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].

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。 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接控股股东， 直接持有东风股份55%的股份。 东风科技（600081.SH）晚间公告，间接股东东风集团股份与东风投资签署吸收合并协议，东风投资作 为吸收合并方拟吸收合并东风集团股份。本次吸收合并完成后，东风投资将成为公司间接股东。 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。 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 ...

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]

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接控 股股东，直接持有东风股份55%的股份。 东风科技（600081.SH）晚间公告，间接股东东风集团股份与东风投资签署吸收合并协议，东风投 资作为吸收合并方拟吸收合并东风集团股份。本次吸收合并完成后，东风投资将成为公司间接股东。 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， ...

此次收购是东风汽车集团内部资源整合的重要举措，旨在通过简化股权结构和管理层级，提升整体运营 效率和竞争力。随着收购的完成，东风股份将在新的控股股东领导下，继续深耕汽车产业，推动技术创 新和品牌建设，为股东和投资者创造更大价值。 东风股份（600006）今日晚间公告，东风汽车集团（武汉）投资有限公司宣布，将通过吸收合并东风集 团股份（00489.HK），承接东风股权的全部股权，占东风股份总股本的55%，成为东风股份的控股股 东。不过，东风股份的实际控制人仍为国务院国资委，未发生变更。 近期东风汽车集团旗下公司资本运作不断，8月18日广东联合产权交易中心披露，东风汽车集团拟出售 东风本田发动机有限公司50%股权。东风本田发动机成立于1998年，由东风和本田共同出资，主要为广 汽本田汽车有限公司供应发动机及零部件。东风本田发动机2025年上半年营业收入为38.07亿元，净利 润3.71亿元。 根据《上市公司收购管理办法》第六十二条第(一)项的规定，由于本次收购系在同一实际控制人控制的 不同主体之间进行，且未导致东风股份实际控制人发生变化，东风投资可以免于发出要约。 此次收购源于东风投资吸收合并东风集团股份，东风集团 ...

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。 目前，东风集团股份已与东风投资签署《吸收合并协议》，由东风投资作为合并方与东风集团股份实施 吸收合并。如本次吸收合并最终得以实施并完成，东风集团股份的全部资产、负债、权益、业务、人 员、合同以及一切权利与义务将由合并方东风投资依法承接与承继，"25东风K1"、"25东风汽车 MTN001(两新)"、"25东风K3"债券项下的偿还义务将由东风投资继续履行。 东风集团股份私有化退市在即。 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 ...

每经记者｜孙桐桐 每经编辑｜余婷婷 8月25日，东风集团股份(00489.HK)复盘首日股价大幅拉升，一度触及10.10港元，创下历史新高，盘中涨幅最高达69.18%。截至收盘，上涨54.10%，报收 9.2港元。 这一利好表现与东风集团股份此前发布的重大消息公告关系密切。8月22日深夜，东风集团股份发布公告称，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。 图片来源：同花顺 本次交易采用"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的100%控制。 在8月25日举行的东风集团股份2025中期业绩说明会上，东风汽车集团股份有限公司财务控制部总经理廖显志表示："此次上市对岚图汽车具有四大核心意 义，包括拓宽融资渠道，获得长期稳定的资本支持；拓展海外事业布局，提升国 ...

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].