巴基斯坦政府近期正加速推进国有企业私有化进程，以此破解长期以来国企亏损造成的财政困局，提升 企业运营效率。这一改革举措的背后，是该国国有企业持续恶化的财务状况和政府日益沉重的补贴压 力，一系列针对性计划与落地动作正逐步铺开。 2025年7月发布的联邦国企半年审查报告披露了严峻的现实：2024－25 财年上半年，巴基斯坦国有企业 累计净亏损高达3430亿巴基斯坦卢比（约合12亿美元，以下简称卢比），多家重点国企深陷亏损泥潭。 其中，巴基斯坦国家公路局（NHA）以1533亿卢比的当期亏损成为亏损"重灾区"，其累计亏损已攀升 至 1.95 万亿卢比；奎达电力供应公司（QESCO）当期亏损581亿卢比，累计亏损达 7706 亿卢比；即便 巴基斯坦国际航空公司（PIACL）通过重组实现了 260 亿卢比的账面技术盈利，但其实际净亏损仍有 46 亿卢比。为维持这些亏损国企的正常运转，仅 2024－25 财年上半年，政府就提供了6160亿卢比的财 政支援。 面对如此困境，巴基斯坦政府于2024年8月，启动了《私有化计划（2024－29年）》，计划未来5年内分 3个阶段推动24家国有企业完成私有化转型。 第一阶段（1年内）率 ...

Core Viewpoint - Dongfeng Motor Group Co., Ltd. announced that its subsidiary, Lantu Automotive, will be listed on the Hong Kong Stock Exchange through an introduction listing, while Dongfeng Group will simultaneously complete its privatization and delisting [1][4]. Group 1: Transaction Structure - The transaction involves a combination of "equity distribution + absorption merger," with two core components being interdependent and progressing simultaneously [2][3]. - Dongfeng Group will distribute 79.67% of its shares in Lantu Automotive to all shareholders, followed by Lantu's introduction listing on the Hong Kong Stock Exchange [2][3]. Group 2: Financial Details - H-share shareholders will receive 0.3552608 shares of Lantu for each H-share held, along with a cash cancellation price of HKD 6.68 per share [2][7]. - The total acquisition price is set at HKD 10.85 per share, comprising a cash component of HKD 6.68 and an equity component valued at HKD 4.17 [7]. Group 3: Market Context and Performance - Dongfeng Group's stock has been undervalued, with a market capitalization of HKD 39.12 billion and a price-to-book (PB) ratio of only 0.25 as of July 31, 2025 [6]. - In contrast, Lantu Automotive has shown strong growth, delivering 85,697 vehicles in 2024, a year-on-year increase of approximately 70%, and has maintained a monthly sales volume exceeding 10,000 units since the beginning of 2025 [6][4]. Group 4: Strategic Implications - The innovative transaction structure is expected to strengthen Dongfeng's strategic positioning and set a benchmark for reform and innovation within the state-owned enterprise sector [4]. - Following the listing, Lantu Automotive aims to enhance its financing channels, improve brand image, and expand international operations, leveraging its advanced technology and product quality [6].

Core Viewpoint - Dongfeng Group's privatization and delisting process has progressed with a merger plan involving its subsidiaries, indicating a deeper level of privatization compared to previous state-owned enterprise transactions [3][4]. Group 1: Merger Details - Dongfeng Group's indirect controlling shareholder, Dongfeng Motor Group Co., Ltd., plans to merge with Dongfeng Group Co., Ltd. through its wholly-owned subsidiary, Dongfeng Motor Group (Wuhan) Investment Co., Ltd. [3] - After the merger, Dongfeng Investment will directly hold 55% of Dongfeng Shares, while Dongfeng Group will no longer hold any shares in Dongfeng Shares [3][4]. - The merger involves a two-step process: first, the distribution of 79.67% equity in Lantu Automotive to all shareholders, followed by Lantu's introduction to the Hong Kong Stock Exchange [4]. Group 2: Financial Impact - Following the announcement, Dongfeng Group's shares surged nearly 70% at the opening, closing at HKD 9.2, a 54.1% increase, raising its total market capitalization to HKD 759.24 billion [4]. - The market capitalization prior to the announcement on July 31 was HKD 391.2 billion, indicating a significant increase in investor confidence post-announcement [4].