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>The two proposals are inter-conditional. Key PRC reg pre-approvals (Mofcom/NDRC/SAFE) are now all satisfied. A Composite Doc has been dispatched with an EGM (Scheme-like) vote on the 9th March.</li>
<li>A basket of VOYAH peers are down 26% since the dual proposals were announced. And the peer average P/S &amp; EV/S have dipped to 1.8x from 2.2x since the Offer.</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. 
The two proposals are inter-conditional. Key PRC reg pre-approvals (Mofcom/NDRC/SAFE) are now all satisfied. A Composite Doc has been dispatched with an EGM (Scheme-like) vote on the 9th March.
A basket of VOYAH peers are down 26% since the dual proposals were announced. And the peer average P/S &amp; EV/S have dipped to 1.8x from 2.2x since the Offer.


Dongfeng (489 HK): On VOYAH's Imminent Spin-Off

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>On 9 March, the vote on the <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> comfortably passed. The offer is HK$6.68 per H Share + 0.3552608 VOYAH H Shares per H Share.</li>
<li>
<a href="https://www.smartkarma.com/entities/voyah-automobile-technology-company-ltd" target="_blank" data-smartkarma-citation="entities:47617:1" rel="noopener">VOYAH Automobile Technology Company (7489 HK)</a> is set to be listed on 19 March. At the Dongfeng's last close price of HK$9.54, the implied value of VOYAH is HK$8.05. </li>
<li>Despite the market turmoil, VOYAH’s peers have fared well, up 7% since the vote. My VOYAH valuation range is HK$10.76 to HK$14.01, with a midpoint of HK$12.45.</li>
</ul>


On 9 March, the vote on the Dongfeng Motor (489 HK) comfortably passed. The offer is HK$6.68 per H Share + 0.3552608 VOYAH H Shares per H Share.

VOYAH Automobile Technology Company (7489 HK) is set to be listed on 19 March. At the Dongfeng's last close price of HK$9.54, the implied value of VOYAH is HK$8.05. 
Despite the market turmoil, VOYAH’s peers have fared well, up 7% since the vote. My VOYAH valuation range is HK$10.76 to HK$14.01, with a midpoint of HK$12.45.


Dongfeng Motor (489 HK): Thoughts on VOYAH’s Listing on 19 March

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments: There were no new notable IPOs or placements.</li>
<li>Event-Driven developments: <a href="https://www.smartkarma.com/entities/ijm-corp-bhd" target="_blank" data-smartkarma-citation="entities:16784:1" rel="noopener">Ijm Corp Bhd (IJM MK)</a>, <a href="https://www.smartkarma.com/entities/emmerson-resources-ltd" target="_blank" data-smartkarma-citation="entities:18705:1" rel="noopener">Emmerson Resources (ERM AU)</a>, <a href="https://www.smartkarma.com/entities/national-storage-reit" target="_blank" data-smartkarma-citation="entities:13762:1" rel="noopener">National Storage REIT (NSR AU)</a>, <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>, <a href="https://www.smartkarma.com/entities/avarga-ltd" target="_blank" data-smartkarma-citation="entities:13105:1" rel="noopener">Avarga Ltd (AVARGA SP)</a>. </li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments: There were no new notable IPOs or placements.
Event-Driven developments: Ijm Corp Bhd (IJM MK), Emmerson Resources (ERM AU), National Storage REIT (NSR AU), Dongfeng Motor (489 HK), Avarga Ltd (AVARGA SP). 


Weekly Deals Digest (15 Mar) - Dongfeng, IJM, Emmerson Resources, National Storage REIT, Avarga

<ul>
<li>The vote on <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> offer is on 9 March. The offer is HK$6.68 per H Share + 0.3552608 VOYAH H Shares per H Share.</li>
<li>Valuation uncertainty on the offer value has increased due to two recent developments – the material derating of peers and a significant falloff in VOYAH delivery growth rates in February.</li>
<li>While valuation uncertainty warrants caution, my low-case valuation of the offer is HK$9.87 (4.7% above last close), suggesting limited downside. My high-case valuation is HK$11.18. (18.6% above last close).  </li>
</ul>


The vote on Dongfeng Motor (489 HK) offer is on 9 March. The offer is HK$6.68 per H Share + 0.3552608 VOYAH H Shares per H Share.
Valuation uncertainty on the offer value has increased due to two recent developments – the material derating of peers and a significant falloff in VOYAH delivery growth rates in February.
While valuation uncertainty warrants caution, my low-case valuation of the offer is HK$9.87 (4.7% above last close), suggesting limited downside. My high-case valuation is HK$11.18. (18.6% above last close).  


Dongfeng Motor (489 HK): Valuation Uncertainty Ahead of the Vote

<ul>
<li>I tally 35 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.</li>
<li>One new deals were discussed on Smartkarma this week: Bain re-reloads an Offer for <a href="https://www.smartkarma.com/entities/echo-marketing" target="_blank" data-smartkarma-citation="entities:29194:1" rel="noopener">Echo Marketing (230360 KS)</a>.</li>
<li>Key updates/news also took place on: <a href="https://www.smartkarma.com/entities/insignia-financial-ltd" target="_blank" data-smartkarma-citation="entities:12349:1" rel="noopener">Insignia Financial (IFL AU)</a>, <a href="https://www.smartkarma.com/entities/ferretti-spa" target="_blank" data-smartkarma-citation="entities:28335:1" rel="noopener">Ferretti SpA (9638 HK)</a>, <a href="https://www.smartkarma.com/entities/bright-smart-securities-commodities-group" target="_blank" data-smartkarma-citation="entities:20511:1" rel="noopener">Bright Smart Securities (1428 HK)</a>, and <a href="https://www.smartkarma.com/entities/inforich-inc" target="_blank" data-smartkarma-citation="entities:46391:1" rel="noopener">Inforich (9338 JP)</a>.</li>
</ul>


I tally 35 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
One new deals were discussed on Smartkarma this week: Bain re-reloads an Offer for Echo Marketing (230360 KS).
Key updates/news also took place on: Insignia Financial (IFL AU), Ferretti SpA (9638 HK), Bright Smart Securities (1428 HK), and Inforich (9338 JP).


Asia-Pac M&A Weekly Wrap: Insignia Financial, Ferretti SpA, Bright Smart Securities, Echo Marketing

China

Dongfeng Motor Group is a major Chinese automotive manufacturer engaged in the research, development, production, and sale of commercial and passenger vehicles, engines, and auto parts. The company offers a wide range of vehicles, including trucks, buses, sedans, SUVs, and new energy vehicles, alongside providing financing services. It is headquartered in Wuhan, China, and was founded in 1969.

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Dongfeng Motor (489 HK)

Dongfeng (489 HK): On VOYAH's Imminent Spin-Off

Tough space getting tougher. XPeng (9868 HK) reported 1Q26 losses widened 169% to RMB1.78bn on lower vehicle deliveries. This follows widening 1Q26...

David Blennerhassett