Zhongce Rubber Group is based in Qiantang district, Hangzhou. [Photo/WeChat account: XS_HEDA]

Hangzhou-based Zhongce Rubber Group, China's leading tire manufacturer, debuted on the Shanghai Stock Exchange on June 5, raising approximately 4.07 billion yuan ($565.9 million) in its IPO — the largest A-share listing so far this year.

Founded in 1958, Zhongce has grown from a local rubber factory into a global top-10 tire producer, with annual revenue exceeding 39 billion yuan in 2024 and net profits reaching 3.78 billion yuan. The company supplies major automakers like FAW, BAIC Foton, and SAIC GM, and exports to numerous countries under brands such as Chaoyang and Westlake.

Proceeds from the IPO will fund smart, green manufacturing projects including a 5G digital tire plant in Hangzhou, expansion in Tianjin and Thailand, and new facilities in Jiande. Its flagship future factory in Hangzhou, powered by AI and internet of things, has slashed labor costs by 70 percent and tripled productivity.

With over 1,300 patents and global R&D centers, Zhongce is accelerating its push into international markets, collaborating with Volkswagen and Ford. Its IPO also underscores Hangzhou's rising status as an innovation and manufacturing hub.

Zhongce's success mirrors Hangzhou's industrial transformation, backed by strategic capital support and policies promoting intelligent, green manufacturing. As more local companies prepare for IPOs, Hangzhou is poised for a new wave of high-quality industrial growth.

The tire manufacturing factory of Zhongce. [Photo/WeChat account: XS_HEDA]