Zheng Quan Ri Bao Zhi Sheng·2025-08-23 03:36Core Viewpoint - Dongfeng Motor Group Co., Ltd. is adopting an innovative model of "Lantu listing + group delisting" to respond to industry changes and optimize capital operations, which serves as a reference for traditional automakers [1][2] Group 1: Listing and Delisting Process - Dongfeng Group will distribute 79.67% of its stake in Lantu Automotive to all shareholders before Lantu's introduction listing on the Hong Kong Stock Exchange [2] - The transaction involves a combination of "equity distribution + absorption merger," where Dongfeng's subsidiary will pay equity consideration to the controlling shareholder and cash consideration to minority shareholders [2] - The overall acquisition price is set at HKD 10.85 per share, with cash consideration of HKD 6.68 per share and equity consideration of HKD 4.17 per share [2] Group 2: Shareholder Benefits - The dual option of "cash + equity" provides certainty for small shareholders and activates value realization, with Lantu's listing expected to enhance value creation [2][3] - The approach balances the revaluation of state-owned assets and shareholder interests, offering insights into optimizing shareholder returns and stabilizing investor confidence [3] Group 3: Strategic Focus on New Energy - The operation demonstrates a resource allocation strategy focused on new energy transformation, encouraging traditional automakers to concentrate resources on developing new energy [4] - Dongfeng Group's low valuation has hindered its ability to conduct equity refinancing, with a market cap of HKD 39.12 billion and a price-to-book ratio of only 0.25 [4] - The complexity of asset types within Dongfeng Group has made it difficult for investors to fully recognize its potential investment value [4] Group 4: Lantu Automotive Performance - Lantu Automotive, as a high-end smart new energy brand, has shown strong growth, delivering 85,697 vehicles in 2024, a year-on-year increase of approximately 70% [5] - Lantu has achieved over 10,000 monthly sales for five consecutive months, with July's deliveries exceeding 12,000 vehicles [6] - The successful launch of the Lantu FREE+ model, which secured 11,583 orders within 15 minutes, highlights its market potential [6]