Huasheng Rubber acquires creditors of Hengyu and Guofeng

On January 7, Shandong Financial Asset Management Co., Ltd. issued two news about the acquisition of corporate creditors, involving three tire companies in Guangrao. The purchaser was Shandong Huasheng Rubber Co., Ltd., and the two credit acuqirees were Shandong Hengyu Technology Co., Ltd. and Shandong Guofeng Rubber & Plastic Co., Ltd.
 
According to the public information, Huasheng Rubber acquired the creditor's rights of Hengyu Technology and Guofeng Rubber and Plastics from the asset management company, respectively. In July 2018, Hengyu Technology Co., Ltd. announced that due to heavy liabilities and unsustainable business, will now openly recruit investors to the society.
 
According to an insider, the above-mentioned asset management company was formally established in 2015 with a government background. Its main function is to manage non-performing financial assets. That is to say, it holds bonds of most of the companies that have emerged management problems.
 
"China Rubber" learned that Huasheng Rubber was established in 1995. The total assets of the group reached 5 billion yuan, with an annual output capability of 5 million all-steel radial tires, 24 million semi-steel radial tires and 30 million square meters of conveyor belts. The company is different from the enterprises in the Dongying area where capital problems continue to occur. Its operating status has been maintained well, and it has participated in the integration of bankrupt enterprises through various means.
 
According to insiders, after the suspension of production of Yongtai Group, Huasheng Rubber's subsidiary, Haibide Rubber, leased its production equipment, etc., and the brands such as Shield Wheel and Gudewei of Yongtai Group continued to produce; in addition, Huasheng Rubber has also invested in Guofeng Rubber and Plastics, providing funds for purchasing raw materials and so on.
 
In addition, Huasheng Rubber also invested in the “annual production of 5 million high-performance green and environmentally-friendly all-steel radial tire project” in 2018. The project was selected as a key construction project in Dongying City with a total investment of 3 billion yuan. The mixing workshop, semi-finished workshop and molding workshop have a total construction area of ​​600,000 square meters, and 1,500 sets of various production and auxiliary equipments have been added. Among them, 2018 plan is to invest 1.2 billion yuan, and 60% of the project volume will be completed by December.