South China Tire & Rubber Co., Ltd. Business Report FY ended Mar. 2015
Recent Development
-In March 2016, Guangzhou Fengli Rubber & Tire Co., Ltd., a subsidiary of the Company, announced that it will change its company name to Wanli Tire Co., Ltd. The company also said it is aiming to be listed on the stock market through an initial public offering (IPO). The company was established jointly by Guangzhou Wanli Group Co., Ltd. and South China Tire & Rubber Co., Ltd. in December 2004. It held a cornerstone ceremony for its plant in July 29, 2005, and began producing high-performance tires on September 15, 2006. A total of CNY 1,300 million has been invested, and the company is currently capitalized at CNY 445 million. The plant is capable of producing 6 million tires per year, and manufactures products worth CNY 1,000 million per year. (From news releases issued by multiple sources on March 30, 2016)
-In February 2016, Wanli Tire Co., Ltd., a subsidiary of the Company, moved its headquarters to the No.3 Wanli Road, Aotou Town, Conghua District, Guangzhou. The subsidiary will phase out production at its existing plant in Panyu, planning to stop the plant's entire operations by December 31, 2016. (From an announcement by the company on February 6, 2016)
R&D Facility
-The Company's testing center was recognized by China National Accreditation Board for Laboratories (CNAS) and bacame national testing center in 2006.
New Product
-The Company announced three new tires under its Wanli brand on July 8, 2015. These tires are the SA302 sports tires, the SA302 run-flat tires, and the SL106 light-truck tires. The SA302 sports tires offer excellent maneuverability and high wearing resistance. They also provide comfortable driving performance even on slippery roads. The SA302 run-flat tires enable the vehicle to continue to be driven at speeds up to 80 km/h and for distances of over 80 km. (From a press release on July 14, 2015)
Investment in China
-In August 2015, the Company held a ceremony to celebrate the opening of its new plant in the Guangzhou Conghua Aotou Industrial Zone. The plant is capable of producing 10 million Wanli-brand high-performance green tires for passenger vehicles. The company invested CNY 2,006 million in this plant, which has a land area of 162,418 square meters. The plant’s annual output is expected to reach CNY 2,214 million. (From a press release on August 10, 2015)
-Hefei Wanli Tire Co., Ltd., a new joint venture between Guangzhou Fengli Rubber & Tire Co., Ltd. (subsidiary of the Company) and JAC, held a cornerstone laying ceremony in Changfeng County, Hefei in February 2015. The new plant, which will be established on a 333,350-square-meter-plot, will produce green radial tires for trucks. Investment in this project is expected to reach CNY 2 billion. Construction will begin in June 2015 and is planned to be completed by December 2016. The joint venture will be capable of producing 2 million steel radial tires per year. (From a press release on February 12, 2015)