Image source: VOYAH official website
AsianFin -- Dongfeng Motor Group announced on Friday evening that its premium electric vehicle subsidiary, Voyah Auto, will pursue an introduction listing on the Hong Kong Stock Exchange. Meanwhile, Dongfeng plans to privatize and delist from Hong Kong.
The transaction, structured as a combination of equity distribution and merger by absorption, values the deal at HK$10.85 per share—HK$6.68 in cash and HK$4.17 in Voyah equity.
If successful, Voyah Auto would join the ranks of high-profile Chinese electric vehicle companies listed in Hong Kong, including NIO, XPeng, Li Auto, Leapmotor, Seres, and Xiaomi. Analysts note the move reflects a broader trend of state-owned automakers using capital-market innovations to reposition brands and unlock value amid the electric vehicle boom.
For years, Dongfeng has struggled with a depressed market valuation in Hong Kong. As of July 31, 2025, its market capitalization stood at HK$39.12 billion, with shares closing at HK$4.74 and a price-to-book ratio of just 0.24—well below its net asset value. The undervaluation has hindered the group’s ability to raise funds through its H-share platform, limiting financing options.
