On June 23, 2026, the IPO application for the main board of Wanli Tire, a leading tire company in South China, was officially accepted on the Shenzhen Stock Exchange. The sponsor for this listing is Cathay Haitong Securities, which plans to raise 2 billion yuan.
This regional leading company with annual revenue of over 7 billion yuan and an annual production capacity of 39.2 million units has gone through 38 years of development since its inception in 1988, and is now officially knocking on the door of the A-share capital market.
In 1988, Guangzhou South China Rubber Tire Co., Ltd., the predecessor of Wanli Tire, was officially established. At that time, the domestic radial tire industry was almost blank. In 1990, the company took the lead in introducing a complete set of Firestone radial tire production technology from the United States and became the first domestic manufacturer to obtain a complete set of authorizations for this technology. In 1992, the “Wanli” trademark was officially registered.
In 2004, Wanli Tire Co., Ltd. was formally established, gradually completing the identity transformation from technology introduction to independent research and development. Currently, it has the first batch of national enterprise technology centers in the tire industry, the industry’s only China Rubber Industry Association signed laboratory and postdoctoral research workstation, and its research and development strength ranks first in the industry.
In 2015, the subsidiary of Hefei Wanli was formally established. After 2016, the company began to accelerate its global layout. It currently has three major production bases in Conghua, Hefei and Cambodia, with an annual output of 39.2 million radial tires. Its products are exported to more than 160 countries and regions around the world. It ranks 18th in the ranking of Chinese tire companies in 2025 and ranks 41st among the top 75 global tires.
As a state-owned enterprise actually controlled by the Guangzhou State-owned Assets Supervision and Administration Commission, Wanli Tire’s direct controlling shareholder is Guangzhou Wanli Group, with a shareholding ratio of 52.98%, and its indirect controlling shareholder Guangzhou Industrial Control controls a total of 77.84% of the company’s shares.
The current chairman of the company, Cao Xiandong, is a management talent endogenously cultivated by Guangzhou’s state-owned assets system. He has been deeply involved in the field of state-owned assets industry operations throughout his career. He has served as deputy director of the strategic development department of Wanli Group and deputy general manager of the Guangzhou Industrial Control Strategic Planning Department. Later, he entered the Wanli Tire System and served as deputy party secretary and general manager. He has both the group’s strategic planning vision and front-line entity enterprise operating experience, which has provided stable management support for the company’s rapid growth in recent years.
The domestic tire industry is currently in the triple competition stage of scale expansion, overseas layout, and new energy track positioning. Data shows that the global radial tire market will grow from 1.586 billion to 1.856 billion from 2020 to 2024. The market space continues to expand, and leading companies have also embarked on differentiated development.
Path: Zhongce Rubber takes the scale + full category route, ranking first in the industry in revenue in 2025; Sailun Tire relies on its extensive overseas layout to achieve a gross profit margin of 26.9% in the first quarter of 2026, taking the overseas production capacity + brand premium route; Linglong Tire takes the supporting + replacement two-wheel drive route; Senqilin focuses on aviation tire characteristics.
Wanli Tire has embarked on a differentiated path of technology leadership + globalization. In 2025, the company will achieve revenue of approximately 7.028 billion yuan, net profit of approximately 418 million yuan, and the compound growth rate of revenue in the past three years is as high as 20%.
As one of the earliest companies in China to produce radial tires, Wanli Tire leads the way in the new energy tire track. In 2021, it launched the first “EV” special tires for new energy vehicles. It has been supplied to 15 mainstream OEMs such as BYD and GAC, and its cumulative sales have exceeded 3 million.
From the introduction of overseas technology in 1988 to the acceptance of the IPO application in 2026, Wanli Tire’s 38-year development process is a typical epitome of the Chinese tire industry’s transition from “following” to “running alongside”.
The 2 billion yuan of funds to be raised in this IPO will focus on new energy tire technology research and development and overseas base construction. In the current industry context where global demand for new energy tires continues to increase, and globalization has become the core strategic direction of leading tire companies, Wanli Tire’s listing comes at the right time.
For Wanli Tire, entering the capital market is not the end of development, but a new starting point for promoting its “10 billion tire” strategy. In the future, it is expected to further consolidate its industry position and expand global market share by leveraging its advantages in technology accumulation and production capacity layout.
