Group 1 - The core point of the article is that Changhong Jiahua (03991.HK) has resumed trading and experienced a significant stock price increase of 23.91% following the announcement of its privatization plan by its parent company Sichuan Changhong (600839) [1][2] - Sichuan Changhong holds a substantial stake in Changhong Jiahua, with 875 million ordinary shares and 1.116 billion convertible preferred shares, representing 60.13% and 100% of the respective total issued shares [2] - Despite a 9.76% year-on-year increase in revenue to approximately HKD 21.169 billion in the first half of 2025, Changhong Jiahua's overall gross margin decreased by 0.27 percentage points to 3.07% due to intense market competition [2] Group 2 - The stock performance of Changhong Jiahua has been poor, with a total market capitalization of only HKD 1.7 billion, while its net assets exceed RMB 2.8 billion as of June 30 [2] - The trading activity of Changhong Jiahua has been extremely low, with six months in the first eight months of the year recording transaction volumes below HKD 10 million [2][4] - Sichuan Changhong stated that the long-term low stock price of Changhong Jiahua makes it difficult to utilize the Hong Kong stock platform for capital operations, leading to the decision to privatize [4][6] Group 3 - The article notes that 20 Hong Kong companies have opted for privatization this year, indicating a trend among companies facing low trading volumes and challenges in maintaining their public listing [5][6] - The latest company to privatize is Jin'an Industrial, which completed its delisting on September 19, 2025, due to low trading levels and a lack of investor interest [7][8] - Companies choosing to privatize often cite reasons such as low stock liquidity, inability to raise funds through public markets, and the high costs associated with maintaining a public listing [8]

Core Viewpoint - The article discusses the privatization of Changhong Jiahua (03991.HK) by its parent company Sichuan Changhong (600839), highlighting the challenges faced by Hong Kong-listed companies in maintaining their public status due to low trading volumes and stock prices [1][6]. Group 1: Company Overview - Changhong Jiahua is a significant subsidiary of Sichuan Changhong, primarily engaged in ICT products, solutions, and digital intelligent services [3]. - Sichuan Changhong holds 60.13% of Changhong Jiahua's ordinary shares and 100% of its convertible preferred shares, indicating a strong controlling interest [3]. Group 2: Financial Performance - For the first half of 2025, Changhong Jiahua reported revenues of approximately HKD 21.169 billion, a year-on-year increase of 9.76%, with a gross margin of 3.07%, down by 0.27 percentage points due to intense market competition [3]. - The company's net profit attributable to shareholders was about HKD 181 million, reflecting a year-on-year increase of 10.16% [3]. Group 3: Market Conditions - Despite a recent stock price surge of 23.91%, Changhong Jiahua's total market capitalization remains only HKD 1.7 billion, while its net assets exceed RMB 2.8 billion [3]. - The trading activity of Changhong Jiahua has been notably low, with six months in the first eight months of the year recording trading volumes below HKD 10 million [3]. Group 4: Privatization Rationale - Sichuan Changhong stated that the privatization is necessary due to Changhong Jiahua's persistent low trading volume and stock price since its restructuring and listing in 2013, which has not improved even after moving to the Hong Kong main board [6]. - The privatization aims to reduce listing-related costs and leverage the resources of the controlling group to explore new development opportunities without affecting the financial status or operations of Changhong Jiahua [6]. Group 5: Industry Trends - The article notes that 20 Hong Kong-listed companies have opted for privatization this year, reflecting a broader trend of companies facing challenges in maintaining their public status due to low trading volumes and the inability to effectively utilize their listing for capital operations [8][10].

Group 1 - The financial and tax digitalization sector experienced a decline of 3.00%, ranking among the top losers in the concept sector as of September 23 [1][2] - Within the financial and tax digitalization sector, companies such as Kaipu Cloud, Zhongke Jincai, and Tianyi Ma saw significant declines, while companies like Dipu Technology, Donggang Co., and Jiechuang Intelligent had positive performance with increases of 1.74%, 1.12%, and 0.53% respectively [1][4] - The sector faced a net outflow of 3.43 billion yuan in main funds, with 57 stocks experiencing net outflows, and 9 stocks seeing outflows exceeding 100 million yuan [2][4] Group 2 - The top net outflow stocks in the financial and tax digitalization sector included Runhe Software with a net outflow of 562.95 million yuan, Sichuan Changhong with 357.42 million yuan, and Xuanji Information with 227.63 million yuan [2][3] - The stocks with the highest net inflow in the sector were Dipu Technology, Kaipu Cloud, and Tianyi Ma, with net inflows of 63.34 million yuan, 43.54 million yuan, and 18.03 million yuan respectively [2][4] - The overall market sentiment reflected a cautious approach towards the financial and tax digitalization sector, as evidenced by the significant outflows and the performance of key stocks [1][2]

