Page 103 - 《橡塑技术与装备》英文版2026年3期

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A decade-long partnership ends! has been unavoidably caught in the eye of the geopolitical
Tire giants multinational alliance storm. In recent years, Pirelli has been fully committed to
Dissolves developing "smart tire" technology, the core of which is the

The cold wind of geopolitics is blowing into the real-time collection and transmission of vehicle operation data
boardroom of Pirelli in Milan, Italy. As a giant in the global tire through built-in sensors. This core technology, which holds
great market potential, has just touched the regulatory red line
industry, Pirelli's decade-long cross-border "marriage" with its
of the so-called "national security" in the United States.
largest shareholder, Sinochem Group of China, is being forced
towards an irreversible end amidst the whirlpool of great power Due to Sinochem Group's holding of approximately 34%
of Pirelli's shares, US regulators directly classified Pirelli as
rivalry.
a company "with Chinese capital background". Under this
On January 23, 2026, Camfin, the second largest
shareholder of Pirelli, made a bombshell announcement: it classification, if Pirelli does not make fundamental adjustments
to its equity structure, its smart tires and related core products
would not renew the shareholder cooperation agreement with
will be directly banned from entering the US market. The
Sinochem Group, which was set to expire at the end of May.
North American market accounts for 25% of Pirelli's global
This agreement had been the core framework of the equity
cooperation between the two parties, and its termination means revenue and is one of its core profit contributors. Losing this
key market is tantamount to an existential crisis for Pirelli.
that Sinochem Group's seat on the Pirelli board will face a
After weighing the options, "physical separation" from its
significant reduction, completely shaking the once stable
shareholding structure. According to sources, Sinochem Group controlling shareholder, Sinochem Group, became the only
choice for Pirelli to preserve its core market.
has hired professional financial advisors to comprehensively
From control rights struggle to premium exit:
assess the feasibility of reducing its shareholding ratio to below
10% or even withdrawing completely from Pirelli. This cross- contradictions have long intensified
In fact, the rift between Sinochem and Pirelli has long
border merger and acquisition case, which was once regarded
been quietly exposed at the capital and governance levels. In
as a model of Sino-Italian and even Sino-European economic
and trade cooperation, is now facing an awkward ending. early January 2026, Pirelli completed a debt-for-equity swap
American "security stick": the core driving force behind worth 500 million euros, which directly led to the passive
dilution of Sinochem Group's shareholding ratio to 34.12%.
the cutting
During the subsequent review of the financial report, the
Behind this reluctant "separation", the fundamental
driving force is a paper ban from the United States across the conflict between the two parties intensified: the directors
appointed by Sinochem Group explicitly voted against the
ocean. In March 2026, the US import ban on key software and
statement in the financial report that "Sinochem has terminated
hardware for "connected vehicles" will officially take effect,
with the software ban having been implemented first. Pirelli its control over Pirelli," but failed to prevent the document

Vol.52，2026 ·57·