Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On the 22nd August 2025, SOE-backed <a href="https://www.smartkarma.com/entities/dongfeng-motor-group-co-ltd-h" target="_blank" data-smartkarma-citation="entities:910:1" rel="noopener">Dongfeng Motor (489 HK)</a> announced a privatisation; together with a concurrent listing of its EV arm, VOYAH.</li>
<li>Dongfeng has now released the <a href="https://www1.hkexnews.hk/app/sehk/2025/107757/documents/sehk25100202720.pdf" target="_blank" rel="noopener">application proof for VOYAH</a>, with finances through to July 2025. Of interest, VOYAH is in the black for 7M25.</li>
<li>The market is implying a price-to-trailing-sales of 1.5x for VOYAH versus the basket average of 2.1x.</li>
</ul>


On the 22nd August 2025, SOE-backed Dongfeng Motor (489 HK) announced a privatisation; together with a concurrent listing of its EV arm, VOYAH.
Dongfeng has now released the application proof for VOYAH, with finances through to July 2025. Of interest, VOYAH is in the black for 7M25.
The market is implying a price-to-trailing-sales of 1.5x for VOYAH versus the basket average of 2.1x.


Dongfeng (489 HK): On VOYAH's Updated Financials

<ul>
<li>Back on the 22nd August, SOE-backed <a href="https://www.smartkarma.com/entities/dongfeng-motor-group-co-ltd-h" target="_blank" data-smartkarma-citation="entities:910:1" rel="noopener">Dongfeng Motor (489 HK)</a> announced a privatisation; together with a concurrent listing of its EV arm, VOYAH.</li>
<li>The share price closed up 54% on the first day, ~15% adrift of the independently valued cash + scrip (into VOYAH) under the privatisation.  </li>
<li>Shares have pared back 5% since. VOYAH's peer basket has fallen ~15% on average. The market is implying a price-to-trailing-sales of 1x for VOYAH versus the basket average of 1.9x. </li>
</ul>


Back on the 22nd August, SOE-backed Dongfeng Motor (489 HK) announced a privatisation; together with a concurrent listing of its EV arm, VOYAH.
The share price closed up 54% on the first day, ~15% adrift of the independently valued cash + scrip (into VOYAH) under the privatisation.  
Shares have pared back 5% since. VOYAH's peer basket has fallen ~15% on average. The market is implying a price-to-trailing-sales of 1x for VOYAH versus the basket average of 1.9x. 


Dongfeng (489 HK): Questioning The EV Listing Valuation

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

Chongqing Taiji Industry (Group) A / Equity Bottom-Up

<ul>
<li>According to the disclosure in 25H1 report, CNPGC will still fulfill its commitment to resolving the issue of horizontal competition.So, the merger of China TCM and Taiji remains an option.</li>
<li>Although Taiji’s performance declined sharply in 25H1, the announcement of the stock repurchase indicates that the Company remains optimistic about its prospects and tries to protect the interests of shareholders.</li>
<li>There’s high possibility of performance recovery in 2026.In 2027, Taiji would enter a new round of growth. So, 2025 is the low point, which provides a good opportunity to buy.</li>
</ul>


According to the disclosure in 25H1 report, CNPGC will still fulfill its commitment to resolving the issue of horizontal competition.So, the merger of China TCM and Taiji remains an option.
Although Taiji’s performance declined sharply in 25H1, the announcement of the stock repurchase indicates that the Company remains optimistic about its prospects and tries to protect the interests of shareholders.
There’s high possibility of performance recovery in 2026.In 2027, Taiji would enter a new round of growth. So, 2025 is the low point, which provides a good opportunity to buy.


Chongqing Taiji Industry (Group) (600129.CH) 25H1- CNPGC Commits to Resolving Horizontal Competition

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dongfeng-motor-group-co-ltd-h" target="_blank" data-smartkarma-citation="entities:910:1" rel="noopener">Dongfeng Motor (489 HK)</a> has announced a privatisation; together with a concurrent listing of its EV arm.</li>
<li>The same day as the dual proposals, Dongfeng announced an interim loss (1H25). Evidently, the way forward - from an investor standpoint - is electric, not internal combustion engines. </li>
<li>The cash terms + scrip (into the EV listing) under the proposals are attractive. Even after this morning's move (+53.6%) in Dongfeng's share price.</li>
</ul>



Dongfeng Motor (489 HK) has announced a privatisation; together with a concurrent listing of its EV arm.
The same day as the dual proposals, Dongfeng announced an interim loss (1H25). Evidently, the way forward - from an investor standpoint - is electric, not internal combustion engines. 
The cash terms + scrip (into the EV listing) under the proposals are attractive. Even after this morning's move (+53.6%) in Dongfeng's share price.


Dongfeng (489 HK)'s Privatisation And EV Backdoor Listing

<ul>
<li>The current channel inventory digestion has been ongoing for nearly a year. If the terminal sales data in 25Q3 improves, it is expected to support the revenue recovery in 25Q4.</li>
<li>China TCM and CNPGC had signed relevant agreement on the free transfer of equity. Investors think this is paving the way for the future integration of China TCM and Taiji.</li>
<li>Investors have reignited interest in betting on China TCM's privatization and merger with Taiji .According to Taiji, CNPGC will still fulfill its commitment to resolving the issue of horizontal competition</li>
</ul>


The current channel inventory digestion has been ongoing for nearly a year. If the terminal sales data in 25Q3 improves, it is expected to support the revenue recovery in 25Q4.
China TCM and CNPGC had signed relevant agreement on the free transfer of equity. Investors think this is paving the way for the future integration of China TCM and Taiji.
Investors have reignited interest in betting on China TCM's privatization and merger with Taiji .According to Taiji, CNPGC will still fulfill its commitment to resolving the issue of horizontal competition


Chongqing Taiji Industry (Group) (600129 CH) - Investors Are Betting on the Merger with China TCM

Hong Kong

China Traditional Chinese Medicine Co. Limited, through its subsidiaries, manufactures and sells medicine and pharmaceutical products in China.

China Traditional Chinese Medicine (570 HK)

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China Traditional Chinese Medicine (570 HK)

Dongfeng (489 HK): On VOYAH's Updated Financials

There's been a lot of enthusiasm washing over HK spin-offs lately: Zijin Mining (2899 HK), MINISO (9896 HK), and now Dongfeng. I think Dongfeng is...

David Blennerhassett

Dongfeng (489 HK): Questioning The EV Listing Valuation

Tricky trade. I might've been overly bullish in my initial note. The gross spread (to my implied price) is perhaps ~11%. If not in, I'd be inclined...

David Blennerhassett

Chongqing Taiji Industry (Group) (600129.CH) 25H1- CNPGC Commits to Resolving Horizontal Competition

According to 25H1 report, CNPGC will fulfill its commitment to resolving the issue of horizontal competition. So, the merger of China TCM and Taiji...

Xinyao (Criss) Wang

Dongfeng (489 HK)'s Privatisation And EV Backdoor Listing

If, say, eight months to secure all approvals, delist Dongfeng AND list VOYAH, this is trading at a gross/annual. spread of 19.6%/31.8%; or 11.9%...

David Blennerhassett

Chongqing Taiji Industry (Group) (600129 CH) - Investors Are Betting on the Merger with China TCM

Ongoing channel inventory digestion may lead to revenue recovery in 25Q4. Investors anticipate China TCM's merger with Taiji after China TCM and...

Xinyao (Criss) Wang

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