本报记者 李万晨曦 刘钊 8月22日，东风汽车集团股份有限公司（0489.HK，以下简称"东风集团股份"）发布公告称，子公司岚 图汽车科技有限公司（以下简称"岚图汽车"）将以介绍上市方式登陆香港联交所，东风集团股份将同步 完成私有化退市。 国际智能运载科技协会秘书长、黄河科技学院客座教授张翔在接受《证券日报》记者采访时表示，此次 东风集团股份采用"岚图上市+集团退市"的联动创新模式，为传统车企应对行业变革及央国企资本运作 提供了可参考的范例。既有助于东风集团股份加快转型发展，又通过股权分派让上市公司广大股东共享 岚图汽车发展红利。 推动子公司岚图汽车在香港联交所上市 聚焦新能源转型的资源配置方式 张翔认为，此次运作也示范了聚焦新能源转型的资源配置方式：行业转型需传统车企集中资源发展新能 源。东风集团股份此次剥离低效上市平台，推动具潜力的岚图汽车独立上市获取资源，是"腾笼换鸟"聚 焦新能源核心赛道的实践，为传统车企资源向新能源倾斜、加快向科技及创新型企业转型提供借鉴。 事实上，近年来，东风集团股份的估值表现持续处于低位，股票市值长期显著低于净资产水平。东风集 团股份目前处于停牌状态，截至2025年7月31日，公 ...

Core Viewpoint - Dongfeng Group is privatizing and delisting to focus on developing its electric vehicle brand, Lantu, which is set to become the first publicly listed subsidiary of a central enterprise in the new energy vehicle sector [2][3]. Group 1: Company Strategy - Dongfeng Group's decision to privatize is driven by underperformance in overall results and a long-term undervaluation of its H-shares, which have lost their financing function [2]. - The merger will allow Dongfeng to concentrate on the new energy vehicle industry and integrate quality resources into strategic emerging industries, aiming to provide good returns to shareholders [2][3]. Group 2: Lantu's Market Position - Lantu is positioned as the core of Dongfeng's independent brand electric vehicle segment, with significant market influence and brand value [3]. - The introduction of Lantu to the Hong Kong Stock Exchange will enhance its financing channels, brand image, and international expansion, while also improving corporate governance [3]. Group 3: Financial Performance - Lantu is nearing profitability, having achieved a single-quarter profit in Q4 of the previous year, although it reported a tax-pre-loss of 1.98 billion yuan and a tax-after loss of 1.472 billion yuan for 2023 [3][4]. - For 2024, Lantu's tax-pre-loss is expected to narrow to 243 million yuan, with a tax-after loss of 18 million yuan [3]. Group 4: Transaction Details - The transaction involves a "share distribution + absorption merger" model, where Dongfeng will distribute 79.67% of Lantu's shares to all shareholders before Lantu's introduction to the stock exchange [4]. - The total acquisition price is set at 10.85 HKD per share, with a cash component of 6.68 HKD and a share component of 4.17 HKD [5]. Group 5: Sales and Growth Potential - Lantu's sales from January to July reached 66,680 units, marking an 85.8% year-on-year increase, with consistent monthly sales exceeding 10,000 units since March [5][6]. - Lantu aims to achieve a sales target of 200,000 units for the year, with confidence in meeting this goal due to new product launches in the second half of the year [6]. Group 6: Upcoming Products - The Lantu FREE+ has been successfully launched and is performing well in the market, while the Lantu Zhiyin, developed in collaboration with Huawei, is set to launch soon [7][8].

