Acquisition of Kumho Tire Unfinished In November 2016, Qingdao Double Star invested RMB 900 million in co-sponsoring the establishment of Qingdao Xingwei Microfinance Investment Fund Center with investment companies. On December 29, 2016, the Star Micro Fund completed the industrial and commercial registration procedures and obtained a business license. The relevant person in charge of the Qingdao Double Star Securities Department stated that the purpose of establishing the Star Micro Fund was to seek the integration of high quality targets. Two weeks after the company received the business license, Star Micro Fund has extended an olive branch to South Korea’s Kumho tires. On January 18, 2017, Star Micro International was selected as the preferred partner for the sale of a 42.01% stake in creditors of Korea Kumho Tire Co., Ltd. On March 13, the two parties signed the "Share Sale and Purchase Agreement." However, in the next six months, the two parties failed to reach an agreement in many details. Qingdao Shuangxing stated in its September 13 announcement that according to the relevant provisions of the “Equity Sale and Purchase Agreement†(SPA), the Star Micro Fund negotiated with the seller to sign the “termination agreement†without any obligation to terminate the signed SPA. Keep looking for new goals Kumho Tire is South Korea's second largest tire company, the brand has a great international influence, income is also several times the binary star. For this reason, after Qingdao Shuangxing proposed to acquire the equity of Kumho Tire, it has caused great concern in the industry. If the successful acquisition of Kumho, Qingdao Double Star will step up to a new level of competitiveness, and it is also expected to gain a place in the international market. In fact, since the beginning of this year, Qingdao Shuangxing has also made adjustments internally, including phasing out products with poor profitability and terminating part of the leased production projects and some of the cooperative production projects. However, after 10 months of running-in, this "transnational love" came to an end. For Qingdao Double Star, using Kumho Tire to realize the dream of globalization can only temporarily stop. However, Qingdao Double Star said that the company will continue to focus on domestic and foreign tires, automobiles and upstream and downstream, looking for opportunities for industrial integration, increase mergers and acquisitions, and promote globalization. Pencil ,Color Pencil,Tear-Off Pencil ,Round Pencil Wenzhou Jinbaicai Pigment Co.,Ltd , https://www.jbcbsdpigment.com
Double Star Tyre
On September 13, 2017, Qingdao Shuangxing issued an announcement regarding the termination of the investment project of M&A funds. At this point, Qingdao Shuangxing announced the completion of the acquisition of Korean Kumho Tire. For Qingdao Double Star, this means that its pace of entering China's Tire No. 1 has temporarily stopped.