Jiangsu General terminates Anqing tyre factory project

On 24 March, Jiangsu General terminated its plans to build a tyre factory in Anqing, Anhui. The tyre manufacturer said that the relevant procedures could not meet the project’s construction and development needs due to factors such as industrial policies, local policies, and land planning. Considering “time cost, project planning and market”, Jiangsu General terminated the investment. At the same time, the company believes that the expenditure on the Anqing project is relatively small, and the termination will not significantly impact its financial status and operations.

In June 2021, Jiangsu General announced an investment of 3.06 billion yuan to build a factory with an annual output of 10.2 million tyres in Anqing. Subsequently, the company established a subsidiary in Anqing and carried out project filing. After terminating the Anqing project, Jiangsu General has one tyre manufacturing base in China.

Jiangsu General is a subsidiary of Hodo Group. This tyre company, headquartered in Wuxi, Jiangsu, has recently built two overseas factories in Thailand and Cambodia. In the 2022 semi-annual report, Jiangsu General stated it would strive to realise five production bases in the next 10 years. After the termination of the Anqing project, Jiangsu General did not disclose the plan for the next phase and whether to choose a new address. The company only stated that “the company’s management will properly handle follow-up matters according to the actual situation” and that they will “grasp the development opportunities of the ‘domestic-international dual circulation’ and promote project research and planning”.