Inside the assembly workshop of Voyah Auto, workers operate on the production line as new energy vehicles roll off one after another.
At 16:00 on August 25, trading closed for Dongfeng Motor Group Company Limited (stock code 0489.HK, hereinafter referred to as “Dongfeng Group”). Earlier that day, the stock resumed trading and surged over 69% at one point, hitting a new high since October 2010, with active trading and a fluctuation amplitude of 17.92%.
On the evening of the 22nd, Dongfeng Group announced the initiation of a major asset restructuring plan, aiming to list Voyah Auto in Hong Kong through an “introduction listing” and privatize Dongfeng Group for delisting.
The parent company delisting while the subsidiary goes public is essentially a strategic “replacing the old with the new” move by Dongfeng Motor in the capital market.
Why “Replace the Old with the New”
Restructuring Market Value Expectations
In 2005, Dongfeng Motor was listed on the main board of the Hong Kong Stock Exchange. It was once the largest listed company in China’s automotive industry and the largest IPO project in the global automotive sector that year.
“Affected by multiple factors such as industry transformation and intensified market competition, the company’s H-share price has been undervalued for a long time in recent years, essentially losing the financing function of the H-share listing platform,” Dongfeng Group explained in the announcement regarding the main reason for privatization and delisting.
What does privatization and delisting mean? It refers to major shareholders buying back all circulating shares from minority shareholders, making the company entirely owned by major shareholders, who then take the company private and delist it.
It is understood that the Hong Kong stock market generally assigns low valuations to traditional fuel vehicle manufacturers, favoring new energy vehicle companies or traditional automakers with strong new energy business development. In the U.S. stock market, Tesla’s market value has exceeded one trillion dollars, making it the highest-valued automaker globally. In Hong Kong, the three new automakers “NIO, XPeng, and Li Auto” have all entered the hundred-billion market value club, with Li Auto’s market value reaching HKD 187 billion.
The privatization plan proposed by Dongfeng Motor is an innovative solution integrating “cash + stock price + introduction listing,” which both fully protects the rights of minority shareholders and achieves Dongfeng Motor’s strategic objectives.
According to the restructuring plan, Dongfeng Motor has set an overall repurchase price of HKD 10.85 per share (including HKD 6.68 in cash per share and HKD 4.17 per share in Voyah Auto equity). Simply put, if you held one share of Dongfeng Motor stock before the restructuring, after trading resumes, you will lose that one share but directly receive HKD 6.68 in cash, which is higher than the pre-suspension price, along with one share of Voyah Auto stock valued at HKD 4.17.
This move aligns with the national strategic deployment for the transformation and development of the automotive industry. It represents an important exploration of deepening market-oriented reforms by central state-owned enterprises, providing a referable market-oriented model for exploring new capital operation models and focusing on core sectors.
Why Voyah
Born with a Transformation Mission
Currently, within Dongfeng Motor’s new energy independent brand business, three entities bear the responsibility for electrification and intelligentization: Voyah Auto, MENGSHI Technology, and the recently established Dongfeng eπ Technology.
Established in 2019, Voyah Auto is a high-end new energy smart brand launched by Dongfeng Motor. From its inception, it has carried the important mission of driving Dongfeng’s transition to new energy vehicles and elevating the Dongfeng brand.
Over the past six years, Voyah has successively launched four models: the Voyah FREE, Voyah Dreamer, Voyah Pursuit, and Voyah Zhiyin, covering sedans, SUVs, and MPVs, making it one of the new energy automakers in China with the most comprehensive product lineup.
From January to July 2025, Voyah Auto’s cumulative sales reached 68,263 units, an 88% year-on-year increase, with sales exceeding 10,000 units for five consecutive months.
“Voyah’s goal is to create positive value with positive energy, contributing to the high-quality development of China’s automotive industry,” said the CEO of Voyah Auto. Facing market challenges, the key is to persist in
