How to calculate the share price of the merger of north and south car

China CSR and China CNR December 30, 2014 evening restructuring announcement, formally announced that the two sides of the south car for the absorption of the north car in the way of merger, the merger of the new company was renamed "China CNR Corporation". The announcement shows that the specific share exchange ratio of this merger is 1:1.1, i.e., every 1 share of China North Vehicle A-share can be exchanged for 1.1 share of China South Vehicle A-share to be issued by China South Vehicle, and every 1 share of China North Vehicle H-share can be exchanged for 1.1 share of China South Vehicle H-share to be issued by China South Vehicle. The aforesaid share exchange ratio was determined after arm's length negotiations between the Merging Parties on the basis of the average trading price of the relevant shares for the 20 trading days prior to the date of the announcement of the first board resolution, taking into account factors such as the historical share price, operating performance, market capitalization and other factors.

Specifically, the market reference prices of CSR's A-shares and H-shares are RMB5.63 per share and HK$7.32 per share, respectively; the market reference prices of CSR's A-shares and H-shares are RMB5.92 per share and HK$7.21 per share, respectively; based on the reference prices and in conjunction with the aforesaid share exchange ratios, the exchange price of CSR's A-shares and the exchange price of CSR's H-shares have been determined as RMB5.63 per share and HK$7.32 per share, respectively. Based on these reference prices and in conjunction with the aforesaid share exchange ratio, the A-share share exchange price and H-share share exchange price of CSR were determined to be RMB5.63/share and HK$7.32/share, respectively, and the A-share share exchange price and H-share share exchange price of CNR were determined to be RMB6.19/share and HK$8.05/share, respectively.

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1. The above information is for reference only and is not intended to be a recommendation.

2. Entering the market involves risks and investment should be cautious.

Answer time: 2021-07-07, the latest business changes please refer to the Ping An Bank official website announcement shall prevail.

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