三天前，东风集团发布公告称，公司拟私有化退市，同时子公司岚图汽车将以介绍上市方式登陆港股。这意味着东风集团股份将进行资产重 组，简单来说分两步走——让岚图汽车单独在港股上市，自己则被私有化。 近 3 年 来 ， 港 股 央 国 企 私 有 化 屡 见 不 鲜 ， 国 电 科 环 （ 1296.HK ） 、 雅 士 利 国 际 （ 1230.HK ） 、 安 捷 利 实 业 （ 1639.HK ） 、 中 集 车 辆 （1839.HK）、中粮包装（0906.HK）等央国企相继完成港股私有化退市。 与此前央国企私有化交易不同，本次东风集团宣布 "岚图介绍上市+东风集团股份私有化退市"的创新性交易方案。 "介绍上市"，是一种特殊的 上市方式，上市的时候不发新股，也不进行融资，而是把现有股东手里的股份放到交易所挂牌交易。最关键的是，这种 "零募资" 的上市方式 十分高效，不需要走常规IPO的发行、招股等复杂流程，预计3–6个月内可完成上市。 私有化则是指由上市公司大股东作为收购建议者所发起的收购活动，全数买回其他中小股东手上的股份，从上市公司变为非上市公司。 记者丨 郑植文 编辑丨吴晓宇 8月25日，东风集团股份（0 ...

一退一进 东风汽车集团股份有限公司（以下简称"东风集团股份"）停牌10个工作日后，东风汽车在资本市场"变 阵"。东风汽车近日宣布，将推动旗下岚图汽车科技有限公司（以下简称"岚图汽车"）以介绍方式登陆 中国香港联交所，同时对东风集团股份进行私有化。东风汽车相关人士表示，计划通过"介绍上市+私 有化"的方式实现资源优化配置。在外界看来，作为汽车"国家队"之一的东风汽车，在资本市场选择"一 退一进"的背后，推动岚图上市的同时，也欲在转型路上找到新突破口。 "本次私有化，能够助力东风汽车进一步发展。"中国汽车流通协会乘用车市场信息联席分会秘书长崔东 树认为，东风汽车正努力全面转型并开启内部调整，选择私有化有利于东风汽车规划与调整新战略，也 避免更多的外界干扰。 本次东风汽车交易所涉及的核心环节包括介绍上市及私有化。 据了解，介绍上市为已发行证券申请上市的一种方式，其核心特点为不在上市时发行新股或涉及融资， 仅将现有股东持有的证券在交易所挂牌交易；私有化则指由上市公司大股东作为收购建议者所发起的收 购活动，全数买回其他中小股东手上的股份，从上市公司变为非上市公司。 根据公告，本次交易采用"股权分派+吸收合并"的组合模式 ...

Core Viewpoint - Dongfeng Group's subsidiary, Lantu Automobile, will go public in Hong Kong through an introduction listing, while Dongfeng Group will simultaneously complete its privatization and delisting [2][3]. Group 1: Transaction Structure - The transaction involves a "share distribution + absorption merger" model, where Dongfeng Group will distribute 79.67% of Lantu's shares to all shareholders, followed by Lantu's introduction listing on the Hong Kong Stock Exchange [3]. - Dongfeng Motor will pay a share consideration to its controlling shareholder and cash consideration to minority shareholders, achieving 100% control over Dongfeng Group [3]. Group 2: Financial Details - The total acquisition price is set at HKD 10.85 per share, comprising HKD 6.68 in cash and HKD 4.17 in equity from Lantu [4]. - Dongfeng Group's market capitalization is currently HKD 49.268 billion, with a closing price of HKD 5.97 per share and a price-to-book (PB) ratio of 0.31 [4]. Group 3: Performance Metrics - In the first half of the year, Dongfeng Group sold approximately 823,900 vehicles, a year-on-year decline of 14.7%, with a revenue of CNY 54.533 billion, up 6.6% year-on-year [5]. - The gross profit reached CNY 7.599 billion, a 28.0% increase, while the net profit attributable to shareholders dropped nearly 92% to CNY 55 million [5]. Group 4: Industry Context - The privatization and listing of Lantu are seen as part of a broader trend of state-owned enterprise reform and transformation in the automotive industry, with several other state-owned enterprises having completed similar privatizations in Hong Kong [5][6]. - Lantu is recognized as a high-end smart electric vehicle brand with strong growth potential, and its upcoming listing is expected to enhance its valuation significantly [7][8]. Group 5: Technological Advancements - Lantu recently unveiled its Lanhai Smart Hybrid technology, which is a significant breakthrough in high-end electric vehicle technology, featuring fast charging and long-range capabilities [8][9]. - The new technology will be applied to upcoming models, including the 2026 Lantu Dreamer, which will be available for pre-sale at the Chengdu Auto Show [10].

