-based company primarily engaged in the design, development, manufacturing and distribution of car tires. The main products of the Company include full-steel radial tire products, semi-steel radial tire products and skew tire products. The Company produces high speed tires, engineering truck tires, winter tires, high-performance tires, Sports Utility Vehicle (SUV) tires, light truck tires, agricultural tires. These products are applied in passenger cars, commercial cars and engineering machineries. The Company distributes its products in domestic and to overseas markets.