Doublestar completes acquisition of Kumho Tire

Shenzhen, China – Qingdao Doublestar has completed its long-awaited acquisition of Kumho Tire, eight years after its initial bid to buy a controlling stake in the Korean tire maker.

In a 12 April stock exchange filing, the Chinese tire group said it had acquired all shares of Qingdao Xingtou Equity Investment Fund for a total consideration of Yuan4.927 billion (€622 million).

In 2018, Doublestar Group, the controlling shareholder of Qingdao Doublestar, in partnership with a number of local Chinese investment groups, created the Xingwei fund to purchase 45% of Kumho Tire shares.

With the completion of the acquisition, Doublestar said it now indirectly holds 45% of the shares of Korean tire major, addressing issues around ‘horizontal competition’ within the group.

The transaction, added Doublestar, will result in the issuance of 1.452 billion new shares at a price of Yuan3.39 per share, which were to be officially listed on the Shenzhen Stock Exchange 14 April.

Doublestart reported earlier this year that it expects to report a loss of of Yuan245-365 million (€30-45 million) in 2025, though a ramp-up of its Cambodia factory is expected to help improve profitability.

Kumho, meanwhile, reported record sales of KRW4.7 trillion (€2.7 billion) in 2025, while operating profit declined 2.7% year-on-year to KRW575.5 billion.