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🇭🇰 港交所DIDA INCCodex · 实盘不做把握 7/10
北京时间·🕒 发布 18:56:00时区推断·⟳ 抓取 18:57:16·⚡ 决策 08-05 22:32:52 +3h35m·82.9 天前

同程旅行旗下艺龙对嘀嗒出行的全面现金要约已全方面无条件但剩余价差过窄

嘀嗒出行要约已于2026年8月5日全方面无条件,已获51.74%有效接纳并越过50%门槛,剩余股东可在8月21日前继续接纳。

📄 原文DIDA INC↗ 原文
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the con…
不做 嘀嗒出行(02559.HK)
要约无条件化本身正面,但最新收盘1.38港元距1.3875港元现金要约价仅0.54%毛价差,扣除交易成本、印花税、接纳结算和时间成本后无正期望;高相似先例也只显示贴近现金价横盘,不做。
不做 同程旅行(00780.HK)
收购要约、融资和战略协同已在6月29日披露,本次只是目标公司要约条件落地,对同程旅行短线收入利润和市值重定价弹性不足。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)

研究档案

🔎 新鲜度:最早出现 2026-08-05 · 扩散 low · price-in 风险 high ↗ ↗

消息传播链

  1. 2026-08-05 18:56 HK官方确认/否认HKEX一手源原文 ↗
    联合公告确认有效接纳达到51.74%,全部条件已满足,要约全方面无条件并开放至8月21日。
    市场反应:公告在港股收盘后发布;嘀嗒出行8月5日收盘1.38港元,已接近1.3875港元现金要约价。

关键理由

  • 嘀嗒出行要约已于2026年8月5日全方面无条件,已获51.74%有效接纳并越过50%门槛,剩余股东可在8月21日前继续接纳。
  • 特别股息已于7月17日除权,当前新买入只交易剩余每股1.3875港元现金要约;Futu最新收盘价1.38港元,仅剩约0.54%毛价差。
  • 高相似港股现金要约无条件化先例显示,无条件化后多是贴近现金价横盘,若当前价差已小于交易成本和接纳结算摩擦,不再有可执行正期望。

主要风险

  • 若次日开盘意外回落至1.33港元以下,现金要约折价套利空间会重新出现,但需另行按新价格重判。
  • 新买家已无权享有1.1745港元特别股息,且必须按要约流程及时提交接纳文件,否则现金价差可能被手续、时间和结算成本侵蚀。

反向证据

  • 做多前查反向 · 来源 stock_quote · 日期 2026-08-05 · 影响 invalidates
    Futu最新收盘价1.38港元,距离1.3875港元现金要约价仅约0.54%毛价差,扣除成本和接纳结算摩擦后不支持开多。
    检索:02559.HK stock_quote full offer price 1.3875 current price 2026-08-05
  • 做多前查反向 · 来源 web · 日期 2026-07-16 · 影响 weakens
    公司预期2026年上半年收入同比下降约39.4%至45.2%,并由盈转亏约5920万至6540万元人民币;这是基本面负面,但现金要约无条件化后主要影响尾部信心。
    检索:Dida Inc 02559 profit warning July 16 2026 loss 2026 interim offer risk 原文 ↗
  • 做多前查反向 · 来源 filing · 日期 2026-08-05 · 影响 supports
    未发现官方否认或撤回;当前公告确认全部条件满足并维持开放接纳至8月21日。
    检索:Dida share offer unconditional all conditions satisfied 51.74% acceptance 5 August 2026 原文 ↗

先例如何影响了这次决策

对本次决策的影响:先例叠加真实报价把首轮ENTER改为AVOID:事件方向仍正面,但当前价差过窄,已无可执行正期望。

方向:高相似层只有维达国际,+1日-0.21%、+3日+0.21%、+5日0.00%,超额收益为负;中相似样本虽有上涨但多由小盘、毫子股或题材属性驱动。

涨幅量级:decision_grade样本仅1条且3日中位+0.21%、5日0.00%,不足以覆盖当前1.38港元买入到1.3875港元的0.54%毛价差交易成本。

形态:现金要约无条件化后,高相似案例多贴近现金价横盘;抢跑样本如01145.HK数日后回吐,说明公告后剩余空间主要取决于未收窄价差。

历史先例(按相似度)

