Shenzhen – Sentury Tire has obtained approval for its IPO on the Shenzhen Stock Exchange’s SME board, said a notice by China Securities Regulatory Commission on 4 June.
This is Sentury’s second attempt at public listing. It filed its first application in 2018, and the review was terminated in January 2019. The new application was filed last November.
Capital raised from the offering will fund its ongoing aircraft tire project in Qingdao with €39 million (314 million yuan) total investment and 80,000 unit/year capacity, including 50,000 unit/year retread tires, said the prospectus.
It will also finance the €31 million upgrading of Sentury’s research center, such as building a tire proving ground and adding NVH testing and dynamic footprint testing to the company’s research capabilities.
The IPO price or issuance date has not been determined.
Sentury also entered in the records an expansion project at its Thai plant, according to a notice by China’s National Development and Reform Commission in May.
The company declined to further comment as it has entered the quiet period before IPO.