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<Research>M Stanley: Concerns Raised Over TONGCHENGTRAVEL (00780.HK)'s Subscription of DALIAN SUNASIA's Shrs; TP $27
DALIAN SUNASIA (600593.SH) announced that a subsidiary of TONGCHENGTRAVEL (00780.HK) plans to subscribe to its newly issued shares for RMB956 million, according to Morgan Stanley&#...
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<Research>M Stanley: Concerns Raised Over TONGCHENGTRAVEL (00780.HK)'s Subscription of DALIAN SUNASIA's Shrs; TP $27
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STOCK INFO

DALIAN SUNASIA (600593.SH)  -0.990 (-3.100%)   announced that a subsidiary of TONGCHENGTRAVEL (00780.HK)  -0.260 (-1.320%)    Short selling $37.82M; Ratio 16.047%   plans to subscribe to its newly issued shares for RMB956 million, according to Morgan Stanley's research report.

Upon completion of the transaction, TONGCHENGTRAVEL will hold a 23% stake and 31% voting rights in DALIAN SUNASIA, becoming the ultimate controlling party.

Related NewsUBS Predicts Dalian Sunasia Shr Subscription to Boost TONGCHENGTRAVEL's 2026 Rev. by Max. 3%, But Investors Still on Sidelines
Due to asset impairment, the Company has been in a net loss position for the past 2 years, but excluding this factor, it is barely profitable. The broker believed that this controlling investment in a SOE with poor profitability and heavy assets raised concerns about TONGCHENGTRAVEL's M&A strategy.

Therefore, Morgan Stanley rated TONGCHENGTRAVEL at Overweight, with a target price of $27.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-08-01 16:25.) (A Shares quote is delayed for at least 15 mins.)

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