东风股份是东风汽车公司轻型商用车板块的股份制公司，而东风科技则是汽车零部件制造商。随着东风 系两家上市公司股东调整，东风集团股份私有化程度进一步加深。 与此前央国企私有化交易不同，东风集团股份此次私有化采用"股权分派+吸收合并"的组合模式，两大 核心环节互为前提、同步推进。 在第一环节，东风集团股份将其持有的岚图汽车79.67%股权按持股比例向全体股东分派，随后岚图汽 车以介绍上市方式登陆香港联交所。在第二环节，东风汽车在境内全资子公司东风汽车集团（武汉）投 资有限公司作为吸并主体，向东风集团股份的控股股东东风汽车支付股权对价，向其他小股东支付现金 对价，实现对东风集团股份100%控制。 2025.08.25 本文字数：923，阅读时长大约1分钟 作者 |第一财经 黄琳 8月25日晚间，东风集团股份（00489.HK）私有化退市有了新进展。 东风股份（600006.SH）晚间公告，公司间接控股股东东风汽车集团有限公司的全资子公司东风汽车集 团（武汉）投资有限公司（简称"东风投资"）作为吸收合并方，拟与本公司直接控股股东东风集团股份 进行吸收合并。变动后，东风集团股份不再持有东风股份的股份，东风投资成为本公司直 ...

Core Viewpoint - Lantu is set to become the first high-end new energy brand listed under a central state-owned enterprise in China, with plans to go public in Hong Kong through a backdoor listing via Dongfeng Group's privatization [2][4]. Group 1: Listing Process - Dongfeng Group will distribute its 79.67% stake in Lantu to its shareholders, allowing Lantu to list on the Hong Kong Stock Exchange without a traditional IPO [4]. - The privatization involves a cash offer of HKD 6.68 per share for Dongfeng Group's H-shares, alongside the distribution of Lantu shares [4]. - The introduction method of listing is expected to shorten the listing cycle by 60%-70% compared to a standard IPO, as it does not require new share issuance or fundraising [6]. Group 2: Strategic Motivations - Dongfeng Group aims to focus on the new energy vehicle sector and enhance its brand image through Lantu's listing, which will also help in expanding overseas operations and improving corporate governance [10]. - The decision to expedite Lantu's listing is influenced by Dongfeng's need to demonstrate its independent operational value amid competitive pressures from other state-owned enterprises [12]. - Lantu's financial performance shows a trend of narrowing losses, with projections indicating a potential path to profitability, making the timing of the listing critical [12][16]. Group 3: Market Context - The new energy vehicle market in China is facing uncertainties, including potential subsidy reductions by 2026, which could impact Lantu's sales and operational performance [18]. - Lantu's collaboration with Huawei on new models is expected to enhance its competitive edge in the market, which is a significant factor for investors [14]. - The current market environment presents both internal and external pressures, making this an opportune moment for Lantu to go public [18].

Group 1 - Dongfeng Group's privatization and delisting have progressed with a merger plan involving its subsidiary Dongfeng Automotive Group (Wuhan) Investment Co., Ltd. [1] - After the merger, Dongfeng Investment will directly hold 55% of Dongfeng Motor's shares, while Dongfeng Group will no longer hold any shares in Dongfeng Motor [1] - The privatization process involves a combination of "equity distribution + absorption merger," which is different from previous state-owned enterprise privatization transactions [1][2] Group 2 - In the first phase, Dongfeng Group will distribute 79.67% of its stake in Lantu Automotive to all shareholders, followed by Lantu's introduction to the Hong Kong Stock Exchange [2] - In the second phase, Dongfeng Investment will pay equity consideration to Dongfeng Group's controlling shareholder and cash consideration to minority shareholders, achieving 100% control over Dongfeng Group [2] - Following the merger, all assets, liabilities, rights, and obligations of Dongfeng Group will be assumed by Dongfeng Investment, including the repayment obligations of certain bonds [2] Group 3 - The announcement led to a significant stock price increase for Dongfeng Group, with a nearly 70% jump at the opening and a closing price of 9.2 HKD, reflecting a 54.1% increase and a total market capitalization of 759.24 billion HKD [2]

