SOE Speed Deified! AVATR Breaches Hong Kong Stocks in 4 Months, Industry Shaken

On March 19th, Hong Kong Stock Exchange welcomed a heavyweight player—Lantu Auto officially listed, using an innovative approach of “introducing the listing + share allocation + merger,” earning the title of “Hong Kong’s top high-end new energy vehicle stock owned by central state-owned enterprises.” From filing to ringing the bell took only four months. Behind this “central enterprise speed” are not only Lantu’s own growth ambitions but also a clear strategy for traditional central and state-owned enterprises to break through in the new energy sector. As the industry moves away from “scale competition” toward “efficiency first,” Lantu’s decision to go public is a crucial step in its own breakthrough and provides a practical, replicable solution for similar state-owned enterprises’ transformation. Its long-term value deserves industry-wide careful consideration.

Lantu Going to Hong Kong, Aiming to Lead the State-Owned Enterprise Sector

Lantu knocking on the doors of the Hong Kong Stock Exchange is no coincidence but a resonance of Dongfeng Group’s capital strategy of “transforming the cage and changing the bird” and Lantu’s own development needs. The core goal is to break development bottlenecks and strengthen long-term competitiveness.

Valuation reshaping is undoubtedly the core purpose of this listing. As the key player in Dongfeng Group’s high-end new energy layout, Lantu’s high growth potential and development prospects have not been fully reflected in the group’s overall valuation system. Like a hidden gem wrapped up, it urgently needs an independent stage to shine.

Lantu’s own strength has long supported this confidence. As one of the fastest profitable new energy vehicle companies in the industry, with 2025 revenue of 34.86 billion yuan, net profit of 1.02 billion yuan, and a gross margin of 20.9%, far exceeding industry averages. After listing independently, it can break free from traditional valuation frameworks, directly benchmark high-valued new energy players like Tesla, NIO, Xpeng, and Li Auto, and build its own high-growth valuation system. This also helps state capital preserve and increase value, achieving multiple benefits.

Capital empowerment and brand upgrading are two key drivers of Lantu’s listing. Unlike traditional IPOs that “raise funds through listing,” Lantu chose an “introducing listing,” without issuing new shares or raising immediate capital, successfully unlocking an independent platform in the international capital market—equivalent to obtaining a “long-term financing passport” in advance.

In the future, Lantu can flexibly conduct equity financing and bond issuance, completely freeing itself from dependence on the parent company’s funds, providing stable and sufficient financial support for R&D of cutting-edge technologies like L3 autonomous driving and solid-state batteries. More importantly, backed by Hong Kong’s status as an international financial hub, Lantu can further strengthen its “national team” high-end brand image, enhance international influence, and accelerate the transition from “China’s Lantu” to “the world’s Lantu,” paving the way for global expansion.

This listing is also a vivid practice of SOE reform. Dongfeng Group’s move to spin off Lantu for listing and privatize itself to delist resources, focusing core strength on new energy and intelligent sectors, has created a new path of “parent company delisting + subsidiary listing” for SOE reform. For Lantu, after going public independently, it can establish a clearer corporate governance structure, reduce group interference, introduce more flexible equity incentive mechanisms, attract high-end talent, and improve decision-making and operational efficiency—perfectly matching the fast iteration and high competition of the new energy industry.

Lantu’s Listing Shakes the Industry

Lantu’s listing in Hong Kong is fundamentally a strategic investment with benefits far outweighing drawbacks. It has built three core supports—valuation, capital, and governance—and also offers valuable lessons for the entire industry. The so-called “challenges” are merely necessary steps on the growth path and the driving force for continuous improvement.

The long-term benefits of listing are already evident in Lantu. On the product side, the Lantu Taishan X8, launched simultaneously on listing day, along with four new models planned for 2026—including the L3 autonomous driving Taishan Ultra and flagship MPV “Zhu Feng”—will further complete the full-category product matrix and strengthen competitiveness in the high-end market. The brand endorsement and capital support from listing will accelerate the marketization of these high-quality products, allowing more consumers to see Lantu’s solid strength.

In terms of globalization, leveraging Hong Kong’s hub advantage, Lantu can significantly reduce cross-border financing costs, accelerate expansion into key Belt and Road markets, and steadily move toward the goal of entering 60 countries and surpassing 500,000 overseas sales by 2030. It has already entered over 40 countries and regions, laying a solid foundation.

In technology, an independent financing platform will safeguard Lantu’s R&D investment. Among its 5,828 patents, 85.35% are invention patents, which will gradually translate into tangible market competitiveness.

Lantu’s listing also carries an irreplaceable symbolic significance for the industry. It has broken the stereotype of “slow transformation of high-end new energy by central SOEs,” proving through action that SOEs can leverage their deep state-owned assets and market mechanisms to achieve breakthroughs in high-end new energy. It provides a replicable, practical example for other SOEs to revitalize assets and focus on core businesses. At a time when industry valuations are returning to rationality and capital increasingly values profitability resilience, Lantu’s profitable debut on HKEX sets a benchmark of “benefit first,” promoting a steady shift from “rough growth” to “high-quality development.”

As a newly independent listed entity, Lantu will inevitably face some challenges on its growth journey, but these challenges are precisely the motivation for ongoing optimization and upgrading. With a solid profit base, clear product plans, and strong technological reserves, Lantu is gradually gaining broad market recognition. Coupled with a complete product matrix, leading technology, and the backing of a state-owned background, it is fully capable of responding to industry competition, leveraging Hong Kong’s platform to steadily advance global expansion, and continuously enhancing its core competitiveness.

Automotive Web Review: Lantu’s listing in Hong Kong is a key leap in the transformation of central SOEs into high-end new energy vehicles. Relying on the valuation, capital, and governance advantages unlocked by listing, it will continue to push forward on the path of high-end and global development, injecting strong momentum. As an industry benchmark, Lantu’s exploration will also accelerate other SOEs’ transformation into new energy, helping China’s automotive industry achieve high-quality upgrading.