Core Viewpoint - Dongfeng Group's subsidiary, Lantu Automotive, will go public in Hong Kong through an introduction listing, while Dongfeng Group will simultaneously complete its privatization and delisting [1]. Group 1: Transaction Structure - The transaction employs a "share distribution + absorption merger" model, with two core phases that are interdependent and proceed simultaneously [2]. - In the first phase, Dongfeng Group will distribute 79.67% of its shares in Lantu Automotive to all shareholders, followed by Lantu's introduction listing on the Hong Kong Stock Exchange [5]. - In the second phase, Dongfeng Automotive will pay equity consideration to its controlling shareholder and cash consideration to minority shareholders, achieving 100% control over Dongfeng Group [5]. Group 2: Valuation and Market Impact - The overall acquisition price is set at HKD 10.85 per share, comprising a cash consideration of HKD 6.68 and an equity consideration of HKD 4.17 [8]. - The dual option of "cash + equity" offers certainty for minority shareholders, while the listing of Lantu Automotive is expected to enhance value creation [8]. - Lantu Automotive has seen continuous sales growth and has gained a strong reputation, with its revenue and gross margin leading the industry, suggesting that its listing could break the historical undervaluation of Dongfeng Group in the Hong Kong market [8]. - The transaction is anticipated to sharpen the investment value of Lantu Automotive and facilitate a significant increase in its valuation performance [8].

Core Viewpoint - Dongfeng Group Holdings (00489.HK) announced that its subsidiary, Lantu Automotive, will go public in Hong Kong through an introduction listing, while Dongfeng Group will simultaneously complete its privatization and delisting [2][4]. Group 1: Transaction Details - The transaction involves a combination of "equity distribution + absorption merger," where Dongfeng Group will distribute its 79.67% stake in Lantu Automotive to all shareholders, followed by Lantu's listing on the Hong Kong Stock Exchange [4]. - The overall acquisition price is set at HKD 10.85 per share, comprising a cash consideration of HKD 6.68 and an equity consideration of HKD 4.17 [4]. Group 2: Financial Performance - Dongfeng Group's market capitalization as of July 31, 2025, is HKD 39.12 billion, with a closing price of HKD 4.74 per share, resulting in a price-to-book (PB) ratio of 0.25 [6]. - In the first half of the year, Dongfeng Group sold approximately 823,900 vehicles, a year-on-year decrease of 14.7%, while achieving a sales revenue of CNY 54.533 billion, a year-on-year increase of 6.6% [6][7]. - The gross profit for the same period was CNY 7.599 billion, reflecting a year-on-year increase of 28.0%, with a gross margin of 13.9%, up 2.3 percentage points [6]. Group 3: Lantu Automotive's Performance - Lantu Automotive has shown promising growth, with a significant reduction in losses, moving closer to profitability. In 2023, the pre-tax net loss was CNY 1.98 billion, which narrowed to CNY 243 million in 2024 [9]. - The company aims to achieve a sales target of 200,000 vehicles this year, having sold approximately 56,100 vehicles in the first half, which is 28% of its annual goal [10]. - Lantu's independent listing is expected to enhance its financing capabilities, brand image, and international expansion, potentially unlocking significant value creation [10].

