Gasgoo Munich- The Hong Kong Stock Exchange has recently granted approval in principle to VOYAH, clearing all regulatory hurdles for its listing. The move marks the end of the pre-approval phase and pushes the process into its final stage.
Image Source: VOYAH
VOYAH plans to list via introduction—a method that allows existing shares to trade without issuing new stock or raising immediate capital. This strategy runs parallel to the privatization of Dongfeng Motor Group Co. Ltd. through a "share distribution and absorption merger" structure. Under this arrangement, Dongfeng Group will distribute its 79.67% stake in VOYAH to its shareholders, paving the way for VOYAH's introduction listing. Simultaneously, Dongfeng Motor Group (Wuhan) Investment Co. Ltd. will act as the merger vehicle, paying equity to the controlling shareholder and cash to minority shareholders to secure 100% control. The move effectively privatizes Dongfeng Group and delists it from the exchange.
The pre-conditions for this deal have largely been met. VOYAH has secured the necessary nods from the National Development and Reform Commission, the Ministry of Commerce, and the State Administration of Foreign Exchange. It has also finalized internal and external approvals for the share distribution and listing. Crucially, the China Securities Regulatory Commission’s international cooperation department issued a filing notice on January 22, valid for 12 months. With that, every pre-approval from domestic regulators and the Hong Kong exchange is now in place.
Financials reveal a rapid ascent. Revenue surged from 6.052 billion yuan in 2022 to 19.361 billion yuan in 2024—a compound annual growth rate of 78.9%. Momentum continued into the first seven months of 2025, with revenue hitting 15.781 billion yuan, up 90.2% year-on-year. The company turned its first quarterly profit in the fourth quarter of last year, followed by a net profit of 479 million yuan between January and July 2025.
On the market front, VOYAH delivered roughly 150,200 vehicles in 2025—an 87% jump from the previous year—marking ten straight months of delivery growth. The company has rounded out its lineup with four models: the FREE, Dreamer and Zhiyin, spanning both pure-electric and range-extender technologies. Investors are already taking note. Shares of Dongfeng Group climbed repeatedly following announcements related to the merger agreement, including a 6.79% single-day surge on January 13.