  • 相似度 8/10 03331.HK 2024-03-11 维达国际现金要约获72.61%接纳、条件全部达成,要约价23.5港元。 原文 ↗
    事件后 +1日 -0.2% · +2日 -0.2% · +3日 +0.2% · +4日 +0.0% · +5日 +0.0%
    相似度依据:同市场、盘后公告、现金要约全部无条件且要约价锁定,维达规模更大且强制收购概率更高。
    经验:大市值现金要约在无条件化后通常贴近要约价横盘,剩余收益主要是折价而非趋势。
  • 相似度 6/10 01875.HK 2026-03-17 药明合联对东曜药业现金要约达60%接纳并无条件,维持上市地位。 原文 ↗
    事件后 +1日 +3.7% · +2日 +20.8% · +3日 +20.8% · +4日 +17.3% · +5日 +26.3%
    相似度依据:同为港股现金要约无条件且维持上市,但东曜药业有医药控股权重估和低流动性题材炒作,非纯套利。
    经验:小盘标的无条件化可能被资金当控股权题材炒作,但这种涨幅不能用于现金价差套利目标。
  • 相似度 6/10 00616.HK 2021-04-07 Eminence Enterprise现金要约达50.99%投票权并宣布无条件。 原文 ↗
    事件后 +1日 +0.0% · +2日 +0.0% · +3日 +1.0% · +4日 +0.0% · +5日 +0.0%
    相似度依据:同为港股现金要约刚过50%门槛并无条件,价格接近锁定现金价;但该标的流动性更弱。
    经验:只刚过50%且仍维持上市的现金要约,公告后常只剩一两个点以内的价差收敛。
  • 相似度 5/10 00768.HK 2025-05-28 UBA Investments强制有条件现金要约达64.77%权益并无条件,仍维持上市。 原文 ↗
    事件后 +1日 +9.5% · +2日 +16.7% · +3日 +16.7% · +4日 +4.8% · +5日 +7.1%
    相似度依据:同为港股要约无条件,但UBA是毫子股、报价跳点导致百分比失真,交易机制弱可比。
    经验:极低价毫子股的无条件化涨幅常由最小报价单位放大,不能用来给正常价差票定目标。
  • 相似度 5/10 01145.HK 2025-02-04 勇利投资自愿有条件现金要约达门槛并无条件,继续开放接纳。 原文 ↗
    事件后 +1日 +1.5% · +2日 +3.7% · +3日 +3.7% · +4日 -1.5% · +5日 -3.7%
    ⚠锚前1-2日已异动12.5%>锚定日1.5% — 该行涨幅别用来定止盈止损
    相似度依据:同为港股现金要约无条件,但锚前已异动且源未回溯到HKEX直链,可比性受损。
    经验:若无条件化前已经抢跑,公告后即便短冲也容易在数日内回吐。
工具调用 · 历史记录,结果未知(4 种)
  • search_processed_events · 结果未知
  • stock_quote · 结果未知
  • search_case_library · 结果未知
  • event_study · 结果未知

原文全文

展开原文 · 11,467 字
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this joint announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this joint announcement.

This joint announcement is for information purposes only and does not constitute an invitation or offer to acquire, purchase or subscribe for securities of the Company nor is it a solicitation of any vote or approval in any jurisdiction. This joint announcement is not for release, publication or distribution, in whole or in part, in, into or from any jurisdiction where to do so would constitute a violation of the applicable laws or regulations of such jurisdiction.

# Tongcheng Travel Holdings Limited 同 程 旅 行 控 股 有 限 公 司

# Dida Inc.

(Incorporated in the Cayman Islands with limited liability)

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 0780)

(Stock Code: 02559)

# eLong, Inc.

(Incorporated in the Cayman Islands with limited liability)

# JOINT ANNOUNCEMENT

# VOLUNTARY CONDITIONAL GENERAL CASH OFFER BY NOMURA INTERNATIONAL (HONG KONG) LIMITED ON BEHALF OF THE OFFEROR TO ACQUIRE ALL THE ISSUED SHARES IN DIDA INC.

