Zhongce Rubber Group has raised RMB4.07bn (USD566.06 million) on the main boards in Shanghai on 5 June, marking the largest IPO in the A-share market so far since 2024. T&C Law Firm acted as legal adviser to the issuer, and Guantao Law Firm advised CSC Financial, the underwriter.
This project was led by Zhang Jingzhong, the director of T&C, with support from a team of partners, including Kong Jin, Zhang Jie, Yu Xiaoyu and Hua Biqiong. The Guantao team was led by Sun Dongying, with support from Zhang Wenliang and Zhou? Wei, partners of the firm.
Company disclosures state that legal fees for this IPO amounted to RMB13.85 million, reflecting the scale and complexity of the transaction.
As part of the offering, Zhongce Rubber issued 87.4486 million new shares priced at RMB46.5 each, representing 10% of the company’s total post-listing share capital. The proceeds will fund a range of initiatives, including tyre production and development projects, factory renovations, capacity upgrades and the replenishment of working capital.
Founded in 1992, Zhongce Rubber has grown into a leading global player in the tyre industry, with a strong financial performance. Its prospectus stated that the company reported annual revenues of RMB31.89 billion in 2022, RMB35.25 billion in 2023 and RMB39.265 billion in 2024.
Zhongce Rubber’s globalisation strategy has also made significant strides. The company established its first overseas factory in Thailand in 2012. In 2024, it commenced construction of a new manufacturing plant in Mexico and began operations at an industrial park in Indonesia.
