Hai'an Group: plans to invest 4.319 billion yuan to establish a factory in Russia to produce all-steel giant tires.

Hai'an Group announced that the company and its subsidiaries, Russia Hai'an and Flagship Holdings Company, and Pioneer Holdings Company have signed an "investment intention agreement" to increase the capital of Pioneer Holdings and build a fully steel giant tire factory in Russia, with a total expected investment not exceeding 4.319 billion yuan. Among them, the cash contribution from both parties' shareholders is 1.119 billion yuan, and Hai'an Group will contribute an additional 2.08 billion yuan in non-monetary form. After the capital increase, Hai'an Group and Russia Hai'an together hold 51% of the shares. The project is expected to be built from 2026 to 2028, with funding coming from bank loans and shareholder capital increases. However, the investment still needs approval and there are various risks involved.