雷递网 雷建平 8月23日 继蔚来、理想汽车、小鹏汽车、零跑汽车之后，港股将再次迎来一家新能源汽车企业上市。 东风集团股份（0489.HK）昨日发布公告称，旗下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，第一步，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，岚图汽 车再以介绍上市方式登陆港交所。 第二步，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。 岚图汽车将以介绍上市方式登陆港股 根据建议交易，东风集团股份H股股东将通过分派及介绍上市，就于分派记录日期持有的每股H股获发0.3552608股岚图H股。此外，H股股东（东风公司 直接持有的H股除外）每股H股将以现金方式收取港币6.68元注销价。 根据估值顾问按估值参考汇率估算2025年7月31日岚图H股估值范围中位数每股港币11.735元计算，建议交易中每股H股分派及介绍上市所获0.3552608股岚 图H股的理论价值 ...

Core Viewpoint - Dongfeng Group Holdings (00489.HK) is undergoing significant changes, including the privatization and delisting of Dongfeng Group Holdings and the introduction of its subsidiary, Lantu Automotive, to the Hong Kong stock market through a listing by introduction [2][4]. Group 1: Transaction Details - The transaction involves 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 listing [2]. - The overall acquisition price is set at HKD 10.85 per share, comprising a cash consideration of HKD 6.68 and an equity consideration of HKD 4.17 [2]. Group 2: Financial Performance and Valuation - As of July 31, 2025, Dongfeng Group's total market capitalization is HKD 39.12 billion, with a closing price of HKD 4.74 per share, resulting in a price-to-book (PB) ratio of 0.25 [4]. - Lantu Automotive has shown promising growth, with a significant reduction in losses, moving towards profitability, with a projected tax pre-loss of HKD 2.43 billion in 2024, down from HKD 19.8 billion in 2023 [6][7]. Group 3: Strategic Importance of Lantu Automotive - Lantu Automotive is positioned as a high-end smart electric vehicle brand and is considered one of Dongfeng's most valuable and growth-oriented assets [4]. - The company aims to achieve annual sales of 200,000 vehicles, having sold approximately 56,100 vehicles in the first half of the year, marking an 85% year-on-year increase [7]. - The listing is expected to enhance Lantu's financing channels, brand image, and international expansion, potentially unlocking significant value creation opportunities [8].

Core Viewpoint - Sais Group has successfully introduced strategic investors into Sais Automotive, completing a capital increase of 5 billion yuan, while maintaining control over the company [2][3][4]. Group 1: Strategic Investment - Sais Automotive has attracted several strategic investors, including ICBC Financial Asset Investment Co., Ltd. and CCB Financial Asset Investment Co., Ltd., each investing 1 billion yuan, contributing to a total of 5 billion yuan from various investors [3]. - The capital increase has been officially registered, and Sais Automotive has received the investment funds as of June 23, 2025 [3][4]. Group 2: Shareholding Structure - Post-capital increase, Sais Group holds 93.6328% of Sais Automotive, while other investors hold smaller stakes, including 1.0404% by both ICBC Financial and CCB Financial [4][5]. - The complete shareholding structure shows that the remaining investors hold a combined total of 6.3672% [5]. Group 3: Upcoming IPO - Sais has submitted its prospectus and is preparing for an IPO on the Hong Kong Stock Exchange, potentially becoming the next electric vehicle company to list after several notable peers [6]. Group 4: Recent Acquisition - In early 2025, Sais Group completed the acquisition of Longsheng New Energy for 8.164 billion yuan, enhancing its capabilities in the electric vehicle sector [7][8]. - Longsheng New Energy is positioned as a key player in the smart connected electric vehicle industry, with significant assets including a "super factory" designed for automated production [11]. Group 5: Financial Performance - As of the latest closing, Sais's stock price is 132.89 yuan, with a market capitalization of 217.058 billion yuan [11].