Core Viewpoint - Dongfeng Group's stock performance has been declining due to the transformation of the automotive industry and intensified market competition, leading to a significant loss of its financing capability as its market value remains below net asset levels [2][3] Summary by Sections Company Performance - As of July 31, 2025, Dongfeng Group's closing price was HKD 4.74 per share, with a price-to-book ratio of only 0.24 times, indicating a long-term market value below net assets [2] - In contrast, the new energy vehicle sector is viewed positively by the capital market, with companies like BAIC Blue Valley having a price-to-book ratio of 9.28 times [2] Privatization Plan - Dongfeng Group plans to delist by distributing its shares in Lantu Automotive to shareholders and merging with Dongfeng Group [2][3] - Shareholders will receive 0.3552608 shares of Lantu Automotive per Dongfeng share, valued at approximately HKD 4.17 per share, along with a cash compensation of HKD 6.68 per share for the canceled H shares [3][6] Shareholder Concerns - Despite the privatization price of HKD 10.85 being approximately 82% higher than the market price on August 8, some minority shareholders believe this does not adequately reflect the value of the new energy business [6][7] - The theoretical total value of the privatization is about 45% lower than the company's book value per share of HKD 19.73, leading to dissatisfaction among shareholders [6] Market Competition and Future Outlook - Lantu Automotive's future as an independent entity post-listing is uncertain, particularly due to its historically narrow product range and lack of mainstream models [3][7] - Lantu's CEO claims strong market positioning in the MPV segment, with the Lantu Dreamer achieving significant sales, but other models like the Lantu FREE have underperformed [7][9] - The Lantu FREE, positioned in the high-end SUV market, has seen sales of only 10,158 units in the first half of 2025, significantly trailing competitors like the Li Auto L6 [10][11] Product Strategy - Lantu has launched four models, with the Lantu Dreamer accounting for 66% of total sales, while other models have not met expectations [9] - The competitive landscape for the Lantu FREE is challenging, with established players like Tesla and Li Auto dominating the market [11][12] - The MPV market is becoming increasingly competitive, with new entrants and a decline in market share for MPVs overall [12][13]

2023年深秋，在东风智能新能源品牌SHOW上，东风公司表示坚持把发展新能源汽车作为转型升级的重要方向，加快推进"转型升级三年行动"。 2025年初秋，东风公司宣布将推动旗下新能源品牌岚图汽车登陆港交所，同时，完成港股东风集团股份（0489.HK）的私有化退市。 一上一下，一进一退，岚图汽车成功"接棒"东风集团股份，成为东风汽车在深入"东方风起"计划和科技创新"跃迁行动"上的又一里程碑。 正如东风集团股份在公告中所述："东风集团股份市值长期低于净资产水平，基本失去作为H股上市平台的融资功能。"而旗下高端新能源品牌岚图汽车业绩 表现亮眼，正是需要借助香港资本市场进一步提升核心竞争力。 （截图源自：岚图汽车） 东风集团股份的"腾笼换鸟"，堪称一步"以退为进"的妙棋：一方面是为东风汽车集团的业务转型减少因资本市场带来的束缚；另一方面是让岚图汽车摆脱了 母公司东风集团股份长期被低估的市值压力。 而更重要的是，此举能腾出足够的向上发展空间，让更具发展潜力的岚图汽车走向世界，参与国际资本的竞争。 8月22日晚，东风集团股份公告，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。本次交易将采用"股权 ...

Core Viewpoint - Geely Auto has submitted a privatization proposal for Zeekr, aiming to acquire the remaining 34.4% of shares to make Zeekr a wholly-owned subsidiary and delist it from the NYSE, with a proposed purchase price of $25.66 per share, representing a 13.6% premium over the last closing price of $22.6 [1][2][18]. Summary by Sections Acquisition Details - Geely currently holds approximately 65.7% of Zeekr's equity and plans to buy the remaining shares from minority shareholders [1]. - The acquisition price of $25.66 per share is a significant premium compared to Zeekr's recent trading price [1]. - Shareholders have the option to receive cash or exchange their shares for Geely stock at a ratio of 12.3 shares of Geely for each Zeekr ADS [1][2]. Reasons for Privatization - Zeekr's valuation is perceived to be significantly lower than that of other new energy vehicle companies, with a P/S ratio of 0.9 compared to competitors like Xiaopeng at 1.5 [3][5]. - The market has consistently undervalued Zeekr, leading to the decision for privatization as a means to address this issue [5]. - Zeekr's reliance on Geely for resources and production has resulted in a high debt-to-asset ratio, which is unattractive to investors [6][8]. Financial Implications - The total acquisition cost is estimated at $2.24 billion, which could exert cash flow pressure on Geely, as it represents 37% of its cash flow as of the end of 2024 [18]. - Geely plans to finance the privatization through a combination of new stock issuance, cash reserves, and debt financing if necessary [2][18]. Strategic Considerations - Geely aims to enhance internal resource integration and operational efficiency post-privatization, addressing internal conflicts and improving competitiveness [17]. - The merger with Lynk & Co. has not gone as planned, with ongoing production of fuel vehicles potentially confusing the brand's positioning in the electric vehicle market [10][16]. - Zeekr's declining sales and competitive position in the market have raised concerns about its future viability, necessitating a strategic overhaul [12][15].