Recently, Wanli Tire's overseas expansion strategy has achieved substantial progress. According to reports, Wanli Tire plans to invest approximately 1.37 billion Ringgit (equivalent to about 2.273 billion RMB) in Selangor State, Malaysia, to establish "Wanli Tire (Malaysia) Co., Ltd." and build its second overseas factory. This move marks Wanli Tire advancing on two fronts simultaneously through "overseas capacity expansion + domestic capital operations," comprehensively accelerating its global layout.

Total Investment 2.27 Billion, Planned Capacity of 6.2 Million Units

The new factory will be located in Ulu Selangor District, Selangor State, with a planned annual capacity totaling 6.2 million tires, covering 5 million passenger car radial tires and 1.2 million truck radial tires. The project is not merely a capacity output but focuses more on technology transfer and talent localization. It is expected to create 1,350 job positions locally, covering high-skill positions such as engineers, quality control experts, and management personnel.

Selangor State Executive Councilor Huang Sihan stated that Wanli Tire's final choice of Selangor after evaluating the entire Southeast Asia region proves the locality's international competitiveness in industrial ecology, logistics, and policy stability. As a natural rubber production base, Malaysia's implementation of Wanli Tire has achieved localization in three links: resources, production, and export, keeping the industrial added value locally.

IPO Application Accepted, Fundraising to Support Globalization Layout

Wanli Tire's factory construction plan aligns closely with its recent capital operations. On June 23, Wanli Tire's IPO application for the Shenzhen Stock Exchange Main Board was formally accepted, with a proposed fundraising of 2 billion RMB. The prospectus shows that the raised funds will be invested in five major projects, with the Malaysia production base being a crucial part of them. Other projects also include a new Cambodia project, expansion of the Conghua base, and upgrade of the R&D center, etc.

With the intensification of domestic market competition and the complexification of the international trade environment, Chinese enterprises going overseas to build factories has become a trend. Wanli Tire takes Malaysia as a new overseas pivot, combined with the progress of the Cambodia project, aiming to optimize the global capacity layout. Introducing capital market liquidity through IPO will provide solid financial security for its vast overseas expansion plan.

Empowering Local Industrial Chains, Going Overseas Towards High-Quality Development

Wanli Tire's Malaysia project not only focuses on capacity expansion but also emphasizes quality improvement and efficiency enhancement. It is reported that the new factory will adopt intelligent production lines, significantly improving production efficiency and achieving full-process environmental monitoring, aligning with Malaysia's "Green Industry 4.0" strategy. Meanwhile, the establishment of an international-level manufacturer also means significant technology transfer, and the skills mastered by local employees will remain in Malaysia.

With the in-depth layout of Chinese enterprises such as Wanli Tire, Selangor State is expected to become an important industrial hub for automotive parts in Southeast Asia. Wanli Tire taking Malaysia as a new overseas pivot, combined with the progress of the Cambodia project, not only optimizes the global capacity layout and effectively avoids trade barriers but also injects new momentum into the Chinese tire industry in international supply chain cooperation.

On the evening of September 21, China's leading domestic tire company, Wanli Tire Co., Ltd. (hereinafter referred to as "Wanli Tire"), updated and disclosed its prospectus. The IPO process is just steps away from the review committee, registration, and issuance stages, rushing towards listing on the Shenzhen Stock Exchange main board. The company plans to raise 2 billion yuan, focusing on overseas capacity layout and intelligent manufacturing upgrades.

Raise 2 Billion, Overseas Projects Account for Over Half

The prospectus shows that the funding direction includes: Malaysia production base 930 million yuan, supplementing working capital 400 million yuan, R&D center upgrade 310 million yuan, Cambodia project 180 million yuan, Conghua base phase III expansion 180 million yuan. Among them, the two overseas bases total 1.11 billion yuan, accounting for over half.

Wanli Tire was formerly Guangzhou South China Rubber Tire Co., Ltd. established in 1988. It is now a Guangzhou state-owned enterprise, with the Guangzhou SASAC as the actual controller. The company has three production bases: Guangzhou Conghua, Hefei Anhui, and Cambodia. It produces 30 million semi-steel tires and 3.2 million all-steel tires annually. Products are sold to over 160 countries and regions, supplying more than 20 OEM manufacturers. The Conghua base is the largest single tire factory in China.

Capacity Full Load, Overseas Bases Accelerate Landing

In 2025, the company's overall capacity utilization rate reached 100.09%. The production-sales rates for semi-steel and all-steel tires reached 97.49% and 100.40% respectively. Supply falls short of demand, and expansion demand is urgent. The Cambodia base commenced production in January 2026. From foundation to the first tire rolling off the line took only 288 days. After reaching capacity, overseas semi-steel tire annual capacity will reach 12 million. The Malaysia base is jointly built with Success Group. Total investment is about $320 million. Planned annual tire production is 6.2 million. Expected to commence production in 2028. From 2026 to 2030, company capacity will increase by 36.97%. Domestic and international "dual-base" linkage will strengthen global delivery capabilities.

