China Securities Regulatory Commission approved on March 2 the application ofGenerware Technology Co., Ltd. for initial public offering.
According to relevant rules, Generware Technology will get listed on Shanghai Securities Exchange after official approval and reply from CSRC.
In January, Triangle Tyre Co., Ltd. and Shandong Linglong Tire Co., Ltd. were approved for IPO in succession, making Generware Technology the third tire company heading for IPO this year.
Generware Technology plans to issue 185 million shares to raise about 800 million yuan for a steel radial tire project and a tire technology research center project.
The company aims to reinforce and expand its market share in the steel radial tire market, and make efforts to enlist in top 10 companies of the tire industry. Then, it expects to launch semi-steel radial tire business through M&A or by itself.
Established in 2002, Generware Technology is a controlling subsidiary of Hodo Group. It is a high-tech company specialized in tire manufacturing and ranked the 36th position in global tire company rankings in 2015.
