Tianji Tire Global (Cayman) Limited
Definitive (DA signed)Consumer Discretionary · Tires / auto components · Jiaozuo, China · founded 2020
- What it is
- Manufacture and wholesale of all-steel radial truck-and-bus tires (plus passenger-car tire capacity) through a ~200-outlet Chinese dealer network and exports to 30+ countries; multi-brand strategy segmenting premium (SEMES) to mass market (Lunaite/Aoben/GFT Rider) and mining (Kuangshan Jiuhao).
- What it’s doing now
- Merging with Embrace Change (EMCGF) — definitive (da signed), announced Jan 26, 2025.
- What you should know
- The real share count puts the effective valuation 21% above the announced $450M. The deal carries a $5M minimum-cash condition — heavy redemptions can break it.
The business, per its filings
SEC primaryTianji Tire Global (Cayman) Limited is the Cayman holding company for a Chinese tire manufacturer - principally Henan Tianji Tyre Co., Ltd (established December 2020, registered capital CNY100M, No. 2009 Fazhan Road, Boai Industrial Zone, Jiaozuo City, Henan) - that designs, makes and sells all-steel tubeless radial truck tires (TBR) for medium- and short-distance transport under six brands: premium SEMES, mid-to-high-end Tianxin, mass-market Lunaite, Aoben and GFT Rider, and mining-transport brand Kuangshan Jiuhao. The company's own site claims annual capacity of 1.2M all-steel radial truck tires plus 10M passenger-car tires, 200+ domestic sales outlets, exports to 30+ countries (Americas, SE Asia, Middle East, Australia, Africa), CCC/ISO-TS16949/DOT/ECE certifications, and Shenzhen-listed Zhejiang Tiantie Industry Co., Ltd (300587.SZ) as a shareholder whose entry brought tire-industry talent and technology. CEO Hailong Cheng leads the company and will run the combined company. IMPORTANT: no SEC-filed financial statements for Tianji exist yet - the merger agreement (signed 26-Jan-2025) required delivery of audited FY2024 accounts by 31-Mar-2025, but as of 14-Aug-2026, 18+ months after announcement, no F-4 registration statement has been filed, so revenue/EBITDA cannot be stated from any accession; the company is an operating manufacturer with real sales per its own materials, not a paper company. Merger consideration is $450M paid entirely in newly issued shares at $10.00; combined company to be renamed Tianji Tire Global Group (Cayman) Limited and seek a Nasdaq listing.
Source: 8-K, accession 0001829126-25-000387 · as of Jan 26, 2025 · extraction confidence: medium
What the company says about itself
Web research — not auditedHenan Tianji Tyre Co., Ltd: established Dec-2020, CNY100M registered capital, annual capacity 1.2M all-steel radial truck tires + 10M passenger car tires, CCC/ISO-TS16949/DOT/ECE certified, 'key backbone enterprise in Henan Province'; Zhejiang Tiantie Industry (300587.SZ) became a shareholder bringing industry talent and technology; tube-type, tubeless and anti-explosive TBR ranges.
- Markets:
- Truck & bus radial tires (TBR); passenger car tires (PCR); mining tires
- Products:
- SEMES, GFT RIDER and MINING product lines (SD812, SD319, SD368, SA926, SD318, SD718, C200, SD388, GF515; sizes 11R22.5, 11R24.5, 295/80R22.5, 315/80R22.5)
- Customers:
- 200+ sales outlets in China; exports to 30+ countries in the Americas, Southeast Asia, Middle East, Australia and Africa
SEC press release describes six brands (SEMES, Tianxin, Lunaite, Aoben, GFT Rider, Kuangshan Jiuhao); the English site only surfaces SEMES/GFT RIDER/MINING lines. No conflict on facts, but NO financial statements are available in any SEC filing to check the site's capacity claims against.
Source: http://www.tianjityre.com/company.html · captured Aug 14, 2026 · marketing claims are reported as claims, never merged into the filed figures above.
The deal it’s entering
Tianji Tire Global (Cayman) Limited is merging with Embrace Change (EMCGF), a $74M SPAC currently marked Deal announced and trading at $11.21 against $12.84 in trust per share.
| Headline equity value | $450M |
| Effective valuation (all shares) | $542M+21% vs headline |
| Sponsor promote | 20% |
| Minimum cash to close | $5M |
Structure per SEC accession(s) 0001829126-25-000387; 0001493152-25-018918; 0001493152-26-034110, 0001829126-25-000387. How to read these numbers: headline vs effective valuation · what a definitive agreement commits
What exactly is being valued, and at what
Was this deal done at an expensive or a cheap valuation?
