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2026-06-30 11:09:10 TONGCHENGTRAVEL (00780.HK) announced a voluntary conditional cash offer for DIDA INC (02559.HK) at an offer price of HKD1.3875 per share, representing a 9% premium over the latest closing price, involving an offer value of approximately HKD1.42 billion, Citi mentioned in a report. Irrevocable undertakings from five core shareholders have effectively locked in the >50% acceptance threshold, while TONGCHENGTRAVEL intends to maintain DIDA INC's listing status. The broker noted that DIDA INC recorded revenue of RMB502 million and adjusted net profit of RMB138 million in 2025, implying the transaction valuation is equivalent to 10.3x 2025 PE. Citi viewed the deal offers some synergies, including fine-tuning or supplementing TONGCHENGTRAVEL's transportation business, leveraging TONGCHENGTRAVEL's traffic to unlock the value of DIDA INC's large driver network, and potential overlap between DIDA INC's geographical distribution and TONGCHENGTRAVEL's operations. However, given intensifying competition in the ride-hailing industry, DIDA INC's relatively small scale and its financial outlook, the broker questioned how much synergy can ultimately be materialized. Citi maintained its Buy rating on TONGCHENGTRAVEL with a TP of HKD25. ~ AASTOCKS Financial News Website: www.aastocks.com | |