Hangzhou Zhongce Rubber, China’s largest rubber manufacture, has openly transferred its 24.9425% of state-owned shares held by Hangzhou Zhongce Rubber Group, and its “Chaoyang” brand at 1.91 billion yuan on Hangzhou Equity Exchange.
The transferee is required to buy additional shares at the same price to become the second largest shareholder, taking 38.8004% of shares, only after the largest shareholder Hanzhou zhongce Rubber Group, taking 40% of shares.
By the end of 2013, Zhongce rubber was estimated at 21.47 billion yuan,with 15.3 billion yuan of debt. The company realized 25.68 billion yuan of annual revenue and 1.4 billion yuan of net profit in 2013.
The transfer is also a new trial of Beijing’s mixed ownership reform in Hangzhou.
