Voyah, the premium electric vehicle brand of Dongfeng Motor Group, began trading on the Hong Kong stock exchange on Thursday, marking a strategic shift in the parent company’s financing approach.
The stock, listed by introduction under code 07489, fell 6.4% in early trading to HK$7.02, after fluctuating between a high of HK$7.50 and a low of HK$6.40. The listing gives Voyah a market capitalisation of about HK$26 billion ($3.3 billion).
Unlike a traditional initial public offering, the listing by introduction means Voyah did not issue new shares or raise capital. The move follows Dongfeng’s decision in August 2025 to privatise and delist its main entity, citing limited effectiveness of its previous listing as a financing vehicle.
Voyah enters the public market after posting improved financial and operational performance. The company reported a net profit of 1.02 billion yuan ($148 million) for 2025, marking a turnaround, while revenue rose sharply to 34.86 billion yuan from 12.75 billion yuan in 2023.
Vehicle sales also increased significantly, reaching 150,169 units in 2025, up from 50,285 units two years earlier, representing a compound annual growth rate of around 73%. The company said its gross margin stabilised at 20.9%, a relatively high level within the industry.
Founded in 2021, Voyah focuses on premium vehicles priced between 200,000 yuan and 500,000 yuan, positioning itself in the higher-end segment of China’s EV market.
Alongside its market debut, Voyah unveiled a new large SUV, the Taishan X8. The model features four LiDAR sensors and is equipped with Huawei’s latest intelligent driving and cockpit systems, including the ADS Ultra platform.
The vehicle will be available in both plug-in hybrid and battery electric versions, with the hybrid variant using a 1.5-litre turbocharged engine. The model also adopts an 800-volt electrical architecture.
Voyah’s listing highlights ongoing restructuring efforts among Chinese state-backed automakers, as they seek alternative financing approaches while accelerating development in the competitive electric vehicle sector.