Soho Holdings completes purchase of controlling stake in General Science

Shanghai, China – China’s Hongdou Group has completed a previously announced sale of controlling shares in tire manufacturer Jiangsu General Technology (General Science).

In an 18 June statement, General Science said Hongdou Group transferred of 389 million shares it held in the company to Soho Group, accounting for 24.5% of the total shares.

The transaction value stood at Yuan2.1 billion (€256 million) at a rate of Yuan5.44 per share.

Following the transaction, Soho Group will hold 24.5% of the shares and Hongdou Group will hold 16.85% of the shares.

Soho Holdings will become the company's “controlling shareholder”, while Soho owner – the state-owned ‘assets supervision and administration commission of the Jiangsu provincial government – will become the company's “actual controller”.

At this point, Soho Group became General Science's new controlling shareholder and Jiangsu Provincial State-owned Assets Supervision and Administration Commission became the actual controller.

Soho Holdings primarily focuses on international trade services, including the import and export of textile and chemical raw materials, machinery, and electronic products.

The acquisition will be the entity's 'foray' into the tire and rubber industry, according to the General Science filing.