Servis Longmarch Tyre Limited (“Servis Longmarch”), a joint venture between Chaoyang Longmarch Tyre Co., Ltd. (“Longmarch Tyre”) and Pakistan’s Servis Industries Limited, has received approval from the Pakistan Stock Exchange (PSX) for its initial public offering (IPO) and will launch the bookbuilding process in the near term. The project is a key capacity cooperation initiative under the China-Pakistan Economic Corridor (CPEC).
The IPO plans to issue 389.7 million ordinary shares, representing 5% of the total issued share capital, at a floor price of PKR 14.25 per share. Of the offering, 75% will be allocated to institutional investors and 25% to retail investors. The total fundraising is expected to reach approximately PKR 7.8 billion (about RMB 192 million), with 100% of the proceeds earmarked for a passenger car radial tire capacity expansion project.
The expansion will be phased: Phase I will have an annual capacity of 2 million tires, targeted for production launch in January 2028; capacity will rise to 2.5 million units in 2029 and 3 million in 2030, meeting growing demand for high-quality passenger tires locally and globally.
Established in 2020, Servis Longmarch operates Pakistan’s first all-steel truck radial tire manufacturing base. Phase I and Phase II commenced commercial production in 2022 and 2024, respectively. Its products are exported to the Middle East, Africa, Europe and the Americas, serving as a model for Chinese tire firms’ “product + capacity + capital” global expansion.
Longmarch Tyre is advancing a dual-listing strategy (domestic and overseas). While the Pakistan JV’s IPO progresses, the company’s A-share listing guidance is on track, with completion targeted for May 2026, followed by a timely application to the stock exchange.
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