BRIEF: Voyah’s Hong Kong listing via introduction gets CSRC approval
The China Securities Regulatory Commission (CSRC) announced Wednesday that it has approved a Hong Kong listing application by new energy vehicle (NEV) maker Voyah Automotive Technology Co. Ltd., clearing the way for the plan to move ahead.
The listing follows a restructuring last year by Voyah’s parent, state-owned auto giant Dongfeng Motor. Under that overhaul, Dongfeng announced a plan to privatize its Hong Kong-listed Dongfeng Motor Group Co. (0489.HK; 600006.SH). It simultaneously spun off Voyah, its dedicated NEV unit, for a separate Hong Kong listing via introduction, which does not involve any fundraising.
Dongfeng began developing its NEV business as early as 2018, culminating in the establishment of Voyah in 2021. Its sales have rapidly scaled up, quadrupling from 19,409 NEVs in 2022 to 80,116 in 2024. The company already passed the 2024 total in the first eight months of last year, logging 80,185 units sold through August.
Voyah’s revenue totaled 6.05 billion yuan （$870 million） in 2022, climbing to 12.75 billion yuan in 2023, and 19.36 billion yuan in 2024. Its revenue in the first seven months of last year came in at 15.78 billion yuan, up 90% year-on-year. Concurrently, its gross profit margin rose from 8.3% in 2022 to 21.3% in the first seven months of last year.
Shares of Dongfeng Motor opened unchanged in Hong Kong on Thursday. The stock has traded around current levels for the past half year as the privatization process advances.
By Lau Chi Hang
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