Bei Ke Cai Jing·2025-08-22 16:00Core 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].