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 [1][3]. 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 [3]. - The overall acquisition price is set at HKD 10.85 per share, comprising a cash consideration of HKD 6.68 per share and an equity consideration of HKD 4.17 per share [4]. Group 2: Financial Performance - Dongfeng Group's market capitalization has been significantly below its net asset value, with a total market value of HKD 39.12 billion and a closing price of HKD 4.74 per share, resulting in a price-to-book (PB) ratio of only 0.25 [4]. - 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 sales revenue of CNY 54.53 billion, a year-on-year increase of 6.6% [4][5]. Group 3: Lantu Automotive's Growth Potential - Lantu Automotive has shown promising growth, with a significant reduction in losses, moving closer to profitability. In 2023, it reported a tax-adjusted net loss of CNY 1.472 billion, down from CNY 1.98 billion in the previous year [7]. - The company aims to achieve annual sales of 200,000 vehicles, having sold approximately 56,100 vehicles in the first half of the year, marking an 85% year-on-year increase [7]. Group 4: Strategic Implications - The listing of Lantu Automotive is expected to enhance its financing channels, brand image, and international expansion, potentially unlocking significant value creation opportunities [8]. - The transaction is anticipated to shift the valuation logic for Dongfeng Group, allowing for a clearer investment value discovery for Lantu Automotive, which has been underappreciated within the broader group [8].

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]. Group 1: Transaction Structure - The transaction employs a "share distribution + absorption merger" model, with two core phases that are interdependent and proceed simultaneously [2]. - In the first phase, Dongfeng Group will distribute 79.67% of its shares in Lantu Automotive to all shareholders, followed by Lantu's introduction listing on the Hong Kong Stock Exchange [5]. - In the second phase, Dongfeng Automotive will pay equity consideration to its controlling shareholder and cash consideration to minority shareholders, achieving 100% control over Dongfeng Group [5]. Group 2: Valuation and Market Impact - 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 [8]. - The dual option of "cash + equity" offers certainty for minority shareholders, while the listing of Lantu Automotive is expected to enhance value creation [8]. - Lantu Automotive has seen continuous sales growth and has gained a strong reputation, with its revenue and gross margin leading the industry, suggesting that its listing could break the historical undervaluation of Dongfeng Group in the Hong Kong market [8]. - The transaction is anticipated to sharpen the investment value of Lantu Automotive and facilitate a significant increase in its valuation performance [8].

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].

8月22日晚，东风汽车集团股份有限公司（0489.HK）发布公告，宣布将通过"股权分派+吸收合并"的组合模式， 推动旗下高端新能源品牌岚图汽车以介绍上市方式登陆香港联交所，同时完成东风集团股份自身的私有化退市。 该交易两大环节互为前提、同步推进。 根据方案，东风集团股份将首先将其持有的岚图汽车79.67%股权按比例分派给全体股东，随后岚图汽车以介绍方 式在港交所主板上市。此后，东风集团股份境内全资子公司东风汽车集团（武汉）投资有限公司将作为合并主 体，向控股股东东风汽车支付股权对价，并向其他小股东支付现金对价，最终实现对东风集团股份的100%控 制，完成私有化。 此次交易的总体收购价格定为每股10.85港元，其中现金对价部分为6.68港元/股，岚图股权对价部分为4.17港元/ 股。 估值倒逼改革 岚图成价值突破关键 近年来，受汽车行业转型及市场环境影响，东风集团股份估值持续低迷。截至2025年7月31日，其总市值仅391.2 亿港元，股价报4.74港元/股，市净率（PB）低至0.25倍，融资能力严重受限。相比之下，岚图汽车作为东风集团 旗下高端新能源品牌，展现出强劲成长性：2024年全年交付85,697辆，同 ...

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].

【#东风集团股份1小时暴涨超90%#，#东风集团股份拟私有化退市#】8月22日深夜，东风集团股份 （0489.HK）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。本次交易采用岚图汽车股权+现金对价支付，总体收购价格为10.85港元/股，其中现金对价6.68 港元/股，岚图股权对价4.17港元/股。 受此消息影响，截至8月23日零点，东风集团股份ADR报价62.22美元，暴涨91.45%。 接近东风集团的人士告诉记者，此次东风集团股份拟私有化退市的原因有两个：第一，东风集团股份这 只股票的估值较低，基本已经失去融资能力。第二，东风集团正努力朝新能源方向转型，此前也已经启 动了内部改革，但是受制于上市公司的相关规定，很多板块的融合和内部重组存在限制。因此，东风此 次动作目的有二，一是把岚图推向资本市场，二是方便后续内部进一步整合。#东风集团股份一纸公告 引燃市场# ...