According to the South Korean news website reported that Qingdao Double Star has formally signed the purchase agreement with South Korea's nine banks . Qingdao Double Star will acquire 42.01% stake in Kumho Tire at a price of approximately 955 billion (approximately  8249 billion dollars).According to the deal, the Double Star will become the largest shareholder in Kumho tyre if actual controller of Kumho group does not buy back in 30 days. 　　According to South Korean media reports: Double Star will ensure that Kumho Tire will still have the independent operation after becoming the largest shareholder of Kumho Tire. The two will work together on strategic level to achieve win-win results in brands and sales and expand influence in the world's tire industry.　
　　The idea is that the acquisition is conducive to helping the Kumho to solve the problems that has encountered while further consolidating position and advantages of Qingdao Double Star in the Chinese market. Qingdao DoubleStar is expected to become the biggest manufacturer of Chinese tires, and quickly enter the top 10 of global tires.