On August 22, Dongfeng Motor Group (0489.HK) announced that its subsidiary, Voyah Automotive, will list on the Hong Kong Stock Exchange through an introduction, while Dongfeng Motor Group (0489.HK) will simultaneously complete its privatization and delisting.

Over the past three years, privatization of central state-owned enterprises in Hong Kong has become increasingly common. Companies such as Guodian Kehuan (1296.HK), Yashili International (1230.HK), Agile (1639.HK), CIMC Vehicles (1839.HK), and CPMC (0906.HK) have successively completed privatization and delisting from the Hong Kong market. Unlike previous privatization transactions involving central state-owned enterprises, this innovative plan announced by Dongfeng Motor Group (0489.HK)—combining Voyah’s introduction listing with Dongfeng’s privatization—is expected to strengthen Dongfeng’s strategic positioning and set a new benchmark for reform and innovation.

According to the announcement, the transaction adopts a combined model of “share distribution + absorption merger,” with the two core steps being interdependent and progressing simultaneously. In the first step, Dongfeng Motor Group (0489.HK) will distribute 79.67% of its equity in Voyah Automotive to all shareholders on a pro-rata basis, after which Voyah will list on the Hong Kong Stock Exchange by way of introduction. In the second step, Dongfeng Motor Group (Wuhan) Investment Co., Ltd., a wholly-owned subsidiary of Dongfeng Motor, will act as the absorbing entity, paying equity consideration to Dongfeng Motor (the controlling shareholder of Dongfeng Motor Group (0489.HK)) and cash consideration to minority shareholders, thereby achieving 100% control of Dongfeng Motor Group (0489.HK).

Dongfeng Motor Group’s overall valuation is relatively low

Focus on sharpening Voyah’s investment value

Affected by industry transition challenges and other factors, Dongfeng Motor Group (0489.HK) has experienced relatively low valuation in recent years, with its market capitalization consistently far below net asset value. As of July 31, 2025, Dongfeng Motor Group (0489.HK) had a total market capitalization of HK$39.12 billion, with a closing price of HK$4.74 per share and a price-to-book ratio of only 0.25x. Due to its valuation constraints, Dongfeng Motor Group (0489.HK) has not conducted any equity refinancing since listing and has largely lost the financing function of its H-share listing platform.

In contrast to Dongfeng Motor Group’s low valuation, Voyah Automotive—a high-end smart new energy brand independently developed by Dongfeng—has maintained strong growth momentum in recent years and is one of Dongfeng’s most valuable and growth-oriented high-quality assets. In 2024, Voyah delivered 85,697 vehicles, a year-on-year increase of approximately 70%. Since 2025, Voyah has achieved five consecutive months of sales exceeding 10,000 units, with July deliveries surpassing 12,000 vehicles. Its popular model, the Dreamer, has consistently ranked among the top two in the new energy MPV segment since 2023 and has been the monthly sales champion in the category for multiple months. The new model, Voyah FREE+, received 11,583 firm orders within 15 minutes of its launch. After listing in Hong Kong, Voyah is expected to further enhance its value creation capabilities and fully unlock its growth potential by broadening financing channels, elevating brand image, and expanding international operations, leveraging its advanced technology, high-quality products, and broad market prospects.

Innovative cash + equity structure

Fully safeguarding minority shareholders’ rights

The transaction uses a combination of Voyah Automotive equity and cash consideration, with an overall acquisition price of HK$10.85 per share, consisting of HK$6.68 in cash and HK$4.17 in Voyah equity per share.

For minority shareholders, the dual option of “cash + equity” demonstrates considerable sincerity: the cash consideration provides certain returns, the equity distribution activates value realization, and Voyah’s listing supports value creation. Given Voyah’s sustained sales growth, frequent hit models, rising popularity

Hong Kong Stock Exchange

The Hong Kong Stock Exchange (HKEX) is one of the world’s largest and most prominent financial marketplaces. It was officially formed in 1986 through the merger of four separate exchanges that had existed since the late 19th century. Today, it is a critical global hub for capital raising and trading, particularly for Chinese companies.

Dongfeng Motor Group

Dongfeng Motor Group is a major Chinese state-owned automobile manufacturer, originally established in 1969 as the Second Automobile Works. It has played a significant role in China’s automotive industry, evolving from a producer of commercial and military vehicles to a comprehensive manufacturer with numerous international joint ventures.

Voyah Automotive

Voyah Automotive is a premium electric vehicle subsidiary under China’s state-owned Dongfeng Motor Corporation, established in 2019. The brand represents Dongfeng’s strategic push into the high-end new energy vehicle market, combining modern technology with a focus on luxury and intelligent features.

Guodian Kehuan

I am not familiar with a cultural site or place named “Guodian Kehuan.” It is possible this refers to a specific local attraction, a mistranslation, or a niche subject not widely documented in major historical or cultural sources. To provide an accurate summary, I would need more specific details or context about this term.

Yashili International

Yashili International is a Chinese dairy company founded in 1983, known for its infant formula and milk powder products. It grew into a significant player in the industry, expanding its operations internationally and being listed on the Hong Kong Stock Exchange.

Agile

“Agile” does not refer to a specific place or cultural site, but rather to a modern project management and software development methodology. It was formally defined in 2001 with the publication of the Agile Manifesto, which was created by a group of software developers seeking a more flexible and collaborative alternative to traditional, rigid development processes.

CIMC Vehicles

CIMC Vehicles is a leading global manufacturer of transportation and logistics equipment, primarily known for producing a wide range of shipping containers, semi-trailers, and specialized vehicles. Founded in 1980 as China International Marine Containers, it has grown from a small joint venture into the world’s largest container manufacturer, playing a pivotal role in global supply chains.

CPMC

I am unable to identify a specific place or cultural site known as “CPMC.” This acronym could refer to many different organizations, companies, or locations around the world. To provide an accurate summary, please provide the full name or more context for this term.