Core Viewpoint - Dongfeng Group Holdings (00489.HK) announced that its subsidiary, Lantu Automobile, will go public in Hong Kong through an introduction listing, while Dongfeng Group will simultaneously complete its privatization and delisting [1][3]. Group 1: Transaction Details - The transaction will utilize a "share distribution + absorption merger" model, where Dongfeng Group will distribute its 79.67% stake in Lantu to all shareholders, followed by Lantu's listing on the Hong Kong Stock Exchange [3]. - The overall acquisition price is set at HKD 10.85 per share, comprising a cash consideration of HKD 6.68 and a share consideration of HKD 4.17 [3]. Group 2: Financial Performance - Dongfeng Group's market capitalization as of July 31, 2025, was HKD 39.12 billion, with a closing price of HKD 4.74 per share, resulting in a price-to-book (PB) ratio of 0.25 [5]. - In the first half of the year, Dongfeng Group sold approximately 824,000 vehicles, a year-on-year decrease of 14.7%, while achieving a revenue of CNY 54.533 billion, a year-on-year increase of 6.6% [5][6]. - The gross profit for the same period was CNY 7.599 billion, reflecting a 28.0% year-on-year increase, with a gross margin of 13.9%, up 2.3 percentage points [5]. Group 3: Lantu Automobile's Growth Potential - Lantu Automobile has shown strong growth potential, being one of Dongfeng's most valuable assets, with a focus on high-end smart electric vehicles [5][10]. - The company is nearing profitability, with a tax-pre loss of CNY 1.978 billion in 2023, which is expected to narrow to CNY 243 million in 2024 [9]. - Lantu aims to achieve annual sales of 200,000 vehicles, having sold approximately 56,100 vehicles in the first half of the year, which is 28% of its annual target [10]. Group 4: Strategic Implications - The listing of Lantu is expected to enhance its financing capabilities, brand image, and international expansion, potentially unlocking significant value for the company [10]. - The transaction is anticipated to shift the valuation logic for Dongfeng Group, allowing for a clearer investment value discovery for Lantu, which has been obscured under Dongfeng's broader asset portfolio [10].

8月22日晚，东风汽车集团股份有限公司（0489.HK）发布公告，宣布将通过"股权分派+吸收合并"的组合模式， 推动旗下高端新能源品牌岚图汽车以介绍上市方式登陆香港联交所，同时完成东风集团股份自身的私有化退市。 该交易两大环节互为前提、同步推进。 根据方案，东风集团股份将首先将其持有的岚图汽车79.67%股权按比例分派给全体股东，随后岚图汽车以介绍方 式在港交所主板上市。此后，东风集团股份境内全资子公司东风汽车集团（武汉）投资有限公司将作为合并主 体，向控股股东东风汽车支付股权对价，并向其他小股东支付现金对价，最终实现对东风集团股份的100%控 制，完成私有化。 此次交易的总体收购价格定为每股10.85港元，其中现金对价部分为6.68港元/股，岚图股权对价部分为4.17港元/ 股。 估值倒逼改革 岚图成价值突破关键 近年来，受汽车行业转型及市场环境影响，东风集团股份估值持续低迷。截至2025年7月31日，其总市值仅391.2 亿港元，股价报4.74港元/股，市净率（PB）低至0.25倍，融资能力严重受限。相比之下，岚图汽车作为东风集团 旗下高端新能源品牌，展现出强劲成长性：2024年全年交付85,697辆，同 ...

Core Viewpoint - Dongfeng Group announced a significant strategic adjustment, with its subsidiary, Lantu Automotive, planning to enter the Hong Kong stock market through a listing by introduction, while Dongfeng Group will complete its privatization and delisting [1][3]. Group 1: Transaction Details - The transaction employs an innovative "equity distribution + absorption merger" model, where Dongfeng Group will distribute 79.67% of its shares in Lantu Automotive to all shareholders, followed by Lantu's listing on the Hong Kong Stock Exchange [3]. - Dongfeng Group's wholly-owned subsidiary, Dongfeng Motor Group (Wuhan) Investment Co., Ltd., will act as the absorbing entity, paying equity consideration to Dongfeng Group's controlling shareholder and cash consideration to other minority shareholders, achieving 100% control of Dongfeng Group [3]. - The total acquisition price is set at HKD 10.85 per share, with cash consideration of HKD 6.68 and equity consideration of HKD 4.17 per share [3]. Group 2: Financial Performance and Market Position - Dongfeng Group has faced valuation challenges due to industry transformation, with a price-to-book ratio of only 0.25 as of July 31, 2025, indicating a long-term market value below net assets [3]. - Lantu Automotive has shown strong growth, with a delivery volume of 85,697 vehicles in 2024, representing a year-on-year increase of approximately 70% [4]. - In the first half of 2025, Dongfeng Group reported revenue of CNY 54.53 billion, a 6.6% increase year-on-year, but a significant decline in profit attributable to equity holders of the parent company, down 91.9% to CNY 55 million [4].