# (1) LEVEL OF ACCEPTANCE (2) THE SHARE OFFER HAS BECOME UNCONDITIONAL IN ALL RESPECTS AND (3) THE SHARE OFFER REMAINS OPEN FOR ACCEPTANCE

# Exclusive Financial Adviser to the Offeror

Independent Financial Adviser to the Independent Board Committee

References are made to (i) the announcement jointly issued by eLong, Inc. (the “Offeror”), Tongcheng Travel Holdings Limited (the “Offeror Parent”) and Dida Inc. (the “Company”) on 29 June 2026 in relation to, among other things, the voluntary conditional general cash offer by Nomura International (Hong Kong) Limited on behalf of the Offeror to acquire all the issued shares in the Company (the “Rule 3.5 Announcement”); and (ii) the composite document dated 31 July 2026 jointly issued by the Offeror, the Offeror Parent and the Company in relation to the Share Offer (the “Composite Document”). Unless otherwise defined, capitalised terms used in this joint announcement shall have the same meanings as those defined in the Composite Document.

LEVEL OF ACCEPTANCE As at 4:30 p.m. on Wednesday, 5 August 2026, the Offeror has received valid acceptances in respect of a total of 530,964,256 Offer Shares (the “Acceptance Share(s)”) under the Share Offer, (representing approximately 51.74% of the total issued share capital of the Company as at the date of this joint announcement), which comprise acceptances in respect of (i) 320,546,403 Shares subject to the Irrevocable Undertaking executed by 5brothers; (ii) 168,888,700 Shares subject to the Irrevocable Undertaking executed by Leap Profit; (iii) 40,368,557 Shares subject to the Irrevocable Undertaking executed by Smart Canvas Investment Limited and (iv) 1,160,596 Shares subject to the Irrevocable Undertaking executed by Star Celestial Holdings Limited. THE SHARE OFFER HAS BECOME UNCONDITIONAL IN ALL RESPECTS

As set out in the Composite Document, the Share Offer is conditional upon, among others, the Offeror having received valid acceptances of the Share Offer (and, where permitted, such acceptances not having been withdrawn) by 4:00 p.m. on the Closing Date which will result in the Offeror and persons acting in concert with it holding more than 50% of the voting rights in the Company as at the Closing Date (the “Acceptance Condition”).

Taking into account the Acceptance Shares (subject to the completion of the transfer of these Acceptance Shares to the Offeror), the Offeror and persons acting in concert with it are interested in an aggregate of 530,964,256 Shares, representing approximately 51.74% of the total issued share capital of the Company as at the date of this joint announcement. Therefore, the Acceptance Condition has been satisfied as at the date of this joint announcement.

Apart from the Acceptance Condition, all other Conditions as set out in the Composite Document have also been satisfied as at the date of this joint announcement.

Accordingly, all Conditions set out in the section headed “CONDITIONS OF THE SHARE OFFER” in the “Letter from Nomura” in the Composite Document have been satisfied, and the Offeror announces that the Share Offer has become unconditional in all respects on 5 August 2026.

As disclosed in the Rule 3.5 Announcement, pursuant to the Irrevocable Undertakings, each of the Undertaking Shareholders has irrevocably undertaken to the Offeror to accept the Share Offer on or prior to the Closing Date in respect of all the Shares held by each of them, respectively, representing an aggregate of 551,148,534 Shares and approximately 53.70% of the issued share capital of the Company as at the date of this joint announcement.

Save for (i) the Acceptance Shares (which comprise acceptances in respect of 530,964,256 Shares subject to the Irrevocable Undertaking executed by 5brothers, Leap Profit, Smart Canvas Investment Limited and Star Celestial Holdings Limited) as disclosed above, and (ii) the remaining 20,184,278 Shares subject to the Irrevocable Undertaking executed by the remaining Undertaking Shareholder (i.e. NBNW Investment Limited), neither the Offeror nor parties acting in concert with it (i) held, controlled or directed any Shares and rights over Shares immediately before the commencement date of the Offer Period; (ii) has acquired or agreed to acquire any Shares or rights over Shares since the commencement of the Offer Period and up to the date of this joint announcement; or (iii) borrowed or lent any relevant securities (as defined in Note 4 to Rule 22 of the Takeovers Code) of the Company during the Offer Period.

## THE SHARE OFFER REMAINS OPEN FOR ACCEPTANCE

Pursuant to Rules 15.1 and 15.3 of the Takeovers Code, the Share Offer must remain open for acceptance for at least 14 days after the Share Offer becomes unconditional in all respects, but in any case at least 21 days following the date of despatch of the Composite Document (i.e. 31 July 2026). Accordingly, the Share Offer will remain open for acceptance until 4:00 p.m. on Friday, 21 August 2026 which will be the final Closing Date of the Share Offer.

