Sailun acquires controlling stake in East China proving ground

Qingdao, China – Sailun Group is set to become the controlling shareholder of East China (Dongying) Intelligent Connected Vehicle Proving Ground following a capital contribution of Yuan42 million (€5.2 million), the company announced 9 May.

The tire maker signed a capital increase agreement with Changchun Automobile Testing Centre, affiliated to Chinese automotive major FAW, and CCCC Yigong Bureau Group, alongside East China Proving Ground.

Under the deal, Sailun will subscribe to RMB268.3 million in new registered capital, with the remainder of its investment credited to the capital reserve.

Following the transaction, East China Proving Ground’s registered capital will rise from RMB60 million to RMB868.3 million.

Sailun’s shares in the proving ground will increase from 37.22% to 56.62% of the company, with Changchun Automobile Testing Centre and CCCC Yigong Bureau holding 34.80% and 8.58%, respectively.

Operational since 2023, the proving ground was jointly initiated by China FAW and Sailun Group with a total investment of Yuan2.8 billion.

The centre spans a total area of ??more than 6 million square metres and includes test facilities such as intelligent connected test areas, performance test centres and laboratory test units.