Doublestar to gain control over Kumho

Chinese tire manufacturer Qingdao Doublestar announced that it has received approval from the China Securities Regulatory Commission (CSRC) to acquire 45% of Kumho Tire's shares for $720 million.

In 2018, the Doublestar Group holding company, which includes Qingdao Doublestar, along with other Chinese investors, established the Xingwei fund to acquire 45% of Kumho's shares. Since then, a horizontal competition has emerged between the two tire manufacturers, which will now be eliminated.

Doublestar notes that the company traditionally has strong positions in the truck tire market, while Kumho is successful primarily in the passenger car tire segment, and now there are opportunities for creating strategic synergy. "In the future, this will allow us to optimize the product range structure, expand sales channels, and stimulate sales growth," the company says.

According to preliminary estimates, Qingdao Doublestar suffered a loss of $36-53 million last year, although the expansion of production in Cambodia is expected to increase the company's profits. In turn, Kumho reported a record revenue of $3.2 billion for 2025, but reduced its operating profit by 2.7% to $390 million.