Zhi Tong Cai Jing·2025-10-14 03:00Core Viewpoint - New Energy (02688) has seen a price increase of over 3%, currently trading at 67.6 HKD, with a transaction volume of 201 million HKD. The privatization plan proposed by its parent company, Xin'ao Co. (600803), values the shares at 80 HKD each, representing a premium of approximately 26% over the current price [1] Summary by Relevant Sections - Privatization Plan Details - The theoretical total value of the shares under the privatization scheme is 80 HKD per share, which consists of a cash payment of 24.5 HKD per share and a stock exchange payment of 2.94 shares of Xin'ao Co. H-shares [1] - The midpoint price of Xin'ao Co. H-shares post-listing is estimated to be 18.86 HKD, corresponding to a dynamic PE of about 10 times for 2025 [1] - Valuation and Growth Potential - Based on the company's stable growth in performance and dividends, there is potential for further appreciation in the valuation of H-shares [1] - The pricing of the privatization plan is considered reasonable, taking into account the interests of both existing and long-term shareholders [1] - Regulatory Approval Process - The company is currently awaiting the registration and filing approval from relevant government departments in mainland China, as well as the approval from the China Securities Regulatory Commission and the Hong Kong Stock Exchange [1] - At least two-thirds of independent shareholders must vote in favor of the plan, with expectations for progress in the fourth quarter [1]