Shuangqin Group Co., Ltd. recently issued an announcement saying that the company's meeting reviewed and passed the "Proposal on the 300,000 High-Performance All-steel Radial Tire Truck Tire Technical Transformation Project" of Shuangqin Group (Chongqing) Tire Co., Ltd. The investment was 167 million yuan, and the company raised funds by 50.15 million yuan. The rest of the funds were settled by bank loans.
Shuangqin Group (Chongqing) Tire Co., Ltd. is the main holding subsidiary of Shuangqin Shares, and it specializes in all steel radial tires.
Chongqing Tire Co., Ltd. is a newly-built production base for Shuangqin shares in the southwest region. In Phase I and Phase II, the annual production capacity of 1.7 million radial tires has reached production. This project is to increase the production capacity of 300,000 all-steel radial passenger truck tires by increasing the relevant production equipment in the existing 1.7 million all-steel radial tire trucks. The main additions to this project are compound extruders, cutting machines, forming machines, vulcanizers and testing equipment.
Recently, Shuangqian shares announced the 2012 semi-annual report. In the first half of this year, Shuangqian shares achieved total operating income of RMB 6.061 billion, and net profit attributable to shareholders of listed companies was RMB 116 million, an increase of 39.37% over the same period of the previous year. Earnings of 0.131 yuan.
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