Following the announcement of a pending Bitauto (BITA) privatization by Tencent and Hammer Capital late last year, the stock generally held firm around the $16 per ADR offer price. However, recent market turmoil has collapsed the peg, with BITA stock now trading at $10.39 at the time of writing, implying significant upside from here, if an offer goes through. While an offer at $16 per ADR seems unlikely at this juncture, my base case remains for a privatization scenario in-line with pre-offer valuations (~7x earnings). Thus, there is still an opportunity for