Core Insights - The article emphasizes the need for transparency and truth in the automotive market, particularly in the context of the ongoing price wars and quality issues within the industry [2] - The "Observation Zero Distance" initiative aims to highlight quality products and create a trustworthy consumer environment by utilizing a combination of media, brand engagement, and live streaming [2] Group 1: Industry Context - The automotive industry is a strategic pillar of the economy, contributing 10% to GDP, and is crucial for consumer spending [2] - The current challenges in the new energy vehicle sector include information asymmetry, product homogenization, and a crisis of trust in after-sales service [2][3] Group 2: Product Highlights - The Dongfeng Fengxing Xinghai S7 has been identified as a "treasure model," achieving a remarkable 358.42% quarter-on-quarter growth in sales [3] - The Xinghai S7 is designed to meet real user needs without the inflated pricing typically associated with high-end vehicles, offering features that prioritize safety, space, comfort, and range [5][6] Group 3: Technological Advancements - The Xinghai S7 features advanced technologies such as the Armor Battery 3.0, which exceeds national standards for safety, and the FSD suspension system, which is derived from Lamborghini technology [6] - The vehicle boasts a low drag coefficient of 0.191Cd, resulting in an energy consumption rate of 11.9 kWh/100 km, setting a new record for mid-to-large electric vehicles [6] Group 4: Consumer Engagement and Brand Strategy - The "Observation Zero Distance" initiative includes live dialogues with company executives to uncover the core values and user needs associated with the Xinghai S7 [5] - The company aims to redefine automotive consumption standards by focusing on user-centric design and engineering, integrating user feedback into product development [7][9] Group 5: Future Outlook - Dongfeng Fengxing plans to launch 12 new energy products by 2025 and is focused on building overseas factories to expand its market presence [14] - The company is committed to a "deep customization" model that empowers users to influence product design, aiming for a compound annual growth rate of 15% and a target scale of 300 billion yuan by 2030 [14][15]

Core Viewpoint - The proposed transaction involves the distribution of Lantu shares to existing shareholders and a merger agreement between Dongfeng Motor Group and Dongfeng Motor Group (Wuhan) Investment Co., aiming to privatize the remaining business and enhance shareholder value through the listing of Lantu on the Hong Kong Stock Exchange [1][2]. Group 1: Proposed Transaction Details - The company has resolved to distribute its Lantu shares to existing shareholders, with Lantu applying for a listing on the Hong Kong Stock Exchange, contingent upon the distribution conditions being met [1]. - H-share shareholders will receive 0.3552608 Lantu H-shares for each H-share held on the record date, along with a cash cancellation price of HKD 6.68 per H-share [2]. - The theoretical total value per H-share in the proposed transaction is approximately HKD 10.85, representing a premium of about 128.90% over the last unaffected trading price of HKD 4.74 [2]. Group 2: Strategic Objectives - The merger aims to further integrate quality resources towards emerging industries, focusing on the development of the new energy vehicle sector and transitioning from fuel vehicles to electric vehicles [3]. - The listing of Lantu is expected to broaden financing channels, enhance brand image, expand overseas operations, and improve corporate governance [3]. Group 3: Market Activity - The company has applied to the Stock Exchange for the resumption of trading of H-shares starting from 9:00 AM on August 25, 2025 [4]. - Dongfeng Company is primarily engaged in the manufacturing and supply of commercial vehicles, passenger vehicles, and electric vehicles, along with related services and products [4].

