Debt ratio reaches 694%! Another tire company has gone bankrupt

Recently, the People’s Court of Pingyin County, Shandong Province, issued a civil ruling.

The ruling states that Shandong Ruixiang Tire Manufacturing Co., Ltd. has officially declared bankruptcy.

This marks the downfall of another tire company with a production capacity of tens of millions, due to insolvency.

It is understood that on February 20, 2023, the court approved the application for bankruptcy liquidation.

The applicant for the case is Zhongli International Financial Leasing Co., Ltd.

The court appointed Shandong Huanzhou Haocai Law Firm as the administrator.

After verifying the claims, 27 creditors with 33 claims were confirmed, totaling 36.5716 million yuan.

In contrast, Ruixiang Tire’s total assets are only 5.5656 million yuan, with an asset-liability ratio of 694.71%.

Due to severe insolvency, the administrator filed for bankruptcy with the court.

The court believes that the company’s assets are insufficient to cover all debts, meeting the legal conditions for bankruptcy.

Ultimately, on March 16, 2026, the court ruled to declare the company bankrupt.

According to information, Ruixiang Tire was established in 2006 with a registered capital of 3.3 million yuan.

It mainly produces inner and outer tires for two-wheeled vehicles, with an annual capacity of 10 million units.

Its brands include “Ruixiang,” “Aoshitong,” “Huar,” and “Aodun.”