东风汽车集团股份有限公司（以下简称"东风集团股份"）停牌10个工作日后，东风汽车在资本市场"变阵"。8月22日晚，东风汽车宣布，推动旗下岚图汽车 科技有限公司（以下简称"岚图汽车"）以介绍方式登陆香港联交所，同时对东风集团股份私有化。东风汽车相关人士表示，计划通过"介绍上市+私有化"的 方式实现资源优化配置。在外界看来，作为汽车"国家队"之一的东风汽车，在资本市场选择"一退一进"背后，是要推动岚图上市的同时，在转型路上找到突 破口。 本次交易涉及的核心环节包含介绍上市和私有化。 据了解，介绍上市是已发行证券申请上市的一种方式，其核心特点是不在上市时发行新股或涉及融资，仅将现有股东持有的证券在交易所挂牌交易。私有化 是指由上市公司大股东作为收购建议者所发起的收购活动，全数买回其他中小股东手上的股份，从上市公司变为非上市公司。 根据公告，本次交易采用"股权分派+吸收合并"的组合模式，两大核心环节互为前提，同步推进。交易共分为两个环节，第一环节东风集团股份将其持有的 岚图汽车79.67%股权，按股东持股比例及股份类别向全体股东进行分派。随后，岚图汽车将以介绍方式在香港联交所上市。 第二个环节，东风汽车在境内的全资子 ...

Guess logo is seen at a store in Krakow, Poland on January 24, 2024. (Photo by Jakub Porzycki/NurPhoto via Getty Images)NurPhoto via Getty Images Guess Stock (NYSE: GES) is entering a crucial stage, revealing its intentions to privatize through a $1.4 billion agreement with co-founders Maurice and Paul Marciano, CEO Carlos Alberini, and Authentic Brands, the owner of Reebok. Authentic Brands will obtain 51% of Guess’s intellectual property, while the remaining shares will remain with current shareholders. S ...

Core Viewpoint - New World Development has issued a clarification announcement on the Hong Kong Stock Exchange, stating that there have been no discussions regarding any acquisition offers for the company's shares from any parties, including its controlling shareholder and Blackstone Group [1] Group 1 - The company advises shareholders, other securities holders, and potential investors not to rely on market rumors regarding the group [1] - Any information regarding the group should only be based on the company's official announcements [1] Group 2 - Prior reports indicated that New World Development and its controlling shareholder, the Cheng family, were in discussions with Blackstone Group for a financing deal potentially worth up to $2.5 billion, which could involve preferred or common shares [1] - The transaction could ultimately evolve into a privatization offer proposed jointly by the Cheng family and Blackstone [1]

Core Viewpoint - Dalian Wanda's real estate subsidiary, Dalian Wanda Commercial Properties, plans to privatize and delist from the Hong Kong Stock Exchange, offering shareholders a buyback price of HKD 0.62 per share, totaling approximately HKD 29.32 billion, which represents a significant premium over recent trading prices [1][5][6]. Group 1: Privatization Details - Dalian Wanda Commercial Properties, established in 1992 and listed in 2013, is set to end its 12-year presence in the Hong Kong market by submitting a proposal to delist by 2025 [2]. - The buyback will increase Dalian Wanda Holdings' stake in Dalian Wanda Commercial Properties from 64.18% to 96.13%, while the remaining shareholders will hold 3.87% [2][4]. - The company operates primarily in developing and managing urban complexes under the Dalian Wanda brand, with a portfolio that includes 32 projects across major Chinese cities and luxury hotels [3][4]. Group 2: Financial Implications - The transaction is expected to enhance Dalian Wanda Holdings' equity in Dalian Wanda Commercial Properties, potentially improving net profit and operational efficiency [3]. - Dalian Wanda Holdings reported a revenue of approximately CNY 35.79 billion for 2024, a decrease of 2.7% from 2023, with a net loss of CNY 2.98 billion, while Dalian Wanda Commercial Properties had a revenue of CNY 19.83 billion and a net profit of CNY 779 million [4]. Group 3: Market Context and Strategy - The privatization reflects a trend of consolidation within COFCO Group's real estate operations, aiming to streamline governance and improve decision-making efficiency [4][7]. - The long-term strategy post-privatization will focus on enhancing asset quality and cash flow management, shifting away from short-term profit pressures [6][7]. - Dalian Wanda Commercial Properties aims to strengthen its competitive position in the commercial real estate sector by optimizing asset management and operational efficiency [8].

