BUSINESS

Dongfeng Spins Off EV Brand Voyah for Independent Hong Kong Listing

Published: Oct. 8, 2025 1:42 a.m. GMT+8

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A Voyah model on display at the International Industrial Expo in Yekaterinburg, Russia, on July 10, 2023.

China’s state-owned automaker Dongfeng Motor Group Co. Ltd. is seeking a separate listing of its electric-vehicle arm Voyah in Hong Kong, betting that a public float will better reflect the brand’s growth as the parent company struggles with sliding sales.

Voyah filed its listing application with the Hong Kong Stock Exchange on Oct. 2. The brand, launched in 2021, delivered its first model in August that year and has rapidly expanded its lineup. In the first nine months of 2025, it sold nearly 97,000 vehicles—up 85% year on year—including a record 15,200 units in September.

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Dongfeng Motor Group plans to list its electric-vehicle arm Voyah independently in Hong Kong, distributing shares to existing stakeholders, with plans to delist the parent company.
Voyah sold nearly 97,000 vehicles in the first nine months of 2025 (up 85% YoY), reached profitability in late 2024, and achieved 19.36 billion yuan in revenue for 2024.
Voyah’s valuation is estimated at 36.79–41.88 billion yuan, with international expansion contributing 13.4% of revenue in early 2025.

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Who’s Who

Dongfeng Motor Group Co. Ltd: Dongfeng Motor Group Co. Ltd. is a Chinese state-owned automaker struggling with sliding sales. They plan to spin off their electric-vehicle arm, Voyah, through a separate Hong Kong listing to better reflect its growth. Dongfeng will distribute Voyah shares to existing shareholders and then delist from the Hong Kong bourse. This "rebuilding" aims to focus on new-energy vehicles and strategic emerging industries.

Voyah: Voyah, an electric-vehicle arm of Dongfeng Motor Group Co. Ltd., launched in 2021 and has rapidly expanded its lineup. It recorded nearly 97,000 sales in the first nine months of 2025, up 85% year on year. Voyah is seeking a separate listing in Hong Kong to reflect its growth, as its parent company faces falling sales. The company plans to release one to three new models annually, targeting a lineup of six to nine vehicles by the end of 2026.

Nio Inc: Nio Inc. is an electric car rival that also pursued an "introduction" listing to enter the Hong Kong market in 2022. This method, similar to Voyah's plan, allows a company to become publicly traded without issuing new shares or raising fresh capital.

Dongfeng Motor Group (Wuhan) Investment Co. Ltd: **Dongfeng Motor Group (Wuhan) Investment Co. Ltd.** is a wholly-owned subsidiary of Dongfeng Motor Group Co. Under the proposed plan, this entity will acquire the remaining H shares of Voyah that are not directly held by Dongfeng Motor Group Co. This is part of a larger strategy for Voyah's independent listing and the parent company's take-private plan.

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What Happened When

2021：: Voyah brand launched.

August 2021：: Voyah delivered its first model.

2022：: Voyah Dream MPV launched.

2022：: Voyah sales: 19,400 units; Revenue: 6.05 billion yuan; Net loss: 1.54 billion yuan; Gross margin: 8.3%.

2022：: Nio took the 'introduction' route to the Hong Kong market.

2023：: Voyah sales: 50,300 units; Revenue: 12.75 billion yuan.

2024：: Voyah sales: 80,100 units; Revenue: 19.36 billion yuan; Net loss: 904.5 million yuan; Gross margin: 21%.

Q4 2024：: Voyah posted its first quarterly profit.

First seven months of 2025：: Voyah sales: 66,700 vehicles; Earnings: 434 million yuan; Overseas sales: nearly 2 billion yuan; Gross margin: 21.3%; Dream MPV sales: 40,000 units.

First eight months of 2025：: Dongfeng sold 1.47 million vehicles, down 7% year on year.

First nine months of 2025：: Voyah sold nearly 97,000 vehicles, including a record 15,200 units in September 2025.

August 8, 2025：: Dongfeng share price at HK$5.97.

August 22, 2025：: Dongfeng detailed its plan for restructuring involving Voyah shares.

August 25, 2025：: Dongfeng share price peaked at HK$10.10, highest since June 2015.

September 2025：: Voyah sold a record 15,200 vehicles.

October 2, 2025：: Voyah filed listing application with the Hong Kong Stock Exchange; Dongfeng released prospectus; Dongfeng shares closed at HK$9.13, market cap at HK$75.35 billion.

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