- Voyah’s gross margin rose to 21.3 percent in the first seven months of the year, and it has entered 39 overseas markets.
- Voyah’s products primarily cover the price range of RMB 200,000 ($28,090) to RMB 500,000.
Voyah Automotive Technology, the premium electric vehicle (EV) unit of Dongfeng Motor Group (HKG: 0489), has submitted an application for a Hong Kong listing via an introductory listing without raising new capital.
China International Capital Corporation (CICC) serves as the sole sponsor for Voyah’s Hong Kong listing. The expected start date for trading on the Hong Kong Stock Exchange remains undetermined, according to its listing documents made public today.
Voyah was announced as Dongfeng’s brand in late 2020 and formally established in 2021. Earlier this year, it completed its shareholding restructuring.
Targeting the premium EV market, its first model, the Voyah Free, was launched in China in June 2021 and began deliveries in August 2021.
The company reached its 100,000th vehicle production milestone in April 2024 and saw its 200,000th vehicle roll off the production line this April.
Voyah’s current product lineup includes the midsize-to-large sedan Zhuiguang, the midsize SUV Zhiyin, the midsize-to-large SUV Free, and the Dream MPV (multi-purpose vehicle), primarily covering the RMB 200,000 ($28,090) to RMB 500,000 price range.
Voyah achieved its first quarterly profit in the fourth quarter of 2024 and turned profitable in the January to July 2025 period.
Its gross margin improved from 8.3 percent in 2022 to 21.0 percent in 2024. This further increased to 21.3 percent during January-July 2025.
Voyah’s vehicle sales volumes for 2022-2024 were 19,409, 50,285, and 80,116 units, respectively. From January to July 2025, its sales reached 66,680 units.
Like many other domestic automakers, Voyah is expanding overseas. As of July 31, 2025, it had sold passenger vehicles in 39 international markets.
From January to July, Voyah’s overseas passenger vehicle sales revenue reached RMB 1.98 billion, accounting for 13.4 percent of total revenue during the same period.
Voyah’s listing represents a key effort in Dongfeng’s restructuring of its financing channels, as the company has not conducted equity refinancing since its listing, resulting in a long-term market capitalization significantly below its net assets.
On August 22, Dongfeng announced it would complete its privatization and delisting, with Voyah set to list on the Hong Kong stock market via an introductory listing.
An introductory listing is a method for existing securities to apply for listing. Its key feature is that it does not involve issuing new shares or raising capital during the listing process; it only involves listing securities held by existing shareholders for trading on an exchange.
($1 = RMB 7.1196)
Voyah will list on the Hong Kong stock market via an introductory listing, while Dongfeng will complete its privatization and delisting to restructure its financing channels.
