Shenzhen, China – Qingdao Sentury Tire Co. has been officially listed on the Shenzhen Stock Exchange to become the 10th listed tire company in China.
The company was listed on 11 Sept, under the stock code 002984, with an issue price of yuan18.96/share (€2.54) and an issue price-earnings ratio of 16.63 times, Sentury announced in a statement.
With this issuance and listing, Sentury said it will "usher in a new round of development."
“The company will take this issuance and listing as an opportunity to continuously improve the management level, carefully implement new projects and comprehensively enhance competitiveness,” it said.
This was Sentury’s second attempt at public listing. It filed its first application in 2018, and the review was terminated in January 2019.
In a securities filing in June 2020, the tire maker said that the capital raised from the offering will fund its ongoing aircraft tire project in Qingdao with a €39 million total investment and 80,000 units/year capacity, including 50,000 unit/year retread tires.
It will also finance the €31 million upgrading of Sentury’s research centre, such as building a tire proving ground and adding NVH testing and dynamic footprint testing to the company’s research capabilities.
Earlier this year, Sentury announced its ‘833plus’ strategy, aiming for a total of eight manufacturing sites, three research centres and three 'customer-experience' centres within 10 years.
As set out in the Chinese group's annual report, the ambitious strategy also envisages the acquisition of one international tire make by 2031.
The manufacturing expansion targets: three tire plants in China, two in Thailand and one each in Europe, Africa and North American, said the report released in February.