Core Viewpoint - Xixiangfeng Group (02473.HK) has signed a memorandum of understanding with an independent third party to acquire a 51% stake in Xiamen Kuangshi Technology Co., Ltd. through equity acquisition or capital increase, aiming to enhance its position in the intelligent driving sector [3][9]. Group 1: Company Overview - Xixiangfeng Group, established in 2007, is a well-known automotive retailer that primarily provides automotive financing leasing services and related services through its self-operated sales network [10]. - The company was listed in Hong Kong on November 9, 2023, issuing 103 million shares at HKD 1.1 per share, raising approximately HKD 113 million [10]. - As of the latest update, Xixiangfeng Group's share price is HKD 9.95, with a total market capitalization of approximately HKD 15.391 billion [10]. Group 2: Strategic Acquisition - Kuangshi Technology is a leading provider of millimeter-wave radar intelligent perception solutions in China, offering a full range of products including chips, algorithms, modules, and system platforms, integrated with artificial intelligence for high-performance solutions in fields such as assisted driving and smart IoT [3][9]. - Xixiangfeng Group is actively exploring the autonomous vehicle business, leveraging its nationwide self-operated sales network and extensive experience in vehicle operation and management [3][9]. - The board of Xixiangfeng Group believes that if the potential transaction is realized, it will help expand the smart driving automotive industry chain, enhance technological reserves and product competitiveness, and align with the company's strategic layout in this business area [3][9].
喜相逢集团拟收购厦门旷时科技的51%股权