Annual Revenue 7 Billion, Market Structure Optimized

From 2023 to 2025, the company's operating revenue was 5.588 billion yuan, 6.022 billion yuan, and 7.028 billion yuan respectively, with a compound annual growth rate of 12.14%. Net profit attributable to shareholders was 398 million yuan, 417 million yuan, and 419 million yuan respectively, maintaining positive growth. Over half of the company's revenue comes from overseas. Overseas trade revenue increased from 3.234 billion yuan to 3.744 billion yuan. Among them, US and Mexico revenue decreased by 64.77%. Brazil, Saudi Arabia, and UAE increased by 14.89%, 28.28%, and 104.21% respectively. The market structure is continuously optimized.

Intelligent Manufacturing Leads, Strong R&D Capability

The "Wanli Tire 5G Factory" built by the company is one of the first three 5G factories in the rubber industry, selected as a national-level demonstration project. The company owns the tire industry's first "National Enterprise Technology Center" and National Postdoctoral Research Workstation. It has a cumulative total of 369 patents. R&D investment accounts for about 4% of revenue in the past three years.

Taking this IPO as an opportunity, Wanli Tire is accelerating the construction of a new globalized operation system of "China R&D + Southeast Asia Manufacturing + Global Sales", steadily moving towards the goal of "building a leading supplier of global high-performance tires".

Recently, the "Malaysia High-Performance Green Rubber Tire Production Base Construction Project" of Wanli Tire Co., Ltd. has seen new progress. The procurement bidding for the steel cord calender of this project has been concluded. RODOLFO COMERIO S.R.L, a globally renowned Italian calender equipment manufacturer, successfully won the bid, with a winning amount of 2.1 million Euros. This marks that Wanli Tire's plan to establish factories overseas is steadily advancing.

It is reported that the steel cord calender won in this bid is core key equipment in the tire manufacturing process, directly relating to the quality of tire carcass material and overall performance. The winning party RODOLFO COMERIO was founded in 1878. As a leading enterprise in the global calender field, it possesses profound technical expertise in the design and manufacturing of complete calender production lines such as rubber fabric and steel cord fabric.

According to the plan, this core equipment will be put into Wanli Tire's Malaysia production base, providing solid support for the project's annual production capacity target of 1.2 million all-steel radial tires and 5 million semi-steel radial tires.

The Malaysia base is an important link in Wanli Tire's global strategic layout. The project is located in Bukit Daraka, Selangor, Malaysia, covering an area of about 67.9 acres, with a total investment scale of about 2.2 billion RMB. After the project is completed, Wanli Tire will leverage the location advantages of Malaysia to effectively expand overseas production capacity and build a tire export hub radiating globally. This investment in introducing top international manufacturing equipment also demonstrates Wanli Tire's determination to deepen cultivation in the international market and build a high-quality green tire industrial chain.

On June 23, 2026, Wanli Tire Co., Ltd.'s IPO application for the Shenzhen Stock Exchange Main Board was officially accepted, with CITIC Haitong Securities as the sponsor. This largest radial tire enterprise in South China has officially entered the A-share review process, planning to raise 2 billion yuan, focusing on overseas base construction and intelligent capacity upgrade.

Steady Performance, Three-Year Revenue Exceeds 18.6 Billion

The prospectus shows that Wanli Tire has maintained steady growth in performance over the past three years. From 2023 to 2025, the company's operating revenue reached 5.588 billion yuan, 6.022 billion yuan, and 7.028 billion yuan respectively, with a compound annual growth rate of 12.14%; net profit attributable to owners was 398 million yuan, 417 million yuan, and 419 million yuan respectively, with profitability continuously strengthening.

As an enterprise actually controlled by the Guangzhou Municipal SASAC, Wanli Tire currently owns three major production bases in Conghua, Guangzhou; Hefei, Anhui; and Cambodia, producing 39.2 million radial tires annually. Among them, the Conghua base has built the largest single-plant semi-steel radial tire factory in the country. According to the 2025 Global Tire Top 75 list, Wanli Tire ranks 41st globally and 17th among Chinese mainland enterprises.

Focusing on the New Energy Track, Equipping 15 OEMs

In the new energy vehicle tire niche track, Wanli Tire possesses a first-mover advantage. According to certification by the China Rubber Industry Association, the company's new energy vehicle dedicated tire sales rank in the top three among domestic tire enterprises. Currently, the company has successfully equipped 15 OEMs including BYD, GAC, Dongfeng, Chery, and others, with cumulative sales exceeding 3 million units. For the GAC Aion N60 launched in April 2026, Wanli Tire was the only invited tire enterprise for exclusive equipping.

Raising 2 Billion for Factory Construction, Building a High-Resilience Global Supply Chain

For this IPO, Wanli Tire plans to raise 2 billion yuan, investing in five major projects, including the highly anticipated new Cambodia factory project, the Malaysia high-performance green rubber tire production base construction project, as well as the Conghua base Phase III expansion and R&D center upgrade project.

In recent years, the proportion of Wanli Tire's export revenue has consistently exceeded 50%. Through the implementation of this fundraising investment project, the company can not only expand and upgrade production equipment to achieve a leap in production capacity and R&D capabilities; on the other hand, it will accelerate the layout of overseas bases such as Cambodia and Malaysia, respond more efficiently to overseas customer needs, reduce logistics costs, and build a risk-resistant and high-resilience global supply chain system.

Starting from introducing US Firestone technology in 1988, to knocking on the door of the Shenzhen Stock Exchange today, Wanli Tire has completed a leapfrog from following technology to industry leadership in 38 years. This time, accelerating going global and new energy layout with the help of capital power will inject strong momentum into its journey towards the "10-billion tire" strategic goal.