Tianji Tire’s $450m US Listing Plan Faces Further Delay

Tianji Tire’s $450m US listing plan has been delayed once again. The Chinese tire manufacturer’s proposed $450m US listing, which was initially expected to close by mid-2025, has been put on hold due to a one-year extension to the ‘business combination’ deadline. Shareholders of Embrace Change Acquisition Corp., the special purpose acquisition company (SPAC) pursuing the transaction, voted to extend the company’s ‘combination period’ from August 12, 2026, to August 12, 2027. However, it is unclear if Tianji and Embrace Change have also extended the August 12, 2026 ‘outside date’ for completing their proposed merger. The deal, which was agreed upon in January 2025, would result in Tianji becoming a publicly traded company on Nasdaq. Tianji shareholders would receive $450m in newly issued shares of Tianji Tire Global Group (Cayman) Ltd, valued at $10 per share. The transaction would provide Tianji with access to US capital markets and support its international expansion. Tianji, which was founded in 2020, produces tires under the brands Semes and GFT Rider and has an annual production capacity for 1.2 million all-steel radial truck tires and 10 million passenger car tires.