Doublestar Dongfeng Tire to Invest 1.5 Billion Yuan in Relocation and Upgrade

Qingdao Doublestar Co., Ltd. concluded and signed an Agreement for Doublestar Dongfeng Tire Co., Ltd. Environmental Relocation and Upgrade Project with Shiyan government through negotiation on December 12, 2017 for the integral moving of Doublestar Dongfeng Tire Co., Ltd., a subsidiary of Qingdao Doublestar Co., Ltd., to the new industrial park in Zhangwan District, Shiyan City. This resolution received a unanimous vote from the Board of Directors of Doublestar. Shiyan government will purchase the 725 mu of land and the assets within this land owned by Dongfeng Tire and offer a relocation compensation. Meanwhile, Doublestar will invest 1.5 Billion Yuan in building a world-leading Tire Industry 4.0 Smart Plant in the new industry park. The new plant, covering an area of about 450 mu and taking about 18 months of construction, will achieve an annual production of 1.5 million tires for high-end commercial vehicles and 5 million tires for highend passenger vehicles after completion.