General Science becomes ‘state-controlled’ following share transfer deal

Shanghai, China – Chinese tire maker General Science has become a ‘state-controlled’ entity following a share transfer from major stakeholder Hongdou Group to Jiangsu Soho Holding Group.

On 1 April, Hongdou signed an agreement to sell 24.5% of General Science shares to Soho Holding, controlled by Jiangsu provincial authority, for Yuan2.1-billion (€270 million).

With the transaction, General Science is now controlled by Jiangsu 'provincial state-owned assets supervision and administration commission', said a 2 April filing by the company.

Soho Holdings, it said, will have a 24.50% stake in General Science with Hongdou Group retaining a 8.32% holding. The remaining 67.18% of shares are held by the public.

Soho Holdings primarily focuses on international trade services, including the import and export of textile and chemical raw materials, machinery, and electronic products.

The acquisition will be the entity's 'foray' into the tire and rubber industry, according to the General Science filing.