Pirelli is back. The Italian maker of Formula 1 racing tyres, now controlled by Chinese state-owned firm ChemChina, is planning to relist its shares in Milan next month. Pirelli’s focus on the high-end consumer tracks may deserve a premium to some peers, but a mooted valuation of up to 12 billion euros looks overinflated. New investors will get a company much souped-up since ChemChina delisted it in 2015, alongside longtime manager and shareholder Marco Tronchetti Provera. Back then it derived nearly a quarter of its revenue from lower-margin sales to industrial clients, which have now been folded into the Chinese