Group 1 - The core point of the article is that Dayuecheng (000031) announced its plan for privatization through an agreement to repurchase shares held by minority shareholders, excluding the company and its controlling shareholder, De Mao Limited [1] - The company holds 64.18% of the ordinary shares of Dayuecheng Real Estate and plans to cancel 4.73 billion shares at a cash payment of HKD 0.62 per share, totaling approximately HKD 29.32 billion [1] - The completion of the transaction is expected to enhance the company's equity in Dayuecheng Real Estate, which will benefit the net profit attributable to the parent company and improve overall operational efficiency [1] Group 2 - The transaction is subject to several conditions and carries uncertainties regarding approval [1]

Core Viewpoint - Financial One Account (金融壹账通) is accelerating its delisting process as it moves towards privatization by its controlling shareholder, Platinum (铂煜), which is a wholly-owned subsidiary of Ping An Group [2][4][5]. Group 1: Privatization Announcement - On March 2, 2023, Financial One Account announced a privatization offer from Platinum to acquire all outstanding shares at a price of HKD 2.068 per share, representing a premium of 72.33% over the closing price on February 27, 2023 [4][5]. - The privatization plan has received regulatory approval, and as of July 9, 2023, the necessary conditions for privatization have been met, accelerating the delisting process [2][6]. Group 2: Financial Performance and Challenges - Financial One Account has faced significant challenges, including a 90% drop in its US stock price since its IPO, leading to a market capitalization of USD 292 million [2][8]. - The company has struggled with low liquidity and limited market interest, with average trading volumes on the Hong Kong Stock Exchange remaining low since its listing [8][9]. - Financial performance has been declining, with a 36.2% year-over-year decrease in revenue for 2024, resulting in a net loss of CNY 460 million [9][12]. Group 3: Strategic Adjustments - To address its financial struggles, Financial One Account has sold its virtual banking operations for HKD 933 million, allowing it to focus on its core B2B business [11][12]. - The company is also seeking to reduce its reliance on Ping An Group for revenue, although over 50% of its income still comes from this source [13][14]. - Despite these efforts, the positive impact of restructuring measures has been limited, and the company continues to face operational challenges [14].

Core Viewpoint - The listing plans of Fannie Mae and Freddie Mac are generating significant attention and confusion on Wall Street, with uncertainties surrounding the implementation and potential impacts of these plans following their government takeover after the 2008 financial crisis [1] Group 1: Government Conservatorship Complexity - Fannie Mae and Freddie Mac were placed under government conservatorship during the 2008 financial crisis, receiving approximately $187.5 billion in support to prevent a housing market collapse [3] - The current financial status of both institutions has improved significantly, with ample cash flow and good operating conditions [3] - New guidelines from the U.S. Treasury and the Federal Housing Finance Agency have granted the Treasury final approval authority for ending the conservatorship, aiming to ensure an orderly transition away from government control [3] - The process of ending conservatorship involves complex legal procedures, capital restructuring plans, and regulatory framework adjustments, each of which could impact the timeline for implementation [3] Group 2: Market Reaction and Risk Assessment - The stock prices of Fannie Mae and Freddie Mac have experienced significant volatility, with increases of 570% and 470% respectively since 2025, reflecting strong market reactions to privatization expectations [3] - Following the election of Trump, the stock prices surged by 143% and 116% within a month, indicating concentrated investment risks [3] - Moody's recently downgraded the long-term senior unsecured debt ratings of both institutions from the highest level to the second highest, with a stable outlook, reflecting a relative weakening of government support capabilities [4] - Fannie Mae and Freddie Mac account for approximately 50% of the U.S. residential real estate market, with this proportion exceeding 80% since the subprime crisis, holding and guaranteeing assets totaling about $5.5 trillion [4] - Any structural changes in these institutions could impact mortgage rates and, consequently, the stability of the entire real estate market [4]