Core Viewpoint - Qudian Inc. is contemplating winding down its last-mile delivery service due to intense competition that has led to a significant revenue decline in the first quarter of the year [2][3][7]. Business Performance - The last-mile delivery business experienced a revenue drop of over 50% in the first quarter, falling from 55.8 million yuan to 25.8 million yuan year-over-year [13]. - Despite the losses in the last-mile delivery segment, Qudian reported a profit of 150 million yuan for the first quarter, primarily due to 165 million yuan in interest income from its cash holdings [14]. Competitive Landscape - Qudian faced stiff competition from established local rivals in Australia and New Zealand, as well as from Chinese logistics companies building their own infrastructure abroad [5][6]. - The last-mile delivery market in China is highly competitive, dominated by several companies that are rapidly expanding their global networks [4]. Financial Position - Qudian's cash and restricted cash increased to 5.6 billion yuan at the end of March, up from 3.5 billion yuan at the end of 2022, indicating strong cash management [15]. - The company has been actively buying back shares, reducing its outstanding American depositary shares (ADS) from 265 million to 172 million over the past three years [8][15]. Shareholder Sentiment - Shareholders did not react negatively to the announcement of the potential business closure, with stock prices remaining stable [9]. - Qudian has notable institutional shareholders, including UBS and Morgan Stanley, who may be more interested in short-term gains from potential privatization efforts [10]. Historical Context - Qudian has a history of entering and exiting various business sectors, including consumer loans, education, and prepared foods, often due to competitive pressures [12]. - The company initially found success in fintech but shifted away from that model following regulatory crackdowns in China [11].

Group 1 - The offeror, LL Capital Holdings Limited, proposes to privatize the company at a price of HKD 0.14 per share, which represents a premium of approximately HKD 0.244 over the last adjusted closing price of HKD -0.104 per share [1] - Following the fulfillment of distribution conditions, the company plans to distribute shares of its wholly-owned subsidiary, Skyscraper, which holds 303,289,730 shares of Lippo, accounting for about 33.01% of the total issued shares [1] - The company will apply for the delisting of its shares from the Hong Kong Stock Exchange immediately after the proposal is completed [1] Group 2 - The offeror is a British Virgin Islands registered investment holding company and does not hold any significant assets or businesses as of the announcement date [2] - The offeror intends to continue operating the group's existing business without making significant adjustments or redeploying group assets [2] - The company has applied for the resumption of trading of its shares on the Hong Kong Stock Exchange starting from 9:00 AM on May 29, 2025 [2]

Core Viewpoint - The long-established menswear giant, Goldlion, is struggling with continuous poor performance and has faced a failed privatization attempt, which has led to a significant drop in its stock price. Group 1: Privatization Attempt - Goldlion's chairman, Zeng Zhiming, has been pushing for privatization since late last year, aiming to end the company's 33-year listing on the Hong Kong stock market [1][2] - The privatization plan was rejected in a court meeting on May 9, with only 55.33% of votes in favor, failing to meet the required 75% threshold [4][5] - Following the rejection, Goldlion's stock price plummeted nearly 40% on the first trading day, closing down 33.56% [1] Group 2: Financial Performance - Goldlion's revenue for 2024 was HKD 1.129 billion, a year-on-year decline of 8.44%, while net profit shrank to HKD 86.21 million, down 19.86% [8][12] - The company has experienced a compound annual decline of 12% in performance over the past three years, with net profit growth rates showing double-digit negative growth [8][12] - Despite the poor performance, Goldlion maintains a stable cash flow with over HKD 1 billion in cash and bank balances, and no bank loans or overdrafts [12][13] Group 3: Market Position and Challenges - Goldlion's market position has weakened, with an average daily trading volume of only 296,000 shares, representing less than 0.03% of total shares [3] - The company has not utilized its listing status for fundraising in the past 20 years, incurring annual compliance costs of HKD 12 million [3][12] - The menswear industry is facing collective challenges, with other brands like Youngor and Bananai also reporting significant declines in profits [14] Group 4: Asset Valuation - Goldlion has substantial property assets valued at approximately HKD 2.605 billion, with a net asset value of HKD 4.47 per share, nearly three times the privatization offer price of HKD 1.52 per share [6][13] - The company reported rental income of HKD 146 million and property management fees of HKD 41 million in 2024, totaling HKD 187 million [13] Group 5: Strategic Initiatives - Goldlion has attempted to pivot by launching products that incorporate traditional Chinese culture and establishing sub-brands aimed at urban social life, but these efforts have yielded limited results [14]