Core Viewpoint - Sichuan Changhong Electric Co., Ltd. announced the privatization plan for its subsidiary, Changhong Jiahua Holdings Co., Ltd., by its wholly-owned subsidiary, Hongtu Investment Co., Ltd., which will lead to the delisting of Changhong Jiahua from the Hong Kong Stock Exchange [2][4]. Financial Overview - As of December 31, 2024, Changhong Jiahua's total assets were approximately 16.73 billion yuan, with total liabilities of about 13.97 billion yuan, resulting in a debt-to-asset ratio of 83.51% and net assets of approximately 2.76 billion yuan [2]. - For the fiscal year 2024, Changhong Jiahua reported revenue of approximately 36.48 billion yuan and a net profit of about 346 million yuan. For the first half of 2025, the unaudited revenue was approximately 19.48 billion yuan, with a net profit of around 167 million yuan [3]. Privatization Details - The privatization plan involves the cancellation of all planned shares, with a cash consideration of 1.223 HKD per share for the shareholders, excluding Sichuan Changhong's controlled shares [4]. - Following the privatization, Changhong Jiahua will issue new shares to the offeror to maintain the total number of shares consistent before and after the transaction [4]. - The Hong Kong Securities and Futures Commission has issued a no-objection letter regarding the privatization plan, which was announced on September 22, 2025 [4]. Strategic Implications - The privatization is expected to reduce the listing-related costs for Changhong Jiahua and allow for better resource allocation and planning under the umbrella of Sichuan Changhong Group, exploring new development opportunities [5]. - The ownership structure of Changhong Jiahua will remain unchanged post-privatization, and it is not anticipated to have a significant impact on the financial status or operations of Sichuan Changhong [5].

Core Viewpoint - Sichuan Changhong's subsidiary, Changhong Jiahua, is set to be privatized by its controlling shareholder, Changhong Holdings Group, through its wholly-owned subsidiary, Hongtu Investment, which will acquire the remaining shares not controlled by Sichuan Changhong [2][5]. Group 1: Privatization Details - The privatization plan involves the acquisition of approximately 580 million ordinary shares held by other shareholders, representing about 39.87% of Changhong Jiahua's total ordinary shares and 22.57% of its total issued ordinary and convertible preferred shares [5]. - The proposed price for each share is HKD 1.223, totaling approximately HKD 709 million, which represents a premium of about 32.93% over the last trading day's closing price of HKD 0.920 [6]. - The average closing prices for the last 10, 30, 90, and 180 trading days were HKD 0.911, HKD 0.924, HKD 0.881, and HKD 0.764, with respective premiums of approximately 34.25%, 32.36%, 38.78%, and 60.17% [6]. Group 2: Business Context - Changhong Jiahua is a significant subsidiary of Sichuan Changhong, primarily engaged in ICT products, solutions, and digital intelligent comprehensive services [5]. - Since its restructuring and listing in 2013, Changhong Jiahua has experienced low trading volume, stock price, and liquidity, which have not improved despite its listing on the Hong Kong main board [5]. - The privatization aims to reduce listing-related costs and leverage the overall resources of Changhong Holdings Group for new development opportunities [5]. Group 3: Industry Trends - In recent years, several state-owned enterprises have completed the privatization of their Hong Kong-listed companies, indicating a trend towards consolidating operations and improving business efficiency [7]. - The State-owned Assets Supervision and Administration Commission has encouraged the disposal of underperforming listed companies through mergers and asset restructuring [8].

Core Viewpoint - Sichuan Changhong Electric Co., Ltd. plans to privatize its subsidiary, Changhong Jiahua Holdings Limited, through a scheme proposed by its controlling shareholder, Changhong Electronics Holding Group Co., Ltd. This move aims to enhance operational efficiency and reduce costs associated with being publicly listed [2][7]. Summary by Sections Privatization Overview - Changhong Jiahua, a significant subsidiary of Sichuan Changhong, will be privatized by its controlling shareholder's wholly-owned subsidiary, Hongtu Investment Co., Ltd. The plan involves acquiring all issued ordinary shares of Changhong Jiahua, excluding those controlled by Sichuan Changhong, leading to the delisting of Changhong Jiahua from the Hong Kong Stock Exchange [2][5]. - The privatization plan has received a no-objection letter from the Hong Kong Securities and Futures Commission [2][6]. Financial and Shareholding Structure - As of now, Changhong Jiahua has issued 1,454,652,000 ordinary shares and 1,115,868,000 convertible preferred shares. Sichuan Changhong indirectly holds 874,650,000 ordinary shares, representing 60.13% of the total ordinary shares [5]. - The privatization will involve the acquisition of 580,002,000 ordinary shares from other shareholders, which constitutes approximately 39.87% of Changhong Jiahua's ordinary shares and 22.57% of its total issued shares [5][7]. Impact on Company and Subsidiary - The privatization is expected to have no significant impact on the financial status or operations of Sichuan Changhong, as its ownership percentage in Changhong Jiahua will remain unchanged [7]. - The long-term underperformance of Changhong Jiahua's stock price has hindered its ability to leverage the Hong Kong stock market for capital operations, making privatization a strategic move to reduce listing costs and explore new growth opportunities [7][9]. Board Approval and Procedures - The privatization proposal was approved by the board of directors during the 36th meeting of the 12th board session, with a voting outcome of 4 in favor and 5 abstentions [19][20]. - The board's decision does not require shareholder approval as per the company's articles of association [14]. Future Arrangements - Following the completion of the privatization, Hongtu Investment will become a minority shareholder of Changhong Jiahua, and the company will continue to provide necessary financial support as per regulatory requirements [10][12].

