China's first tire recycling industrial fund was established May 26 in Longyou, Zhejiang province.
The industrial fund will boost transformation and upgrade of scrap tire processing industry through modern financial means to enhance the industry's competitiveness.
The primary initiators of the fund are Zhejiang Liou Holdings Co., Ltd., Zhejiang Tanwin Internet Technology Co., Ltd., and Zhejiang Liyuan New Material Co., Ltd.
Unlike the traditional financing mode in which scrap tire processing companies borrow from the banks, the industrial fund has adopted new financial mode.
The Longyou government gives guidance, Zhejiang branch of ICBC, Zhejiang Liyou Holdings and Zhejiang Tanwin Internet Technology jointly establish the scrap tire treatment fund.
The fund will invest in the scrap tire processing program of Zhejiang Liyuan New Materials.
At the same time, Zhengjiang Liyuan New Materials signed cooperation agreements with Hangzhou Zhongce Rubber, Sunlux Rubber, Taizhou Kangda Rubber & Plastic, to form an ecosystem in which capital, technology, program and market interact well.
Yu Zhaohong, general manager of Zhejiang Tanwin Internet Technology, said we hope the industrial fund will solve the financing difficulty of small- and medium-sized scrap tire processing enterprises.