【#东风集团股份1小时暴涨超90%#，#东风集团股份拟私有化退市#】8月22日深夜，东风集团股份 （0489.HK）发布公告称，子公司岚图汽车将以介绍上市方式登陆港股，东风集团股份将同步完成私有 化退市。本次交易采用岚图汽车股权+现金对价支付，总体收购价格为10.85港元/股，其中现金对价6.68 港元/股，岚图股权对价4.17港元/股。 受此消息影响，截至8月23日零点，东风集团股份ADR报价62.22美元，暴涨91.45%。 接近东风集团的人士告诉记者，此次东风集团股份拟私有化退市的原因有两个：第一，东风集团股份这 只股票的估值较低，基本已经失去融资能力。第二，东风集团正努力朝新能源方向转型，此前也已经启 动了内部改革，但是受制于上市公司的相关规定，很多板块的融合和内部重组存在限制。因此，东风此 次动作目的有二，一是把岚图推向资本市场，二是方便后续内部进一步整合。#东风集团股份一纸公告 引燃市场# ...

Core Viewpoint - Dongfeng Group's subsidiary, Lantu Automotive, will go public in Hong Kong through an introduction listing, while Dongfeng Group will simultaneously complete its privatization and delisting [1][3] Group 1: Transaction Details - The overall acquisition price for Lantu Automotive is set at HKD 10.85 per share, comprising HKD 6.68 in cash and HKD 4.17 in equity [1] - Dongfeng Group will distribute 79.67% of its shares in Lantu Automotive to all shareholders before Lantu's introduction listing on the Hong Kong Stock Exchange [4] - The transaction involves a combination of "equity distribution + absorption merger," which is a unique approach compared to previous privatizations of state-owned enterprises [3][4] Group 2: Reasons for Privatization - The stock of Dongfeng Group is undervalued, leading to a loss of financing capability [3] - The company aims to facilitate internal restructuring and integration, which is hindered by regulations governing listed companies [3][4] Group 3: Financial Performance - In the first half of the year, Dongfeng Group sold approximately 823,900 vehicles, a year-on-year decrease of 14.7%, with a revenue of CNY 54.533 billion, up 6.6% [4] - Gross profit reached CNY 7.599 billion, reflecting a 28.0% increase, with a gross margin of 13.9%, up 2.3 percentage points year-on-year [4] - The net profit attributable to shareholders was CNY 55 million [4] Group 4: Lantu Automotive's Outlook - Lantu Automotive is expected to deliver over 80,000 vehicles in 2024, representing a year-on-year growth of approximately 70% [5] - Since 2025, Lantu has achieved monthly sales exceeding 10,000 units for five consecutive months [5] - The upcoming listing in Hong Kong will enhance Lantu's financing channels and expand its international business [5]

《星岛》记者 周昊 广州报道 8月22日晚，已经停牌11天的东风汽车集团有限公司（下称"东风汽车"）宣布启动重大资产重组，计划通过"介绍上市+私有化"的方式，推动旗下岚图汽车 科技有限公司（以下简称"岚图汽车"）以介绍方式登陆香港联交所，同时对东风汽车集团股份有限公司（下称"东风集团"00489.HK）私有化。 通过本次交易，岚图汽车将实现在港股介绍上市，在资本市场加持下驶入发展快车道，未来也将以更清晰的定位参与全球竞争，依托资本市场的资源配置 功能，加速核心技术研发与海外事业布局，巩固在高端新能源市场的领先优势，加快成长为与国际高端品牌同台竞技的"新实力"。 东风集团表示，这种"腾笼换鸟，筑巢引凤"的改革路径，也为更多央企以市场化手段优化资产和业务结构，提升国有资本配置效率提供了可借鉴的范本。 2024年，岚图汽车实现交付85,697辆，同比增长约70%；2025年以来，岚图汽车连续5个月实现销量破万，7月交付量更是突破12,000辆。爆款车型岚图梦 想家自2023年起销量稳居新能源MPV TOP2，多月位居新能源MPV品类月度冠军；新车型岚图FREE+上市后15分钟大定锁单11,583辆。 东风集团表示， ...