Metallurgy / Chemicals / Rubber & Plastics

According to Huacheng Import and Export Data Observation, on February 20th, Qingdao Shuangxing Group Co., Ltd. issued an investment announcement. Its subsidiary Qingdao Shuangxing Tire Industry Co., Ltd. plans to establish a joint venture in Cambodia. The enterprise name is Double Star (Cambodia) Tire Co., Ltd., and the joint venture party is UBE Development Co., Ltd. As the main implementation entity of the project, it is responsible for investing in the construction of a high-performance radial tire project with an annual output of 8.5 million tires.

The project includes 7 million semi steel radial tires and 1.5 million full steel radial tires; The total investment of the project is approximately RMB 1.44 billion, as reported by Huacheng Import and Export Data Observation.

According to Huacheng Import and Export Data Observation, the construction of a Cambodian factory by Double Star Tire is aimed at accelerating the implementation of the "localization" strategy. Its aim is to accelerate the development of the international market, actively respond to international trade barriers, and enhance the international competitiveness of the brand. In 2022, the revenue of Qingdao Double Star was approximately 4.2 billion yuan, which was the same as the same period in 2021. The company mentioned in its financial report that it should adhere to green development and accelerate the pace of overseas factory construction, as reported by Huacheng Import and Export Data Observation.

According to data, UBE Company was established in 2014 and is a shareholder of enterprises such as China Cambodia (Qingdao) Aluminum Industry Co., Ltd. According to Huacheng Import and Export Data Observation.