金利来的退市计划发生逆转。 5月12日，金利来集团发布公告，公司股票于上午9时起恢复买卖。12日，其股价低开近40%，截至收 盘，股价下跌33.56%。此次复牌，意味着金利来酝酿已久的私有化计划宣告失败。 "金利来，男人的世界。"这句广告语曾让金利来品牌风靡一时。不过，对于这个创立57年的男装老品牌 来说，上市公司地位已成"鸡肋"，但随着私有化失败，却不得不留在资本市场，同时还要面临竞争激 烈、业绩下滑的困境。 退市计划出现"反转"，私有化计划未获股东批准 5月12日，金利来集团发布公告，公司股票于上午9时起恢复买卖。此次复牌，意味着金利来酝酿已久的 私有化计划宣告失败。 今年以来，金利来多次发布公告，告知投资者私有化详细进度表，预计将于7月2日正式撤销上市地位。 4月11日，香港高等法院正式受理金利来集团私有化退市申请，标志着这家创立57年的男装品牌将结束 33年的港股生涯。 然而，正当业界认为金利来退市已是"板上钉钉"之际，却突然发生"反转"。上周五，金利来举行法院会 议及股东大会，并于下午一时起短暂停牌。 图/金利来公告截图。 据了解，在股东大会上，该私有化议案以89.9894%的赞成票获得通过。但同日 ...

Core Viewpoint - The privatization plan of Goldlion Group was not approved by shareholders, leading to a nearly 40% drop in stock price upon resumption of trading on May 12. The proposal received only 55.33% support, falling short of the required 75% threshold, while 44.66% opposed it, exceeding the 10% limit for dissenting votes [2][4][7]. Group 1: Privatization Attempt - The chairman of Goldlion, Zeng Zhiming, proposed a privatization plan to acquire the remaining 31.25% of shares at HKD 1.5232 per share, totaling approximately HKD 464 million. The plan aimed to consolidate ownership within the Zeng family [4]. - The Hong Kong High Court accepted Goldlion's privatization application on April 11, 2025, with plans to delist from the Hong Kong Stock Exchange on July 2, ending a 33-year listing history [4]. - The privatization plan required at least 75% approval from non-interested shareholders and that dissenting votes not exceed 10% of total votes. The unexpected high level of opposition led to the plan's failure [7][8]. Group 2: Financial Performance - Goldlion's performance has been declining since 2014, with 2024 revenue estimated at HKD 1.219 billion, a year-on-year decrease of 8%, and net profit of HKD 93.1 million, down 19.86% [4]. - The company's stock market activity has been weak, with an average daily trading volume of only 296,000 shares, representing 0.03% of total shares, and an annual turnover rate below 20%, significantly lower than the average for Hong Kong's main board [7]. - As of the end of 2024, Goldlion's total assets were HKD 5.15 billion, with a net asset value of approximately HKD 4.46 per share, indicating that the privatization offer represented a discount of about 66% [8]. Group 3: Market Dynamics - The men's apparel segment, which Goldlion primarily operates in, is facing challenges in attracting younger consumers, compounded by brand aging and lower purchase frequency compared to women's and children's clothing [5]. - The failed privatization reflects a disconnect between the proposed offer and the expectations of minority shareholders, suggesting that any future attempts would require greater consideration of shareholder interests [8].

Group 1 - CATL (宁德时代) has launched its Hong Kong IPO, offering 118 million H-shares at a maximum price of HKD 263 per share, aiming to raise approximately HKD 31 billion [1] - The IPO is expected to enhance CATL's financing channels, given its position as a leading lithium battery manufacturer [1] Group 2 - Zhixing Technology (知行科技) plans to acquire a majority stake in Suzhou Xiaogongjian Robot Co., a national high-tech enterprise specializing in smart integrated joints and customized robotic arms [2] - This acquisition is anticipated to accelerate Zhixing Technology's technological accumulation and business expansion in the robotics sector, potentially creating new growth opportunities [2] Group 3 - Yuefeng Environmental Protection (粤丰环保) has received approval for its privatization proposal, which will allow the company to operate more flexibly without short-term market pressures [3] - The company will suspend share transfer registration starting May 21, 2025, to ensure the determination of eligible shareholder rights [3] Group 4 - Noli Shares (诺力股份) has submitted an IPO application for its subsidiary, Zhongding Intelligent, to be listed on the Hong Kong Stock Exchange [4] - The IPO is subject to various conditions, including approvals from regulatory bodies, and if successful, it could provide new funding and growth opportunities for Noli Shares [4] Group 5 - Mi Rui Group (觅瑞集团) has passed the listing hearing at the Hong Kong Stock Exchange, focusing on RNA technology for disease screening and diagnostic solutions [5] - The company reported revenues of approximately USD 17.76 million, USD 24.19 million, and USD 20.28 million for 2022, 2023, and 2024, respectively, with increasing losses attributed to R&D and market expansion [5] - With the growing demand for precision medicine, Mi Rui Group is positioned to achieve a turnaround in profitability, potentially delivering long-term value to investors [5] Group 6 - The Hang Seng Index closed at 23,549.46, up 2.98% on May 12, 2023, while the Hang Seng Tech Index rose by 5.16% to 5,447.35, and the National Enterprises Index increased by 3.01% to 8,559.23 [6]

