Red Avenue New Materials Group (603650.SH) joint venture company Zhongce Rubber's IPO application has been approved by the Shanghai Stock Exchange.

Red Avenue New Materials Group (603650.SH) announced that, according to the announcement on the website of the Shanghai Stock Exchange, the matter of the initial public offering of shares by the company's equity company Zhongce Rubber Group Co., Ltd. ("Zhongce Rubber") was approved by the Shanghai Stock Exchange Listing Review Committee at its second review meeting of 2025 on February 13, 2025. Established in 1992, Zhongce Rubber is mainly engaged in research and development, production, and sales of various tire products such as all-steel tires, semi-steel tires, bias tires, and car tires. Since its establishment, the company has been committed to providing high-quality, high-performance, environmentally friendly and energy-saving diversified tire products for consumers both domestically and internationally and is one of the largest tire manufacturing companies in terms of sales volume. As of the date of this announcement, Zhongce Rubber's total equity is 787,037,038 shares, of which the company holds 702.0000 million shares, accounting for 8.92% of its total equity before the initial public offering.