Save as set out in this joint announcement, all other terms of the Share Offer as set out in the Composite Document and the Form of Acceptance remain unchanged. Further announcement on the results of the Share Offer will be made in accordance with Rule 19.1 of the Takeovers Code.

## SETTLEMENT OF THE SHARE OFFER

Remittances in respect of the cash consideration (after deducting the seller’s Hong Kong ad valorem stamp duty in respect of acceptances of the Share Offer) payable for the Offer Shares tendered under the Share Offer will be despatched to the accepting Qualifying Shareholder(s) by ordinary post at their own risk as soon as possible, but in any event no later than seven (7) Business Days after the later of: (i) the date on which the Share Offer becomes or is declared unconditional in all respects (i.e. 5 August 2026, being the date of this joint announcement); or (ii) the date of receipt by the Receiving Agent of all the relevant documents to render the acceptance under the Share Offer complete and valid, in accordance with the Takeovers Code.

No fraction of a cent will be payable and the amount of cash consideration payable to the accepting Qualifying Shareholder(s) will be rounded up to the nearest cent.

WARNING

Shareholders are strongly advised to read the Composite Document and the Form of Acceptance carefully, including the recommendation of the Independent Board Committee to the Qualifying Shareholders and the letter of advice from the Independent Financial Adviser to the Independent Board Committee in respect of the Share Offer before deciding whether or not to accept the Share Offer.

Shareholders and potential investors of the Company are advised to exercise caution when dealing in the Shares. Persons who are in any doubt as to the action they should take should consult a licensed securities dealer or registered institutions in securities, bank manager, solicitor, professional accountant or other professional advisers.

By the board of directors of Tongcheng Travel Holdings Limited Ma Heping

Co-Chairman, Executive Director and Chief Executive Officer

By the board of directors of Dida Inc. SONG Zhongjie

Chairman of the Board, chief executive officer and executive Director

By the board of directors of eLong, Inc. Ma Heping

Sole Director

Hong Kong, 5 August 2026

As at the date of this joint announcement, the Offeror’s sole director is Mr. Ma Heping. The sole director of the Offeror accepts full responsibility for the accuracy of the information contained in this joint announcement (other than that relating to the Group and the Undertaking Shareholders) and confirms, having made all reasonable enquiries, that to the best of his knowledge, opinions expressed in this joint announcement (other than those expressed by the Directors) have been arrived at after due and careful consideration and there are no other facts not contained in this joint announcement the omission of which would make any of the statements in this joint announcement misleading.

As at the date of this joint announcement, the board of directors of the Offeror Parent comprises 9 directors, namely Mr. Wu Zhixiang and Mr. Ma Heping as executive directors; Mr. Liang Jianzhang, Mr. Jiang Hao, Ms. Li Huan Na and Mr. Brent Richard Irvin as non-executive directors; and Mr. Yang Chia Hung, Mr. Dai Xiaojing and Ms. Han Yuling as independent non-executive directors. The directors of the Offeror Parent jointly and severally accept full responsibility for the accuracy of the information contained in this joint announcement (other than that relating to the Group and the Undertaking Shareholders) and confirm, having made all reasonable enquiries, that to the best of their knowledge, opinions expressed in this joint announcement (other than those expressed by the Directors) have been arrived at after due and careful consideration and there are no other facts not contained in this joint announcement the omission of which would make any of the statements in this joint announcement misleading.

As at the date of this joint announcement, the Board comprises 7 directors, namely Mr. Song Zhongjie, Mr. Li Jinlong, Mr. Duan Jianbo and Mr. Li Yuejun as executive directors; and Mr. Li Feng, Mr. Li Jian and Ms. Wu Wenjie as independent non-executive directors. The Directors jointly and severally accept full responsibility for the accuracy of the information contained in this joint announcement (other than that relating to the Offeror and parties acting in concert with it) and confirm, having made all reasonable enquiries, that to the best of their knowledge, opinions expressed in this joint announcement (other than those expressed by the sole director of the Offeror and the directors of the Offeror Parent) have been arrived at after due and careful consideration and there are no other facts not contained in this joint announcement the omission of which would make any of the statements in this joint announcement misleading.

In the event of any inconsistency, the English text of this joint announcement shall prevail over its Chinese text.

决策记录链 · 只追加

每次领取产生一条记录,重新决策追加一条并以 supersedes 指向被替代的记录(ADR 0014)。

这条决策早于决策账本(2026-10-08 起逐条追加),没有追加记录。