General Science becomes state-controlled entity following major share transfer

Jiangsu, China – In a significant development for the tire and rubber industry, Chinese tire maker General Science has transitioned to a state-controlled entity. This change comes after the Hongdou Group transferred 24.5% of its shares in General Science to Jiangsu Soho Holding Group, a company under the control of the Jiangsu provincial authority.

The transaction, valued at approximately ¥2.1 billion ($299 million), marks a pivotal shift in the ownership structure of General Science. With this transfer, Soho Holding now holds a 24.5% stake in the company, while Hongdou retains an 8.32% share. The remaining 67.18% of shares are publicly held.

This move signifies Soho Holding’s strategic entry into the tire and rubber industry, expanding its portfolio beyond its primary focus on international trade services. The acquisition aligns with the Jiangsu provincial state-owned assets supervision and administration commission’s broader objectives to diversify and strengthen its industrial holdings.

General Science, known for its innovative tire solutions and strong market presence, is expected to benefit from the increased support and resources that come with state control. The company’s leadership has expressed optimism about the future, anticipating enhanced growth and development opportunities under the new ownership structure.