On November 15, Aeolus Tire announced that the company will provide financial guarantee for its fully controlled subsidiary Aeolus Asia (Hong Kong) Co.,Ltd..
After shareholder meeting approved, Aeolus Asia (HongKong) could repeatedly borrow no more than 350 million yuan from banks in one year.
Aeolus Asia was set up in October 23, working on tire international trade, but the company hasn't started operation and had no debt until now.
By October 31, Aeolus Tire has provided 18 million yuan of financial guarantee for Qingdao Yellow Sea Rubber Co.,Ltd..
Yellow Sea Rubber is also a fully -controlled subsidiary of Aeolus Tire, mainly producing radial tires.
