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On November 21, Tire World Network was informed that Michelin will no longer hold a stake in Pullback.
Shanghai Huayi Group Co., Ltd. stated that its controlling parent company, Shanghai Huayi (Group) Co., Ltd., plans to hold the entire share capital of Shuangqian Group (Anhui) Huili Tire Co., Ltd.
Among them, Shuangqian Tire Group Co., Ltd. invested 107 million yuan to acquire 10% equity of Huili Tire.
The original holder of this part of the equity is Michelin (China) Investment Co., Ltd.
Double Money Tire Group is a wholly-owned subsidiary of Shanghai Huayi Group.
At the same time, Shanghai Huayi Group (Hong Kong) Co., Ltd., a wholly-owned subsidiary of Shanghai Huayi (Group) Co., Ltd., invested 320 million yuan to acquire a 30% stake in Huili Tire.
This part of the equity was originally owned by France Compagnie FinanciÑ re Michelin SCmA (CFM).
The signing parties stated that Shanghai Huayi (Group) holds the entire shareholding of Huili Tire, which is conducive to the continued development of the “Returnâ€, “Double Money†and “Michelin†brands.
After the completion of the transaction, Shuangqian Tire Group, Shanghai Huayi (Group) Co., Ltd. and Shanghai Huayi Group (Hong Kong) respectively held 50.8%, 19.2% and 30% equity of Huili Tire.
The Double Money Tire Group remains the controlling shareholder of the company.
CFM and Michelin (China) no longer hold shares in the above companies.
According to the information, Michelin (China) is a wholly-owned subsidiary of CFM, both of which are owned by the French Michelin Group.
It is understood that CFM and Michelin (China) will withdraw all management personnel from the pullback tires, including but not limited to the quality and technical experts who provide support.
Some analysts said that Michelin had planned to further increase the shareholding of Anhui Huili, which led to the turmoil between the two sides and the formation of a "full exit" situation.