Core Viewpoint - Dongfeng Group plans to privatize and delist while its subsidiary, Lantu Motors, will go public in Hong Kong to optimize resource allocation [4][5] Group 1: Financial Performance - In the first half of the year, Dongfeng Group reported revenue of 54.533 billion RMB, a year-on-year increase of 6.6% [5][6] - The gross profit was 7.599 billion RMB, with a gross margin of 13.9%, up 2.3 percentage points year-on-year [5][6] - Net profit attributable to shareholders was only 0.55 billion RMB, a significant decline of 92% year-on-year [5][6] - Total vehicle sales were approximately 824,000 units, down 14.7% year-on-year [5] Group 2: Strategic Moves - The company aims to enhance its strategic positioning and operational boundaries across various business segments post-privatization [7] - There are currently no further plans for capital operations related to the A-share company after privatization [7] Group 3: Collaboration with Huawei - Dongfeng Group has signed a comprehensive strategic cooperation agreement with Huawei to deepen collaboration in areas such as automotive intelligence and digital transformation [8][9] - The partnership aims to leverage Huawei's expertise in integrated product development and smart vehicle technology [9] - Joint innovation labs will be established to focus on software development, intelligent driving, and AI applications [9]

Core Viewpoint - Dongfeng Group's privatization and delisting process has progressed with a merger plan involving its subsidiaries, indicating a deeper level of privatization compared to previous state-owned enterprise transactions [3][4]. Group 1: Merger Details - Dongfeng Group's indirect controlling shareholder, Dongfeng Motor Group Co., Ltd., plans to merge with Dongfeng Group Co., Ltd. through its wholly-owned subsidiary, Dongfeng Motor Group (Wuhan) Investment Co., Ltd. [3] - After the merger, Dongfeng Investment will directly hold 55% of Dongfeng Shares, while Dongfeng Group will no longer hold any shares in Dongfeng Shares [3][4]. - The merger involves a two-step process: first, the distribution of 79.67% equity in Lantu Automotive to all shareholders, followed by Lantu's introduction to the Hong Kong Stock Exchange [4]. Group 2: Financial Impact - Following the announcement, Dongfeng Group's shares surged nearly 70% at the opening, closing at HKD 9.2, a 54.1% increase, raising its total market capitalization to HKD 759.24 billion [4]. - The market capitalization prior to the announcement on July 31 was HKD 391.2 billion, indicating a significant increase in investor confidence post-announcement [4].

Core Viewpoint - Dongfeng Motor Group (Wuhan) Investment Co., Ltd. will absorb and merge Dongfeng Group Co., Ltd., acquiring 55% of Dongfeng Shares' total equity, thus becoming the controlling shareholder of Dongfeng Shares, while the actual controller remains the State-owned Assets Supervision and Administration Commission of the State Council [1][2] Group 1: Acquisition Details - The acquisition allows Dongfeng Investment to inherit all assets, liabilities, rights, and obligations of Dongfeng Group, leading to the cancellation of its independent legal entity status [2] - The transaction involves a combination of "equity distribution + absorption merger," with two core phases proceeding simultaneously [1][2] - In the first phase, Dongfeng Group will distribute 79.67% of its stake in Lantu Automotive to all shareholders, followed by Lantu's introduction to the Hong Kong Stock Exchange [1][2] Group 2: Strategic Intent - The acquisition aims to optimize resource allocation, enhance management efficiency, and promote the sustainable development of Dongfeng Shares and Dongfeng Group [2] - The restructuring is part of Dongfeng Automotive Group's internal resource integration efforts, intended to simplify the equity structure and improve overall operational efficiency and competitiveness [2] - Dongfeng Shares will continue to focus on the automotive industry under the new controlling shareholder, driving technological innovation and brand development to create greater value for shareholders and investors [2] Group 3: Recent Developments - Dongfeng Automotive Group has been active in capital operations, including plans to sell a 50% stake in Dongfeng Honda Engine Co., Ltd., which generated revenue of 3.807 billion yuan and a net profit of 371 million yuan in the first half of 2025 [2]

Core Viewpoint - Dongfeng Group's privatization and delisting process is advancing, with a merger agreement signed between Dongfeng Investment and Dongfeng Group, leading to a deeper level of privatization for Dongfeng Group [2][3]. Group 1: Privatization Details - Dongfeng Investment, a wholly-owned subsidiary of Dongfeng Motor Group, will absorb Dongfeng Group, resulting in Dongfeng Investment directly holding 55% of Dongfeng Shares [2]. - The privatization process involves a combination of "equity distribution + absorption merger," which is different from previous state-owned enterprise privatization transactions [2][3]. Group 2: Merger Process - In the first phase, Dongfeng Group will distribute 79.67% of its stake in Lantu Motors to all shareholders, followed by Lantu Motors' introduction to the Hong Kong Stock Exchange [3]. - In the second phase, Dongfeng Investment will pay equity compensation to Dongfeng Group's controlling shareholder and cash compensation to minority shareholders, achieving 100% control over Dongfeng Group [3]. Group 3: Market Reaction - Following the announcement, Dongfeng Group's stock price surged nearly 70% at the opening, closing at 9.2 HKD, with a total market capitalization of 75.924 billion HKD, up from 39.12 billion HKD on July 31 [3].

