另一方面，与东风集团股份的估值偏低表现相比，岚图汽车作为东风汽车打造的高端智慧新能源品牌， 近年来保持良好发展势头，是东风汽车旗下最具价值和成长性的优质资产之一。2024年岚图汽车实现交 付8.57万辆，同比增长约70%；2025年以来，岚图汽车实现了连续5个月销量破万，7月交付量更是突破 8月22日，东风集团股份（0489.HK）在停牌十天后发布公告称，子公司岚图汽车将以介绍上市方式登 陆港股，东风集团股份将同步完成私有化退市。 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。在第 一环节，东风集团股份将其持有的岚图汽车79.67%股权按持股比例向全体股东分派，随后岚图汽车以 介绍上市方式登陆香港联交所。在第二环节，东风汽车在境内全资子公司东风汽车集团（武汉）投资有 限公司作为吸并主体，向东风集团股份的控股股东东风汽车支付股权对价，向其他小股东支付现金对 价，实现对东风集团股份的100%控制。 本次交易采用岚图汽车股权+现金对价支付，总体收购价格为10.85港元/股，其中现金对价6.68港元/ 股，岚图股权对价4.17港元/股。 何为介绍上市？介绍上市是一种已发行证券 ...

Core Viewpoint - Dongfeng Motor Group Co., Ltd. announced that its subsidiary, Lantu Automotive, will go public in Hong Kong through an introduction listing, while Dongfeng Group will simultaneously complete its privatization and delisting [1][3]. Group 1: Transaction Structure - The transaction will utilize a combination of "equity distribution + absorption merger," where Dongfeng Group will distribute 79.67% of its shares in Lantu Automotive to all shareholders before Lantu's introduction listing on the Hong Kong Stock Exchange [3][4]. - Dongfeng's wholly-owned subsidiary, Dongfeng Motor Group (Wuhan) Investment Co., Ltd., will pay equity consideration to Dongfeng Group's controlling shareholder and cash consideration to other minority shareholders, achieving 100% control over Dongfeng Group [3][4]. Group 2: Financial Details - The overall acquisition price is set at HKD 10.85 per share, comprising cash consideration of HKD 6.68 per share and equity consideration of HKD 4.17 per share [4]. - As of July 31, 2025, Dongfeng Group's total market capitalization was HKD 39.12 billion, with a closing price of HKD 4.74 per share, resulting in a price-to-book (PB) ratio of only 0.25 times [8]. Group 3: Company Performance - Lantu Automotive delivered 85,697 vehicles in 2024, representing a year-on-year increase of approximately 70%. In the first seven months of 2025, Lantu's cumulative sales reached 68,263 vehicles, up 87.58% year-on-year [5]. - Dongfeng Group's automotive sales in the first half of the year were approximately 823,900 units, a decrease of 14.7% year-on-year, while sales revenue was HKD 54.533 billion, an increase of 6.6% [9]. Group 4: Strategic Implications - The listing of Lantu Automotive is expected to broaden financing channels, enhance brand image, and expand international business, potentially unlocking value creation capabilities [6]. - The transaction is anticipated to reshape the value of Dongfeng's brand matrix, with Lantu as a core asset driving the overall development of Dongfeng's high-end new energy brands [10].

Core Viewpoint - Xin'ao Co., Ltd. (600803.SH) has announced its plan to go public in Hong Kong, utilizing a unique privatization strategy of Xin'ao Energy (2688.HK) alongside an introduction listing, aiming to create a dual-platform structure and integrate the entire natural gas industry chain [1][2]. Group 1: Company Strategy and Market Position - The transaction involves a share exchange ratio of 2.9427 new Xin'ao shares for each Xin'ao Energy share, plus a cash component of 24.50 HKD per share [2]. - Xin'ao Energy operates primarily in the downstream segment of the natural gas industry, focusing on investment, construction, and management of gas pipeline infrastructure, as well as the sale of pipeline gas and LNG [2][3]. - The integration of Xin'ao Co. and Xin'ao Energy is expected to enhance resource complementarity and business synergy, reinforcing the strategic positioning of a fully integrated natural gas industry chain [3]. Group 2: Market Trends and Listing Strategy - The introduction listing method allows Xin'ao Co. to efficiently establish a dual capital market platform without the need for immediate financing, attracting international investors and enhancing global influence [5]. - The Hong Kong market has seen a surge in companies applying for listings, with 176 new applications in the first half of 2025, indicating a favorable environment for Xin'ao Co.'s upcoming listing [4]. - The introduction listing is particularly advantageous for large-cap companies, which is expected to positively impact Xin'ao Co.'s H-share valuation post-listing [5]. Group 3: Shareholder Response and Market Expectations - Xin'ao Energy's shareholders are set to benefit from a nearly 50% premium in the privatization offer, along with a clear dividend plan for the next four years [6]. - Following the announcement of the transaction, Xin'ao Energy's stock price has significantly increased, reflecting shareholder optimism and increased interest from southbound funds [7]. - Xin'ao Co.'s A-share shareholders have overwhelmingly supported the privatization plan, with over 99.9% approval at the recent annual general meeting [7].

Core Viewpoint - Kangzheng Pharmaceutical (00867.HK) plans to spin off its skin health business, Demy Pharmaceutical, for a "listing by introduction" on the Hong Kong Stock Exchange, marking it as the first "zero fundraising" IPO case in 2025 [2][5][18] Company Overview - Kangzheng Pharmaceutical has faced declining performance, with revenue dropping from 91.5 billion RMB in 2022 to 80.13 billion RMB in 2023, and further down to 74.69 billion RMB in 2024, representing a year-on-year decline of 12.4% and 6.7% respectively [6][7] - The company experienced a significant drop in net profit, from 23.84 billion RMB in 2023 to 16.13 billion RMB in 2024, a decrease of 27.2% [7] - The decline in performance is attributed to the failure of key products to win bids in national procurement, leading to a loss of market share and revenue [7][8] Demy Pharmaceutical Financials - Demy Pharmaceutical's revenue grew from 384 million RMB in 2022 to 618 million RMB in 2024, but it also reported increasing losses, from 55.17 million RMB in 2022 to 105.63 million RMB in 2024 [8][9] - The company's cost structure is heavily skewed towards sales expenses, which consumed 99% of its gross profit in 2024, leading to a net loss of 106 million RMB [10][12] - Demy Pharmaceutical's research and development expenditure remains low compared to its sales expenses, with a research expenditure rate of only 4% [10][12] Strategic Implications - The spin-off is seen as a strategic move to alleviate financial pressure on Kangzheng Pharmaceutical while allowing Demy Pharmaceutical to seek independent funding and partnerships [18] - The choice of "listing by introduction" allows for a quicker and less costly process, avoiding the dilution of shares and the complexities of traditional IPOs [17][18] - However, Demy Pharmaceutical will still face scrutiny regarding its ongoing losses and the sustainability of its business model post-spin-off [13][15] Market Context - The move reflects a broader trend among Chinese pharmaceutical companies seeking to adapt to the pressures of national procurement policies and increasing competition in the industry [17] - Since 2020, over 20 pharmaceutical companies have pursued similar spin-offs to focus on high-growth areas like medical aesthetics and consumer healthcare [17]