Red Avenue New Materials Group (SHA:603650) said its affiliate, Zhongce Rubber Group, received approval from the Shanghai Stock Exchange Listing Review Committee for its initial public offering (IPO) on the main board.
It was established meEstablished in 1992, Zhongce Rubber is a leading tire manufacturer in China. Tongcheng holds an 8.92% stake in the company, according to a Friday filing with the Shanghai Bourse.
The IPO still requires final approval from the China Securities Regulatory Commission.
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