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].

Core Viewpoint - Dongfeng Motor Group Co., Ltd. is implementing a combination of "equity distribution + absorption merger" to facilitate the listing of its high-end new energy brand, Lantu Automotive, on the Hong Kong Stock Exchange while simultaneously privatizing itself [1][5]. Group 1: Transaction Details - The transaction involves distributing 79.67% of Lantu Automotive's shares to all shareholders of Dongfeng Group, followed by Lantu's introduction listing on the Hong Kong Stock Exchange [1]. - The total acquisition price is set at HKD 10.85 per share, with a cash consideration of HKD 6.68 per share and an equity consideration of HKD 4.17 per share [3]. Group 2: Valuation and Performance - Dongfeng Group's valuation has been under pressure, with a market capitalization of HKD 39.12 billion and a price-to-book ratio (PB) as low as 0.25 times as of July 31, 2025 [5]. - In contrast, Lantu Automotive has shown strong growth, with projected deliveries of 85,697 vehicles in 2024, representing a year-on-year increase of approximately 70% [5]. Group 3: Strategic Developments - Lantu Automotive recently completed a strategic capital increase, with Dongfeng Asset Management investing HKD 1 billion, raising its stake from 0.85% to 3.3% [6]. - The ownership of Lantu by Dongfeng Group increased from 78.88% to 79.69% following this capital adjustment [6]. Group 4: Innovation and Reform - The innovative approach of "Lantu listing + Group delisting" sets a new benchmark for state-owned enterprise reform, allowing Lantu to access independent financing and enabling Dongfeng Group to focus on strategic transformation [7]. - This transaction is expected to help Lantu expand its technological advantages and international market presence, while Dongfeng Group can integrate resources for strategic realignment [7].

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 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].

Core Viewpoint - Dongfeng Group's stock surged over 90% following the announcement of its privatization and delisting plans, alongside the introduction of its subsidiary, Lantu Motors, to the Hong Kong stock market [1] Group 1: Privatization and Delisting - Dongfeng Group announced plans for privatization and delisting, with a total acquisition price set at HKD 10.85 per share, comprising HKD 6.68 in cash and HKD 4.17 in equity from Lantu Motors [1] - The decision to privatize is attributed to the low valuation of Dongfeng Group's stock, which has hindered its financing capabilities [1] Group 2: Strategic Transition - Dongfeng Group is transitioning towards the new energy sector and has initiated internal reforms, which are currently limited by regulations governing public companies [1] - The dual purpose of the privatization is to facilitate Lantu's entry into the capital market and to enable further internal integration and restructuring within Dongfeng Group [1]

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]

公告显示，受到行业转型阵痛等因素影响，东风集团股份近年来估值表现偏低，股票市值长期远低于净 资产。 8月22日晚，港股上市公司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。 根据公告，此次交易采用"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。 受制于估值情况，东风集团股份上市以来未开展过股本再融资，已基本失去H股上市平台的融资功能。 与东风集团股份的估值偏低表现相比，岚图汽车作为东风自主打造的高端智慧新能源品牌，近年来保持 良好发展势头，是东风汽车旗下最具价值和成长性的优质资产之一。 公告显示，岚图汽车此次港股上市后，在进一步拓宽融资渠道、提升品牌形象、拓展国际事业的基础 上，凭借其领先的技术、优质的产品以及广阔的市场 ...

Core Viewpoint - Dongfeng Motor Group Co., Ltd. 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 [1][3]. Group 1: Transaction Structure - The transaction will utilize a combination of "equity distribution + absorption merger," where 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 [3][4]. - Dongfeng's wholly-owned subsidiary, Dongfeng Motor Group (Wuhan) Investment Co., Ltd., will pay equity consideration to Dongfeng Group's controlling shareholder and cash consideration to other minority shareholders, achieving 100% control over Dongfeng Group [3][4]. Group 2: Financial Details - The overall acquisition price is set at HKD 10.85 per share, comprising cash consideration of HKD 6.68 per share and equity consideration of HKD 4.17 per share [4]. - As of July 31, 2025, Dongfeng Group's total market capitalization was HKD 39.12 billion, with a closing price of HKD 4.74 per share, resulting in a price-to-book (PB) ratio of only 0.25 times [8]. Group 3: Company Performance - Lantu Automotive delivered 85,697 vehicles in 2024, representing a year-on-year increase of approximately 70%. In the first seven months of 2025, Lantu's cumulative sales reached 68,263 vehicles, up 87.58% year-on-year [5]. - Dongfeng Group's automotive sales in the first half of the year were approximately 823,900 units, a decrease of 14.7% year-on-year, while sales revenue was HKD 54.533 billion, an increase of 6.6% [9]. Group 4: Strategic Implications - The listing of Lantu Automotive is expected to broaden financing channels, enhance brand image, and expand international business, potentially unlocking value creation capabilities [6]. - The transaction is anticipated to reshape the value of Dongfeng's brand matrix, with Lantu as a core asset driving the overall development of Dongfeng's high-end new energy brands [10].

人民财讯8月22日电，8月22日，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。根据公告，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。 转自：证券时报 ...