Core Viewpoint - Dongfeng Group's stock price surged significantly following the announcement of its subsidiary, Lantu Automotive, going public through a backdoor listing in Hong Kong, while Dongfeng Group will simultaneously complete its privatization and delisting [1][3]. Group 1: Stock Performance - On August 25, Dongfeng Group's stock reached a historical high of 10.10 HKD, with an intraday increase of 69.18%, closing at 9.2 HKD, up 54.10% [1]. Group 2: Corporate Actions - The transaction involves a "share distribution + absorption merger" model, where Dongfeng Group will distribute 79.67% of Lantu Automotive's shares to all shareholders, followed by Lantu's introduction to the Hong Kong Stock Exchange [3]. - Dongfeng Group's financial controller highlighted four key significances of Lantu's listing: broadening financing channels, expanding overseas operations, enhancing market value and governance, and driving internationalization [3][4]. Group 3: Financial Performance - In the first half of the year, Dongfeng Group sold approximately 823,900 vehicles, generating sales revenue of 54.533 billion CNY, a year-on-year increase of 6.6%, with a gross profit of 7.599 billion CNY, up 28.0% [4]. - The passenger vehicle segment's revenue was about 25.279 billion CNY, reflecting a growth of approximately 17.27%, primarily driven by Lantu Automotive [8]. Group 4: Strategic Developments - Lantu Automotive is recognized as a high-end smart electric vehicle brand with strong growth potential, having achieved a sales volume of approximately 56,100 units in the first half of the year, a year-on-year increase of 85% [8]. - The company has successfully launched multiple models and aims to introduce new products in the coming years, maintaining a stable monthly sales volume of over 10,000 units [8]. Group 5: Market Implications - The privatization of Dongfeng Group may lead to a restructuring of valuation logic for undervalued state-owned enterprises in the automotive sector, potentially increasing the frequency of capital operations among state-owned enterprises [9].

Group 1 - The Hang Seng Index closed at 25,829.91 points, up 1.94% [1] - The Hang Seng Tech Index closed at 5,825.09 points, up 3.14% [1] - Dongfeng Motor Group saw a surge of over 54% [1] - NIO Inc. increased by over 15% [1] - Baidu and NetEase both rose by over 6% [1]

Summary of Key Points Core Viewpoint - The Hong Kong stock market experienced significant net selling from Northbound funds, totaling 1.376 billion HKD on August 25, with notable movements in various stocks [1]. Northbound Fund Activity - Northbound funds had a net selling of 2.436 billion HKD through the Shanghai Stock Connect and a net buying of 1.06 billion HKD through the Shenzhen Stock Connect [1]. - The stocks with the highest net buying included Alibaba-W (09988), Kuaishou-W (01024), and ZTE Corporation (00763) [1]. - The stocks with the highest net selling included the Tracker Fund of Hong Kong (02800), Xiaomi Group-W (01810), and Semiconductor Manufacturing International Corporation (00981) [1]. Stock-Specific Transactions - Semiconductor Manufacturing International Corporation (00981) had a total transaction of 7.023 billion HKD, with a net outflow of 878 million HKD [2]. - Alibaba-W (09988) recorded a total transaction of 6.576 billion HKD, with a net outflow of 36.31 million HKD [2]. - Xiaomi Group-W (01810) had a total transaction of 4.025 billion HKD, with a net outflow of 887 million HKD [2]. Market Trends and Insights - Kuaishou-W (01024) received a net inflow of 471 million HKD, supported by the launch of its AI model and significant revenue growth [5]. - ZTE Corporation (00763) saw a net inflow of 407 million HKD, while Semiconductor Manufacturing International Corporation (00981) and Hua Hong Semiconductor (01347) faced net outflows of 811 million HKD and 129 million HKD, respectively [6]. - Xiaomi Group-W (01810) faced a net outflow of 15.24 billion HKD, with concerns over its smartphone business margins due to rising storage costs [7]. Additional Notable Transactions - Dongfeng Motor Group (00489) received a net inflow of 149 million HKD, with ongoing discussions about privatization and other strategic transactions [6]. - Tencent Holdings (00700) and Oriental Selection (01797) had net inflows of 180 million HKD and 202 million HKD, respectively [8].