Gelonghui, June 15 丨 Changhe (0001.HK) merged the British telecommunications business with Vodafone and formed a joint venture. According to the CITIC Lyon Research Report, the exact impact of this proposed merger on the balance sheet is currently unclear, but Changhe will split 3 UK and can choose to sell all of its shares in the merged entity three years after 2024. It also indicates that Changhe's stock price is discounted 50% from its net asset value to a target price of HK$65 and a “buy” rating. The bank said it estimates that the merged company will own 36% of the mobile user market share, while the spin-off will slightly increase Changhe's net assets by 40 million yuan. The stock is currently reported at HK$48.85, with a total market value of HK$187.1 billion.