Valuation Update With 7 Day Price Move • Jul 17
Investor sentiment deteriorates as stock falls 44% After last week's 44% share price decline to HK$1.36, the stock trades at a trailing P/E ratio of 9.2x. Average trailing P/E is 13x in the Transportation industry in Hong Kong. Total returns to shareholders of 102% over the past year. Announcement • Jul 04
Dida Inc. Announces Establishment of Independent Board Committee The board of directors of Dida Inc. announced that an independent board committee of the Company (the "IBC"), comprising Mr. LI Feng, Mr. LI Jian and Ms. WU Wenjie, each an independent non-executive Director, has been established in accordance with Rule 2.1 of the Takeovers Code to make a recommendation to the Qualifying Shareholders, the Optionholders and the RSU Holders as to whether the Dida Offers are, or are not, fair and reasonable and as to acceptance of the Dida Offers (in each case, if and when made). Announcement • Jul 01
Tongcheng Travel Holdings Limited (SEHK:780) proposed to acquire Dida Inc. (SEHK:2559) from 5brothers Limited, Leap Profit Investment Limited, Smart Canvas Investment Limited, Star Celestial Holdings Limited, NBNW Investment Limited and other shareholders for HKD 1.4 billion. Tongcheng Travel Holdings Limited (SEHK:780) proposed to acquire Dida Inc. (SEHK:2559) from 5brothers Limited, Leap Profit Investment Limited, Smart Canvas Investment Limited, Star Celestial Holdings Limited, NBNW Investment Limited and other shareholders for HKD 1.4 billion on June 29, 2026. A cash consideration valued at HKD 1.3875 per share will be paid by Tongcheng Travel Holdings Limited. The Share Offer Price represents a premium of approximately 12.8% over the closing price of HKD 1.23 per Share as quoted on the Stock Exchange on the Last Trading Day. Subject to the Share Offer becoming unconditional in all respects, following acceptance of the Option Offer, the relevant Options together with all rights attaching thereto will be entirely cancelled and renounced. The Offeror intends to finance all consideration payable by the Offeror under the Offers through a facility in the maximum amount of HKD 1.5 billion granted to the Offeror by China CITIC Bank International Limited. Pursuant to the Irrevocable Undertaking, each of the Undertaking Shareholders has
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. The Offeror intends to maintain the Company’s listing on the Stock Exchange after the close of the Offers.
The transaction is subject to approval by regulatory board / committee; the Offeror having received valid acceptances of the Share Offer; the Offeror having obtained all necessary consents, approvals, waivers and authorizations by the Relevant Authorities in connection with the Offers, and the Shares remaining listed and traded on the Stock Exchange. The Independent Board Committee will be established in accordance with Rule 2.1 of the Takeovers Code to advise and give recommendations to the Qualifying Shareholders, Option holders and RSU Holders as to whether the Offers are fair and reasonable and as to acceptance of the Offers.
Nomura International Limited acted as financial advisor for Tongcheng Travel Holdings Limited. 