Investment Rating - The report assigns a "Buy" rating to the company, New Energy (2688 HK), with a target price of HKD 74.60, indicating a potential upside of 21.4% from the current price of HKD 61.45 [4][9]. Core Insights - The first quarter of 2025 saw gas sales remain stable, influenced by a warm winter, with retail gas volume showing a year-on-year increase of 0.3%, outperforming the mainland's natural gas apparent consumption decline of 2.2% [2][7]. - The management indicated that the warm winter impacted gas sales by approximately 2-3 percentage points, with residential gas sales increasing by 1.1% year-on-year [2][7]. - The privatization plan is progressing steadily, with expectations to seek shareholder approval in the fourth quarter of this year [7][8]. Financial Overview - Revenue projections for the company are as follows: - 2023: RMB 113,858 million - 2024: RMB 109,853 million - 2025E: RMB 116,552 million (6.1% YoY growth) - 2026E: RMB 122,701 million - 2027E: RMB 129,239 million [3][11]. - Net profit estimates are: - 2023: RMB 6,816 million - 2024: RMB 5,987 million - 2025E: RMB 7,174 million (3.2% YoY growth) - 2026E: RMB 7,782 million - 2027E: RMB 8,098 million [3][11]. - The company is expected to maintain moderate profit growth over the next three years, with a compound annual growth rate of approximately 5% from 2024 to 2027 [7][8]. Operational Performance - The company’s retail gas sales volume is projected to grow as follows: - 2023: 25,145 million cubic meters - 2024: 26,200 million cubic meters - 2025E: 26,782 million cubic meters (2.2% growth) - 2026E: 27,588 million cubic meters - 2027E: 28,421 million cubic meters [8]. - The company has also seen a 9.9% year-on-year increase in its diversified energy sales volume, reaching 100 billion kWh in the first quarter [7][8]. Market Position - The company’s market capitalization is approximately HKD 68,286.31 million, with a 52-week high of HKD 79.30 and a low of HKD 45.25 [6][9]. - The stock has shown a year-to-date change of 10.03% [6].

Investment Rating - The report assigns a "Buy" rating to the company, New Energy (2688 HK), with a target price of HKD 74.60, indicating a potential upside of 21.4% from the current closing price of HKD 61.45 [4][9]. Core Insights - The first quarter of 2025 saw gas sales remain stable, influenced by a warm winter, with retail gas volume growing by 0.3% year-on-year, outperforming the mainland's natural gas apparent consumption decline of 2.2% [2][7]. - The management indicated that the warm winter impacted gas sales by approximately 2-3 percentage points, with residential gas sales increasing by 1.1% year-on-year [2][7]. - The privatization plan is progressing steadily, with expectations for shareholder approval in the fourth quarter of this year [7][8]. Financial Overview - Revenue projections for the company are as follows: - 2023: RMB 113,858 million - 2024: RMB 109,853 million - 2025E: RMB 116,552 million (6.1% growth) - 2026E: RMB 122,701 million (5.3% growth) - 2027E: RMB 129,239 million (5.3% growth) [3][11]. - Net profit estimates are: - 2023: RMB 6,816 million - 2024: RMB 5,987 million - 2025E: RMB 7,174 million (3.2% growth) - 2026E: RMB 7,782 million (8.5% growth) - 2027E: RMB 8,098 million (4.1% growth) [3][11]. - The company maintains a dividend yield of 4.6% in 2023, projected to increase to 7.0% by 2027 [3][11]. Operational Performance - The company expects retail gas volume and energy sales to grow by 2.2% and 12% respectively in 2025, despite the warm winter's impact [7][8]. - The number of new residential connections decreased by 16% year-on-year to 287,000, with a ratio of new to old homes at 3:1 [7][8]. - The energy business saw a sales volume increase of 9.9% year-on-year to 10 billion kWh, with 14 new projects becoming operational [7][8]. Market Position - The company's market capitalization stands at approximately HKD 68,286.31 million, with a 52-week high of HKD 79.30 and a low of HKD 45.25 [6][9]. - The stock has shown a year-to-date change of 10.03% [6].