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].

2025.08. 25 本文字数：923，阅读时长大约1分钟 作者 | 第一财经 黄琳 8月25日晚间，东风集团股份（00489.HK）私有化退市有了新进展。 东风股份（600006.SH）晚间公告，公司间接控股股东东风汽车集团有限公司的全资子公司东风汽 车集团（武汉）投资有限公司（简称"东风投资"）作为吸收合并方，拟与本公司直接控股股东东风集 团股份进行吸收合并。变动后，东风集团股份不再持有东风股份的股份，东风投资成为本公司直接控 股股东，直接持有东风股份55%的股份。 东风科技（600081.SH）晚间公告，间接股东东风集团股份与东风投资签署吸收合并协议，东风投 资作为吸收合并方拟吸收合并东风集团股份。本次吸收合并完成后，东风投资将成为公司间接股东。 东风股份是东风汽车公司轻型商用车板块的股份制公司，而东风科技则是汽车零部件制造商。随着东 风系两家上市公司股东调整，东风集团股份私有化程度进一步加深。 与此前央国企私有化交易不同，东风集团股份此次私有化采用"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， ...