2025 年 11 月 3 日 透過協議安排進行私有化 就安能物流集團有限公司的股份的交易披露 執行人員接獲依據香港《公司收購及合併守則》規則 22 作出以下的證券交易的披露： | 交易方 | 日期 | | | 有關證券的說明 | 產品說明 | 交易性質 | | 與衍生工具有關 | 到期日或清結日 | 參考價 | 已支付／已收取的 | 交易後數額（包括 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | 的參照證券數目 | | | 總金額 | 與其訂有協議或 | | | | | | | | | | | | | | 達成諒解的任何 | | | | | | | | | | | | | | 人士的證券） | | Morgan Stanley | 2025 | 年 10 | 月 | 衍生工具 | 其他類別產品 | 客戶主動利便客戶 | ─ | 5,500 | 2026 年 5 月 29 | $11.4709 | $63,089.9995 | 0 | | Capital S ...

透過協議安排進行私有化 完 就安能物流集團有限公司的股份的交易披露 執行人員接獲依據香港《公司收購及合併守則》規則 22 作出以下的證券交易的披露： | 交易方 | 日期 | | | 有關證券的 | 交易性質 | 買入／賣出 | 涉及的股份 | 已支付／已收取的 | 已支付或已收 | 已支付或已收 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 說明 | | | 總數 | 總金額 | 取的最高價 | 取的最低價 | | | | | | | | | | | （H） | （L） | | Morgan Stanley & | 2025 | 10 年 | 月 | 普通股 | 因全屬客戶主動發出且由客戶需求帶動的買賣盤 | 買入 | 4,568,810 | $52,537,019.9664 | $11.5016 | $11.4500 | | Co., International | 31 日 | | | | 所產生的 Delta 1 產品的對沖活動 | | | | | | | plc | | | | 普通股 ...

2025 年 11 月 3 日 可能私有化 交易披露 交易披露 交易是為本身帳戶進行的。 執行人員接獲依據香港《公司收購及合併守則》規則 22 作出以下的證券交易的披露： | 交易方 | 日期 | | | 有關證券的說 | 產品說明 | 交易性質 | 與衍生工具有關 | 到期日或清結日 | 參考價 | 已支付／已收取的 | 交易後數額（包括 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 明 | | | 的參照證券數目 | | | 總金額 | 與其訂有協議或 | | | | | | | | | | | | | 達成諒解的任何 | | | | | | | | | | | | | 人士的證券） | | J.P. Morgan | 2025年 | 10月 | 31 日 | 衍生工具 | 其他類別產品 | 發行衍生工具 | 1,000 | 2026 年 11 月 27 | $11.4993 | $11,499.3000 | 4,241,828 | | Securities | | | | | | ...

2025 年 10 月 31 日 就安能物流集團有限公司的股份的交易披露 | 其他類別的證 | 因全屬客戶主動發出且由客戶需求帶動的買賣 | | $11,480.8700 | $11.5000 | $11.4900 | | --- | --- | --- | --- | --- | --- | | 券 (例如: 股 權互換) | 盤所產生的 Delta 1 產品的對沖活動 | | | | | | | | 賣出 | | | | | | | | 1,000 | | | 完 註： J.P. Morgan Securities PLC 是與要約人有關連的第(5)類別聯繫人。 交易是為本身帳戶進行的。 執行人員接獲依據香港《公司收購及合併守則》規則 22 作出以下的證券交易的披露： | 交易方 | 日期 | | | 有關證券的說 | 交易性質 | 買入／賣 | 涉及的股份 | 已支付／已收取 | 已支付或已 | 已支付或已 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 明 | | 出 | 總數 | 的總金額 ...

2025 年 10 月 31 日 透過協議安排進行私有化 就安能物流集團有限公司的股份的交易披露 執行人員接獲依據香港《公司收購及合併守則》規則 22 作出以下的證券交易的披露： | 交易方 | 日期 | | | 有關證券的說 | 產品說明 | 交易性質 | 與衍生工具有 | | 到期日或清結 | 參考價 | 已支付／已收取的 | 交易後數額（包 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | 關的參照證券 | 明 | 日 | | 總金額 | 括與其訂有協議 | | | | | | | | | | | | | | | | | 或達成諒解的任 | 數目 | | | | | | | | | | | | | | | | 何人士的證券） | | | | | Morgan | 2025 | 年 | 10 | | 其他類別產品 | 客戶主動利便客戶 | | 衍生工具 | 2026年10月9 | $11.5313 | $184.5 ...

註： 2025 年 10 月 31 日 透過協議安排進行私有化 就安能物流集團有限公司的股份的交易披露 執行人員接獲依據香港《公司收購及合併守則》規則 22 作出以下的證券交易的披露： | 交易方 | 日期 | | | 有關證券的 | 交易性質 | 買入／賣 | 涉及的股份 | 已支付／已收取的 | 已支付或已 | 已支付或已 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 說明 | | 出 | 總數 | 總金額 | 收取的最高 | 收取的最低 | | | | | | | | | | | 價（H） | 價（L） | | Morgan | 2025 | 年 | 10 月 | 普通股 | 因全屬客戶主動發出且由客戶需求帶動的買賣 | 買入 | 16,342,662 | $187,921,641.5365 | $11.5400 | $11.4200 | | Stanley & | 30 日 | | | | 盤所產生的 Delta 1 產品的對沖活動 | | | | | | | Co., | | | | 普 ...

