东风、长安合并中止，知情人士：“两边都想独立发展”！“东风系”大跌

Core Viewpoint - The merger and restructuring between Dongfeng Motor and Changan Automobile has been unexpectedly halted, with both companies opting for independent development instead of merging into a new central enterprise [1][4][20]. Group 1: Merger and Restructuring Updates - Dongfeng Motor announced on June 5 that it will not proceed with the asset and business restructuring, and its normal operations will not be affected [1]. - Changan Automobile and Dong'an Power also announced changes in their indirect controlling shareholders, which will now be a central enterprise responsible for the automotive business split [1][5][8]. - The restructuring pause led to a significant drop in Dongfeng Group's stock price, with a 13% decline reported on the same day [1][2]. Group 2: Market Impact and Stock Performance - Following the news of the halted merger, Dongfeng Group's stock fell to 3.67 HKD, a decrease of 13.03%, with a market capitalization of 30.3 billion HKD [2]. - The automotive sector saw a broader decline, with other companies like Jinlong Automobile and Zhuhai Automotive also experiencing stock price drops [1]. Group 3: Future Prospects and Industry Context - The restructuring would have created a third-level central automotive enterprise, joining FAW and Dongfeng as the only other central enterprises directly managed by the State-owned Assets Supervision and Administration Commission (SASAC) [4][11]. - Both Dongfeng and Changan are under pressure to accelerate their transition to electric vehicles, with significant growth in their respective new energy vehicle sales reported for 2024 [19][20]. - The competitive landscape is shifting, with state-owned enterprises facing increasing pressure from private companies and new entrants in the electric vehicle market [20].