A-share subscription | Tyre Tycoon (920020.BJ) opens subscription. Specialized in the design, research and development, sales, and services of tires for mining and construction.

On October 15th, Taike Ying (920020.BJ) started its subscription, with an issue price of 7.50 yuan per share, a subscription limit of 1.9912 million shares, and an issue price-earnings ratio of 11.02 times. It belongs to the North Exchange and CMSC is the sponsor (lead underwriter). The prospectus shows that Taike Ying is a company driven by technological innovation, focusing on the global mining and construction tire market, specializing in the design, research and development, sales, and service of mining and construction tires. The company's products fall into the categories of engineering bias tires and all-steel truck tires. According to the research and statistics of the Tire Sub-Association of China Rubber Industry Association on companies in the industry, the company ranks 3rd among Chinese brands and 8th among global brands in the overall engineering bias tire market in 2023. According to the research and statistics of the China Construction Machinery Industry Association on companies in the industry, the company ranks 3rd overall in the domestic and foreign tire brands market in the domestic engineering bias tire market in 2023, with the largest market share in the domestic market for large-tonnage crane tires. The company's cooperative customers include domestic construction machinery leaders Sany Group, Xugong Group, world-leading construction machinery manufacturers Liebherr, JCB, domestic mining giant Zijin Mining, global mining giants Rio Tinto, Glencore, Vale, and BHP Billiton. Financially, in the fiscal years 2022, 2023, 2024, and January to June 2025, Taike Ying achieved operating income of approximately RMB 1.803 billion, RMB 2.031 billion, RMB 2.295 billion, and RMB 1.242 billion respectively; during the same period, the company achieved a net profit of approximately RMB 108 million, RMB 138 million, RMB 157 million, and RMB 87.4046 million respectively. Taike Ying mentioned in the prospectus that the company faces risks from fluctuations in tire raw material prices. The main raw materials for tires are natural rubber, synthetic rubber, carbon black, and other commodities. The price of natural rubber has shown significant fluctuations in recent years due to factors such as the international economic environment, natural conditions, supply and demand situations, and the development of alternative materials. The company does not have its own production processes and relies on outsourced manufacturing, so fluctuations in the prices of tire raw materials will affect the production costs of the outsourcing factories and subsequently the company's procurement costs. When tire raw material prices fluctuate significantly, due to the lag in adjusting tire product prices, it may have adverse effects on the company's operating performance.