"Double Money" invested 570 million in holding Kunlun tires

China's tire industry's first national brand "double money" tires invested 572 million yuan, subscribed to hold a 51% stake in Xinjiang Kunlun Tire Co., Ltd. (hereinafter referred to as Xinkun Company), and became the controlling shareholder of Xinkun Company.

The reporter learned from Xinkun Company that on the morning of November 6, 2013, Shanghai Shuangqin Group Co., Ltd. and Xinjiang Investment Development (Group) Co., Ltd. signed an equity cooperation agreement on "Xinjiang Kunlun Tire Co., Ltd." in Shanghai.

The newly-increased Xinkun Company will be renamed: Shuangqin Group (Xinjiang) Kunlun Tire Co., Ltd., and it still maintains the Kunlun tire brand in the market.

Shuangqin Group has well-known brands such as “double money” and “back force”, and “double money” tires have created a number of firsts in the Chinese tire industry. Xinkun Company is the only manufacturing enterprise that produces tires in Xinjiang and is a state-owned holding company. Its own tire brand “Kunlun” has a good reputation in Xinjiang, Northwest and Central Asia.

Xinkun Company currently has 1 million diagonal tire production lines; the 600,000 all-steel load-car tire production lines put into production in the Urumqi factory in April 2011, which produced about 250,000 last year, plans to produce 500,000 this year. Xinkun Company has low production capacity of all-steel truck tires, lacks corresponding production technology and management personnel, and needs to introduce financial support to expand the scale. At the same time, it needs to introduce related technologies to develop product varieties, enhance the company's operating strength and get out of a continuous loss of operating liabilities. .

On January 21, 2013, Shuangqin Group decided to acquire a controlling stake in Xinkun by way of capital increase and acquisition to realize the market layout of the Group in the northwest region and improve the company's regional influence in the northwest and central Asia.

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