Voyah Automotive Technology, the premium electric vehicle brand of Dongfeng Motor Group, has filed for an introductory listing on the Hong Kong Stock Exchange, according to documents published on Thursday. The listing will not raise new capital, with China International Capital Corporation (CICC) acting as sole sponsor.
Voyah, unveiled by Dongfeng in 2020 and formally established in 2021, targets the premium EV market with models priced between 200,000 yuan ($28,090) and 500,000 yuan. Its lineup includes the Zhuiguang sedan, Zhiyin SUV, Free SUV, and Dream MPV. The company reached cumulative production of 200,000 vehicles in April this year, doubling its milestone of 100,000 set in April 2024.
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The EV maker reported its first quarterly profit in the fourth quarter of 2024 and remained profitable between January and July 2025. Gross margins rose from 8.3% in 2022 to 21.0% in 2024, and further to 21.3% in the first seven months of 2025. Sales volumes climbed to 80,116 units in 2024, up from 50,285 in 2023 and 19,409 in 2022, with 66,680 units sold in the January-July 2025 period.
Like its domestic peers, Voyah has expanded abroad, selling passenger vehicles in 39 international markets as of end-July. Overseas sales revenue totaled 1.98 billion yuan in the first seven months of 2025, accounting for 13.4% of its total revenue.
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The planned listing comes as Dongfeng restructures its financing channels. The automaker has not conducted equity refinancing since its own listing, leaving its market capitalization significantly below its net asset value. In August, Dongfeng said it would complete privatization and delisting, with Voyah set to trade independently in Hong Kong through the introductory listing.