SpacBrain’s read on the price
No multiple can be computed
We hold no revenue figure in US dollars for Tianji Tire Global (Cayman) Limited, so there is nothing to divide the price by and no multiple can be struck. It is not recorded as pre-revenue either — this is a gap in our record, not a finding that the company has no sales. The deal values it at $542.4M regardless.
We have not extracted a revenue figure for this company from its filings yet. That is our gap, not a statement about the business.
Post-dilution equity (net debt unknown).
Not extracted from the filings yet.
Not computable — no revenue figure has been extracted from the filings yet.
$1 of their sales costs $0.53 on the open market. Median of 2 listed companies we judged a true comparable, which individually run from 0.53× to 0.53×. Their share prices are from 14 August 2026, not today.
What qualifies the figures above
- Struck on the post-dilution value of $542.4M, not the announced $450M — new shares handed to the sponsor, warrant holders and the PIPE are part of what public buyers are really paying.
- The target's cash and debt are not in the filings we have, so this is an equity value used as a stand-in for enterprise value.
- 601058.SS, 601966.SS, MNRO, BRDCY, DORM, 300587.SZ have no revenue to divide by, so they are shown but left out of the peer median.
The listed companies it is measured against
| Ticker | Company | Mkt cap | EV / revenue | EV / EBITDA | Why it’s comparable |
|---|---|---|---|---|---|
| 601058.SS | SAILUN GROUP CO LTD | — | — | — | Sailun Group - large Chinese TBR/PCR tire manufacturer with the same domestic-dealer-plus-export model; closest scaled listed comparable (CNY quote, multiples excluded).more ▾less ▴ |
| 601966.SS | SHANDONG LINGLONG TYRE CO LTD | — | — | — | Shandong Linglong Tyre - Chinese multi-brand truck and passenger tire maker exporting globally; direct business-model comp (CNY quote, multiples excluded).more ▾less ▴ |
| MNRO | Monro, Inc. | $464M | — | — | Direct comp: Auto Vehicles, Parts & Service Retailers (NEC); small-cap ($464m); shares tire, tires, auto, passenger, car, mining with the target's own description; forward EV/Sales 0.6x.more ▾less ▴ |
| GT | The Goodyear Tire & Rubber Comp | $1.8B | 0.5x | 9.0x | Goodyear - the USD-quoted global tire majors' low-multiple anchor showing what mature tire manufacturing earns and trades at. |
| BRDCY | Bridgestone Corp. | $32.2B | — | — | Bridgestone ADR - global leader in truck-and-bus radial tires, the premium end of the exact TBR product category Tianji sells. |
| DORM | Dorman Products, Inc. | $3.7B | — | — | Operational comp: Auto, Truck & Motorcycle Parts (NEC); mid-cap ($3.7bn); shares passenger, truck, medium, sales, auto, car with the target's own description; forward EV/Sales 1.9x.more ▾less ▴ |
| TWI | Titan International, Inc. (DE) | $432M | 0.5x | 10.4x | Titan International - US-listed maker of off-highway/mining wheels and tires, comparable to Tianji's Kuangshan Jiuhao mining-tire line. |
| 300587.SZ | TIANTIE SCI. & TECH. | — | — | — | Zhejiang Tiantie Industry is the Shenzhen-listed strategic shareholder of Henan Tianji Tyre credited by the company with its technology and talent base - the most directly linked listed entity (CNY quote, multiples excluded).more ▾less ▴ |
Which companies belong on this list is our judgement, and the sentence beside each one is the whole of our reasoning — disagree with it and the verdict above changes. Rows marked context only are shown because they are informative, but they are deliberately left out of the median. The multiples come from listed-company data priced Aug 14, 2026; a private target’s deal multiple is not audited the way theirs are.
Common questions
Is Tianji Tire Global (Cayman) Limited going public?
Tianji Tire Global (Cayman) Limited has a signed merger with the SPAC Embrace Change (EMCGF), announced Jan 26, 2025. Deal status: Definitive (DA signed).
What is Tianji Tire Global (Cayman) Limited's SPAC deal valuation?
The announced headline equity value is $450M, but counting every share class — founder promote, PIPE and public shares — the effective valuation is $542M, 21% above the headline.
Was Tianji Tire Global (Cayman) Limited bought at an expensive or a cheap valuation?
We hold no revenue figure in US dollars for Tianji Tire Global (Cayman) Limited, so there is nothing to divide the price by and no multiple can be struck. It is not recorded as pre-revenue either — this is a gap in our record, not a finding that the company has no sales. The deal values it at $542.4M regardless.
Does Tianji Tire Global (Cayman) Limited have revenue?
The filings we've parsed don't state a usable revenue figure yet; this profile is updated as new documents land.
Educational content, not investment advice.
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