On the morning of October 16, the ceremony that Shandong Yongtai Chemicals Group Co., Ltd was to be listed in Hong Kong was held in Guangrao. In the warm applause, Mr. You Xuezhong, chairman of Yongtai Group, and Mr. Liang Zhansheng, operation director of Kingsway Capital Ltd signed the agreement, marking that Yongtai Chemicals Group Co., Ltd was officially to be listed in Hong Kong. Relevant Hong Kong people from Kingsway Capital Ltd, Pang Zhijun Accounting Firm, law firms, Peoples Group, etc. and the leaders from commercial, financial and other departments of Dawang Town, Guangrao County attended the ceremony.
Yongtai Group, as the first enterprise producing semi-steel radial tire in Dongying City, has been always taking “revitalization of the tire industry and creation of international brand” as the strategic goal, adhering to the business policy “quality, good faith, standard, friendship, and win-win”, actively expanding the business strategy that “market participates in the production process, and technology leads the market sales”, and insisting on sustainable development. After 16 years’ hard work, the group has become a supplier of tires for WRC. The enterprise’s Dunlun brand radial tire has become “Famous Chinese Trademark”, awarded as “Shandong Famous Brand”. The enterprise’s independently designed and produced UHP high performance environmentally friendly tire, was awarded by Ministry of Science and Technology as the national torch plan project. At present, the enterprise has in six straight years been titled China Top 500 Chemical Industry Enterprise, China Top 100 Competitive Chemical Enterprise, China AAA Credit Enterprise and so on, and become a star enterprise in tire industry. But Yongtai policymakers have higher pursuit for overseas capital market. In order to make the enterprise have a new platform, Yongtai, after a long time of careful planning and consideration, decides to be listed, to use global capital markets for further development, making the enterprise bigger and stronger.
Introduction to chairman You Xuezhong of Yongtai Group: to be listed is the new form of great opening-up, great investment and great development of the enterprise, the most effective and most direct means and the most lasting investment promotion, and an effective way to make a stronger and bigger enterprise. Since then, Yongtai’s development will be promoted to higher grade for the fast development. In the first half of 2011, the company signed a cooperation agreement with law firm and accounting firm, established the project team, and designated professional personnel. At the end of 2011, the initial preparations such as equity restructuring, structure setting, etc. were finished, confirmed cooperation with Kingsway Capital Ltd, and at the same time set out to standardization of the internal control, finance and so on, when the work entered the substantial propulsion phase. A holding company was incorporated in Hong Kong as the main listed body, the acquisition of domestic company equity based on agreement is realized, the rights and interests of the domestic company were directly reflected to the main body to be listed abroad, so as to realize the overseas listing of main body. It is expected that in the early next year the application will be submitted, and if the operation goes well, the enterprise can be listed next year.
As known, at present, there are three companies listed overseas.