Linglong Tire Planned to Raise 2 Billion Yuan in Jingmen Base

On February 17, the Board of Directors of Shandong Linglong Tire Co., Ltd. adopted the plan of public offing, by which Linglong would issue additional 100 million A shares to raise 2 Billion Yuan for the project construction and supplementary liquidity of Jingmen tire base. Of these funds, 1.4 Billion Yuan is used for the phased construction target of Jingmen base, that is the project of annual 8 million semi-steel tires and 1.2 million high-performance all-steel tires, while the other 600 Million Yuan will be served as supplementary liquidity. 

It is assumed by Linglong Tire that it would finish the public offering by the end of October in 2020, but there are still uncertainties that whether they will achieve approval from China Securities Regulatory Commission as well as the quantity of shares, the amount to be raised and the actual finish time of the offering that finally will be authorized by China Securities Regulatory Commission.