Core Viewpoint - HSBC Holdings announced a plan to privatize Hang Seng Bank at a premium of over 30%, leading to a 25.88% surge in Hang Seng Bank's stock price on the same day, highlighting a growing trend of privatization in the Hong Kong stock market [1] Group 1: Privatization Trends - There have been over 20 privatization-related cases in the Hong Kong stock market this year, spanning various sectors including finance, real estate, and consumer goods [1] - The privatization activities are reshaping the equity structure of listed companies and serve as a key window to observe market valuation logic and capital movements [1] Group 2: Market Reactions - The announcement by HSBC triggered significant market interest in privatization, as evidenced by the immediate stock price reaction of Hang Seng Bank [1] - The performance of stocks related to privatization varies significantly, with some companies experiencing drastic changes in their stock prices [1]

证券时报记者 钟恬 来源：证券时报 股价"拯救者" Wind的统计显示，今年以来，港股市场已有21家上市公司因私有化退市，包括北京建设、复星旅游文 化、粤丰环保、中粮包装、首创钜大等。相较于进行中的案例，那些已完成私有化退市的企业，更清晰 地展现了退市前的股价路径——在低估值与流动性不足的双重压力下，私有化要约成为股价的"拯救 者"，多数企业在退市前实现估值修复。 10月9日，汇丰控股宣布拟溢价超30%私有化恒生银行，当日恒生银行股价应声暴涨25.88%，引爆市场 对港股私有化热潮的关注。 据不完全统计，今年以来港股市场已出现20多起私有化相关案例，涵盖金融、地产、消费等多个领域。 从央企背景的大悦城地产到老牌消费企业金利来集团，从北京建设溢价2.5倍退市，到金利来集团反对 票超四成的失败，相关公司股价表现迥异：私有化不仅重塑着上市公司股权结构，也成为观察市场估值 逻辑与资本动向的最佳窗口。 私有化动作频频 在2025年的私有化赛道上，头部企业的动作始终牵引着市场目光。无论是金融巨头的内部整合，还是央 企平台的战略收缩，私有化方案一经披露，往往引发股价的脉冲式上涨。 作为港股市场的"蓝筹标杆"，恒生银行的私有 ...

Core Viewpoint - Dongfeng Motor Group Co., Ltd. is implementing a strategic maneuver to address valuation issues by privatizing its shares while simultaneously introducing its subsidiary, Lantu Automotive, to the Hong Kong stock market through a listing by introduction [1][2]. Group 1: Capital Structure Optimization - The transaction structure involves a combination of "equity distribution + absorption merger," where Dongfeng Group distributes 79.67% of its shares in Lantu to all shareholders before Lantu's listing in Hong Kong [2]. - The overall acquisition price for Lantu is set at HKD 10.85 per share, comprising a cash payment of HKD 6.68 and an equity payment of HKD 4.17 [2]. - The privatization aims to resolve the long-standing issue of valuation discrepancies faced by Dongfeng Group, which has seen its market capitalization stagnate at HKD 39.12 billion with a price-to-book ratio of only 0.25 [4]. Group 2: Lantu Automotive's Growth Potential - Lantu Automotive has shown significant growth, with vehicle deliveries reaching 85,697 units in 2024, a year-on-year increase of approximately 70% [4]. - The company has achieved a monthly sales volume exceeding 10,000 units for five consecutive months since 2025, with July deliveries surpassing 12,000 units [4]. - Lantu's strong performance is expected to enhance Dongfeng Group's valuation post-listing, shifting the valuation logic away from its previous low estimates [4][10]. Group 3: Strategic Development Opportunities - Lantu Automotive is positioned to leverage independent listing to access direct financing, with R&D investment projected to reach 8% of revenue, totaling HKD 8.6 billion in 2024 [8]. - The company plans to establish 200 supercharging stations by the end of 2025 and aims to enhance its technological capabilities significantly [8]. - Lantu's global strategy is accelerating, with a 205% year-on-year increase in overseas orders in Q1 2025 and plans to enter 60 countries by 2030 [8]. Group 4: Governance and Management Transformation - The independent listing will allow Lantu to have a more autonomous board and governance structure, enabling quicker decision-making in product development and market strategies [9]. - The implementation of a stock incentive plan is expected to attract and retain high-end talent, fostering a more market-oriented operational approach [9]. - The transition from a centrally managed enterprise to a market-responsive technology company is anticipated to enhance Lantu's operational efficiency and responsiveness to user demands [9].

Core Viewpoint - The privatization of Haitong International Securities Group Limited by its parent company Haitong Securities is a strategic move in response to significant financial losses and market pressures, with a proposed buyout price reflecting a substantial premium over its recent trading price [1][2][3]. Group 1: Privatization Details - Haitong International's privatization offer is set at HKD 1.52 per share, representing a premium of approximately 114% over its last closing price of HKD 0.71 before suspension [2][3]. - The total cash consideration for the privatization is estimated to be around HKD 34.70 billion, covering approximately 2.283 billion shares [2][3]. - The privatization plan will result in Haitong International being delisted from the Hong Kong Stock Exchange [2][3]. Group 2: Financial Performance - Haitong International has faced significant financial challenges, with projected net losses of approximately HKD 64 billion to HKD 66 billion for 2022, attributed to market volatility and declining commission revenues [3][4]. - The company's net profit has declined sharply from HKD 30.29 billion in 2017 to a loss of HKD 65.41 billion in 2022, indicating a downward trend in profitability since 2021 [3][4]. - The financial difficulties have impacted the company's ability to raise funds, leading to increased scrutiny from the market regarding its financial health [4]. Group 3: Parent Company Stability - Haitong Securities, the parent company, reported a robust financial position with a revenue of HKD 169.68 billion and a net profit of HKD 38.3 billion for the first half of 2023 [5][6]. - The company's total assets were reported at HKD 762.39 billion, with a net asset value of HKD 167.02 billion as of June 30, 2023 [6]. - Haitong Securities' liquidity ratios are well above regulatory requirements, indicating a strong capacity to manage financial risks associated with the privatization [6]. Group 4: Market Context - The trend of privatization in the Hong Kong market has been notable, with over five companies successfully completing privatization this year, including notable names like Dali Foods and Yashili [6]. - Industry analysts suggest that privatization decisions are often driven by strategic considerations, including cost savings, competition avoidance, and addressing low stock liquidity and valuation issues [6].