Core Viewpoint - Hong Kong Travel intends to restructure by spinning off its tourism real estate business into a private company and reducing its share capital from HKD 92.2 billion to HKD 7.2 billion, pending shareholder approval [1][2] Group 1: Business Restructuring - The company plans to separate its tourism real estate assets, including Zhuhai Huaqing Bay, Xianyang Huaqing Bay, Anji Resort, Daqing Airport, and Jintang projects, into a private entity [1] - Shareholders will have the option of receiving either physical shares in the new private company or a cash alternative of HKD 0.336 per share, which is approximately 21.96% of the last closing price of HKD 1.53 [1][2] - The controlling shareholder, China Travel Group, has committed to accept all physical shares and purchase any shares not taken up by other shareholders [1] Group 2: Financial Performance and Impact - The tourism real estate business reported revenues of HKD 6.3 million, HKD 4.6 million, and HKD 1.5 million for 2023, 2024, and the first half of 2025, respectively, with net losses of HKD 4.6 million, HKD 2.4 million, and HKD 1.9 million [2] - The spin-off is expected to reduce debt levels and alleviate the negative impact of the real estate business on overall profitability [2] - The company anticipates a loss of HKD 160 million due to the reclassification of cumulative exchange differences related to the tourism real estate business [2] Group 3: Capital Reduction and Future Outlook - The board proposes to reduce the share capital by HKD 85 billion, which will be allocated to retained earnings for future dividends and other distributions [2] - Hong Kong Travel is positioned as a leading integrated cultural tourism investment and operation platform, with plans for diversified business development in the Greater Bay Area and new projects domestically and internationally [3] - The company maintains its profit forecast, expecting net profits of HKD 270 million, HKD 420 million, and HKD 600 million for 2025-2027, with corresponding P/E ratios of 31, 20, and 14 times [3]

Core Viewpoint - Stellantis has appointed Antonio Filosa as the new CEO after a six-month vacancy, facing significant challenges in the automotive market, particularly in North America and South America [4][5]. Group 1: Leadership Transition - Antonio Filosa, previously COO of the Americas and Global Chief Quality Officer, will officially take over as CEO on June 23 [4]. - John Elkann, the chairman, has been acting as CEO during the transition and praised Filosa's leadership capabilities [5]. - Filosa will announce a new executive team and drive a restructuring of the company [6]. Group 2: Financial Performance - Stellantis reported a net revenue of €156.9 billion in 2024, a 17% decline year-over-year, and a net profit of €5.5 billion, down 70% [6]. - Adjusted operating profit fell to €8.6 billion, a 64% decrease, with the adjusted operating margin dropping from 12.8% to 5.5%, marking a record low [6]. Group 3: Market Challenges - The company is facing a significant decline in market share in the U.S., with a nearly 2% drop and increased dealer inventory [17]. - Stellantis's sales in the U.S. heavily rely on its factories in Mexico and Canada, and the company exported approximately 58,000 vehicles from Europe to the U.S. last year [24][26]. - The company’s industrial cash flow is projected to be negative €6 billion in 2024, compared to €12.9 billion in 2023 [26]. Group 4: Tariff Impact - The Trump administration's tariffs on imported vehicles are expected to reduce Stellantis's profits by 75%, with an estimated loss of $7.1 billion in earnings due to these tariffs [23][21]. - The tariffs have disrupted Stellantis's global operations and encouraged regionalization, complicating the company's supply chain [28]. Group 5: Relationship Management - Filosa is focused on repairing relationships with dealers, suppliers, and the United Auto Workers (UAW) union, which have been strained under previous leadership [30][32]. - The company is implementing price reductions and more aggressive incentives to manage U.S. inventory issues [31]. - Filosa has expressed confidence in reaching a consensus with the UAW, addressing complex issues such as factory closures and layoffs [32].