Italian tyre manufacturer with a 34.1% stake held by Chinese state-owned Sinochem Holdings, under active Italian government governance restrictions.
Pirelli was founded in Milan in 1872 by Giovanni Battista Pirelli and became one of the world's leading tyre manufacturers over the following century. The company is known for supplying tyres exclusively to Formula 1 and for its annual calendar. Pirelli was taken private in 2015 when ChemChina — a Chinese state-owned chemicals and materials conglomerate — acquired a controlling stake. The company was relisted on Borsa Italiana in 2017 with ChemChina retaining a majority position.
In 2021, ChemChina merged with Sinochem Holdings to form a combined Chinese state-owned entity. Sinochem inherited ChemChina's Pirelli stake as part of that merger. Sinochem is itself one of China's largest state-owned enterprises, operating across chemicals, agriculture, energy, and materials.
Sinochem Holdings currently holds approximately 34.1% of Pirelli — a blocking minority under Italian and EU corporate law that gives it structural influence over major corporate decisions. The second-largest shareholder is Italian investor Camfin S.p.A., holding approximately 29.9%.
Italian authorities have imposed governance restrictions on Sinochem's board representation and voting rights (detailed below), but those restrictions do not change the financial stake. Sinochem's 34.1% financial interest in Pirelli remains intact as of mid-2026.
Italian Golden Power intervention. Starting in 2023, Prime Minister Giorgia Meloni's government deployed Italy's Golden Power legislation — strategic asset veto powers — to restrict Sinochem's access to tyre sensor data collected by Pirelli products. Italian authorities cited national security and data security concerns. In April 2025, Pirelli's board voted to formally terminate Sinochem's status as a controlling shareholder; Sinochem's chairman and four other Chinese-nominated directors opposed the resolution.
US market blocked. Pirelli has stated it has no plans to invest in US production while Sinochem remains a major shareholder. Chinese state ownership creates barriers to US government procurement contracts and raises the risk of review by CFIUS (the Committee on Foreign Investment in the United States — the government body that scrutinises foreign stakes in US-operating companies for national security implications). The result is that Pirelli is effectively locked out of investing in the world's largest premium tyre market for as long as Sinochem holds a significant stake.
Board seat limits. Under Italy's April 2026 Golden Power ruling, Sinochem may nominate a maximum of three candidates for Pirelli's board, of which at least two must be independent directors. The ruling ties these restrictions to Sinochem's continued stake above 9.99%.
Potential stake reduction. Bloomberg reported in February 2026 that Sinochem was exploring a convertible bond structure to reduce its direct stake while retaining indirect economic exposure. Italian authorities and Camfin have both indicated preference for Sinochem reducing below 10%. Negotiations were ongoing as of mid-2026; the shareholders' pact between Sinochem and Camfin expired in May 2026, adding further governance uncertainty.
Other tyre brands with no verified Chinese ownership or control.