Core Viewpoint - Sichuan Changhong's subsidiary, Changhong Jiahua, is set to be privatized by its controlling shareholder, Changhong Holdings Group, through its wholly-owned subsidiary, Hongtu Investment, which will acquire the remaining shares not controlled by Sichuan Changhong [1][4]. Group 1: Privatization Details - The privatization plan involves the acquisition of approximately 580 million ordinary shares held by other shareholders, representing about 39.87% of Changhong Jiahua's total ordinary shares and 22.57% of its total issued ordinary and convertible preferred shares [4]. - The acquisition price is set at HKD 1.223 per share, totaling approximately HKD 709 million, which represents a premium of about 32.93% over the last trading day's closing price of HKD 0.920 [5]. - The average closing prices for the last 10, 30, 90, and 180 trading days were HKD 0.911, HKD 0.924, HKD 0.881, and HKD 0.764, respectively, with premiums of approximately 34.25%, 32.36%, 38.78%, and 60.17% [5]. Group 2: Business Context - Changhong Jiahua, a key subsidiary of Sichuan Changhong, focuses on ICT products, solutions, and digital intelligent comprehensive services, reporting a revenue of HKD 21.169 billion in the first half of the year, a year-on-year increase of 9.8%, and a net profit of HKD 181 million, up 10.2% [4]. - Since its restructuring and listing in 2013, Changhong Jiahua's stock liquidity, trading volume, and share price have remained sluggish, leading to a decision to privatize to reduce listing-related costs and explore new development opportunities [4][5]. - The privatization aligns with broader trends among state-owned enterprises, as several have completed similar privatizations of their Hong Kong-listed subsidiaries in recent years [6].

Core Viewpoint - Sichuan Changhong (600839.SH) announced that its subsidiary, Changhong Jiahua Holdings Limited (stock code: 03991.HK), is set to be privatized by its controlling shareholder, Sichuan Changhong Electronics Holding Group Co., Ltd., through its wholly-owned subsidiary, Hongtu Investment Co., Ltd. [1] Group 1 - Hongtu Investment will acquire all issued ordinary shares of Changhong Jiahua, excluding those controlled by the company [1] - Following the completion of the privatization, Changhong Jiahua will delist its ordinary shares from the Hong Kong Stock Exchange [1] - The company has received a no-objection letter from the Hong Kong Securities and Futures Commission regarding the privatization plan [1] Group 2 - The privatization will not change the company's control over Changhong Jiahua, nor will it significantly impact the company's financial status or operations [1] - There are no adverse effects on the interests of the company or all shareholders, particularly minority shareholders, due to this privatization [1]

Core Viewpoint - Sichuan Changhong (600839.SH) announced that its subsidiary, Changhong Jiahua Holdings Limited (stock code: 03991.HK), is set to be privatized by its controlling shareholder, Sichuan Changhong Electronics Holding Group Co., Ltd., through its wholly-owned subsidiary, Hongtu Investment Co., Ltd. [1] Group 1 - Hongtu Investment will acquire all issued ordinary shares of Changhong Jiahua, excluding those controlled by the company [1] - Following the completion of the privatization, Changhong Jiahua will delist its ordinary shares from the Hong Kong Stock Exchange [1] - The Hong Kong Securities and Futures Commission has issued a no-objection letter regarding the privatization plan [1] Group 2 - The privatization will not change the company's control over Changhong Jiahua, nor will it significantly impact the company's financial status or operations [1] - There are no adverse effects on the interests of the company and all shareholders, particularly minority shareholders, as a result of this privatization [1]

四川长虹电器股份有限公司 关于公司下属控股子公司私有化事项的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 四川长虹电器股份有限公司（以下简称"公司""本公司"或"四川长虹"） 下属控股子公司长虹佳华控股有限公司（以下简称"长虹佳华"，股票代码： 03991.HK）拟被控股股东四川长虹电子控股集团有限公司（以下简称"长虹控 股集团"）的全资子公司虹图投资有限公司（以下简称"虹图投资"或"要约人"） 通过计划安排方式私有化。虹图投资将收购除本公司所控制股份外的长虹佳华其 他已发行普通股股份，该计划实施完成后，长虹佳华将撤销其普通股在香港联合 交易所有限公司（以下简称"香港联交所"）的上市地位（以下简称"私有化"）。 长虹佳华与虹图投资就本次私有化事项已收到香港证监及期货事务监察委员会 （以下简称"香港证监会"）针对《联合公告》出具的无异议函，并于 2025 年 9 月 22 日在香港联交所披露易网站（www.hkexnews.hk）发布了《联合公告》。 本次私有化实施完成后，本公司所控制长虹佳华的股份及股权 ...