Hai'an Rubber's application for an IPO on the Shenzhen Stock Exchange has been approved by the Listing Committee. The proposed fundraising will be used for expanding production of all-steel large engineering radial tires and other projects.

According to the Zhitong Finance and Economics App, on May 30th, Haian Rubber Group Co., Ltd. (referred to as "Haian Rubber") passed the review of the Listing Committee of the Shenzhen Stock Exchange. Guotai Junan Securities is its sponsor, and it plans to raise 2.95232 billion yuan. The funds raised this time will mainly be used for the company's full-steel giant engineering radial tire expansion and automation production line technological transformation and upgrade project, R&D center construction project, and supplementary working capital.