2025 年 10 月 31 日 透過協議安排進行私有化 就安能物流集團有限公司的股份的交易披露 執行人員接獲依據香港《公司收購及合併守則》規則 22 作出以下的證券交易的披露： | 交易方 | 日期 | | | 有關證券的說 | 產品說明 | 交易性質 | 與衍生工具有 | | 到期日或清結 | 參考價 | 已支付／已收取的 | 交易後數額（包 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 明 | | | 關的參照證券 | 日 | | | 總金額 | 括與其訂有協議 | | | | | | | | | 數目 | | | | | 或達成諒解的任 | | | | | | | | | | | | | | 何人士的證券） | | Morgan | 2025 | 年 | 10 月 | 衍生工具 | 其他類別產品 | 客戶主動利便客戶 | | 13 | 2027 年 9 月 9 | $11.5454 | $150.0900 | 0 | | Stanley & | 30 日 | | | ...

| 交易方 | 日期 | | | | 有關證券的說 | 產品說明 | 交易性質 | 與衍生工具有 | | 到期日或清結 | | 參考價 | 已支付／已收 | 交易後數額（包 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 明 | | | | 關的參照證券 | | 日 | | | 取的總金額 | 括與其訂有協議 | | | | | | | | | | 數目 | | | | | | 或達成諒解的任 | | | | | | | | | | | | | | | | 何人士的證券） | | J.P. Morgan | 2025 | 年 | 10 月 | | 衍生工具 | 其他類別產品 | 清結衍生工具合約 | | 1,000 | 2028 年 5 | 月 30 | $11.4806 | $11,480.6000 | 4,103,828 | | Securities | 30 日 | | | | | | | | | 日 | | | | | | PLC | | | ...

Core Viewpoint - Aneng Logistics, a Hong Kong-listed express delivery giant, plans to privatize and delist, with a buyout offer of HKD 12.18 per share, representing a nearly 30% premium over its last market valuation, marking the highest valuation since its IPO in November 2021 [1][4]. Group 1: Privatization Details - The consortium led by Da Ju Capital, Temasek, and True Light has proposed a total valuation of approximately HKD 143 billion for Aneng Logistics [1]. - The CEO, Qin Xinghua, will cash out approximately HKD 11.83 billion and transition to a senior advisory role, indicating a shift in management structure [3][5]. - The buyout financing has been secured, exceeding HKD 125.7 billion, ensuring the necessary funds for the privatization [4]. Group 2: Shareholder Options and Management Commitments - Shareholders can choose to receive cash or convert their shares into A-class shares of the new holding company, TopCo, with an initial cap of about 5% of issued shares for the exchange option [4]. - Key management, including Qin Xinghua and COO Jin Yun, have committed to support the privatization and will accept cash for their combined 8.51% shareholding [4][5]. Group 3: Strategic Rationale for Privatization - The privatization aims to relieve Aneng Logistics from short-term performance pressures and compliance costs associated with being publicly listed, allowing for more strategic flexibility [7]. - Since its IPO, Aneng Logistics has faced significant challenges, including a net profit loss exceeding HKD 2 billion in 2021 and a net loss of HKD 218 million in 2022, before returning to profitability in 2023 [7]. - The latest half-year report for 2025 shows a total freight volume of 6.82 million tons, a 6.2% increase, with revenue of HKD 5.625 billion, up 6.4%, and an adjusted net profit of HKD 476 million, reflecting a 10.7% growth [7]. Group 4: Market Competition Context - The express delivery market remains highly competitive, with Aneng Logistics needing to adapt its pricing strategies in response to market dynamics [8]. - Recent strategic partnerships and new entrants in the logistics sector indicate an intensifying competitive landscape, which will be crucial to monitor post-privatization [8].

Core Viewpoint - Aneng Logistics has received a privatization offer from a consortium led by Dazhong Capital, which includes Temasek and Danming Capital, proposing a cash option of HKD 12.18 per share, representing a significant premium over recent trading prices [2][4][11]. Summary by Sections Privatization Offer - The consortium's offer of HKD 12.18 per share represents a 48.54% premium over the closing price of HKD 8.20 on September 3, 2025, and a 50.18% premium over the average closing price over the last 60 trading days [2]. - The total valuation for Aneng Logistics by the buyers is HKD 14.3 billion [2]. Market Position and Competition - Aneng Logistics has a lower market valuation compared to competitors like SF Express and JD Logistics, indicating a significant competitive gap [4]. - The company has faced challenges since its IPO in November 2021, including increased market competition and economic headwinds [7][10]. Financial Performance - For the first half of 2025, Aneng Logistics reported revenue of RMB 56.25 billion, a 6.4% increase from RMB 52.89 billion in the same period last year [8]. - Adjusted net profit for the same period was RMB 4.76 billion, up 10.7% from RMB 4.3 billion year-on-year [8]. Strategic Implications of Privatization - The privatization is seen as a move to allow for more effective strategic execution without the pressures of short-term market expectations and stock price volatility [10][11]. - Post-privatization, Aneng Logistics will have the flexibility to focus on long-term business decisions and core operations [10]. Leadership Changes - Following the privatization, founder and CEO Qin Xinghua will step down from his executive roles but will remain as a senior advisor [12][17]. - Qin is expected to receive approximately HKD 1.183 billion (around RMB 1.08 billion) in cash from the privatization [17][18].