Quick Takeaways
- Voyah Hong Kong IPO will see Dongfeng Motor Group’s premium EV brand debut on HKEX on March 19.
- The EV maker reported RMB 34.86 billion revenue and RMB 1.02 billion net profit in 2025.
Voyah Hong Kong IPO is set to mark a significant milestone for China’s premium electric vehicle segment, as Voyah, the high-end EV division of Dongfeng Motor Group, prepares to begin trading in Hong Kong on March 19. The company confirmed in a filing to the Hong Kong Stock Exchange that all regulatory procedures have been completed, clearing the way for its public market debut under stock code 7489. The listing reflects Dongfeng’s broader capital restructuring strategy and signals growing investor interest in established EV brands with proven financial performance.
The Hong Kong stock market debut will take place through an introductory listing, a structure that differs from traditional IPOs. Under this model, no new shares are issued and no fresh capital is raised at the time of listing. Instead, existing shares held by current investors are admitted for trading on the exchange.
An introductory listing allows companies to secure a trading platform without immediate equity dilution. In Voyah’s case, this approach aligns with Dongfeng’s capital market repositioning. In August 2025, Dongfeng announced plans to privatize and delist itself while separately listing Voyah in Hong Kong, effectively shifting market focus to its premium EV business.
Dongfeng has faced valuation constraints in recent years and has not undertaken equity refinancing since its own listing. As a result, its H-share platform gradually lost its ability to function as an effective financing channel. The Voyah Hong Kong IPO is therefore viewed as a strategic reset aimed at unlocking value from its electric vehicle operations.
Voyah’s financial trajectory has strengthened considerably in the lead-up to its HKEX listing. The premium EV brand primarily targets the RMB 200,000 ($28,960) to RMB 500,000 price segment, positioning itself in China’s competitive mid-to-high-end electric vehicle market.
According to its prospectus, Voyah recorded:
The company achieved a key milestone in 2025 by turning profitable, reporting net income of RMB 1.02 billion. This shift from expansion-focused growth to profitability enhances the investment case for the Voyah Hong Kong IPO, particularly as global investors increasingly prioritize sustainable earnings over volume-driven strategies.
Voyah’s annual vehicle sales have shown consistent acceleration:
The more than threefold increase in sales within two years underscores the brand’s scaling capability in the China EV market. Strong EV revenue growth combined with expanding delivery volumes positions Voyah as one of the more mature premium EV brands approaching public trading in Hong Kong.
As the Voyah Hong Kong IPO approaches, the listing represents more than a stock market debut. It highlights Dongfeng’s strategic pivot toward electrification, strengthens Voyah’s capital market visibility, and reinforces the broader momentum of China’s electric vehicle sector within global financial markets.
Voyah Hong Kong IPO to Debut Under Stock Code 7489
The Hong Kong stock market debut will take place through an introductory listing, a structure that differs from traditional IPOs. Under this model, no new shares are issued and no fresh capital is raised at the time of listing. Instead, existing shares held by current investors are admitted for trading on the exchange.
Understanding the Introductory Listing Structure
An introductory listing allows companies to secure a trading platform without immediate equity dilution. In Voyah’s case, this approach aligns with Dongfeng’s capital market repositioning. In August 2025, Dongfeng announced plans to privatize and delist itself while separately listing Voyah in Hong Kong, effectively shifting market focus to its premium EV business.
Dongfeng has faced valuation constraints in recent years and has not undertaken equity refinancing since its own listing. As a result, its H-share platform gradually lost its ability to function as an effective financing channel. The Voyah Hong Kong IPO is therefore viewed as a strategic reset aimed at unlocking value from its electric vehicle operations.
Financial Performance Ahead of the Voyah Hong Kong IPO
Voyah’s financial trajectory has strengthened considerably in the lead-up to its HKEX listing. The premium EV brand primarily targets the RMB 200,000 ($28,960) to RMB 500,000 price segment, positioning itself in China’s competitive mid-to-high-end electric vehicle market.
Revenue and Profit Growth
According to its prospectus, Voyah recorded:
- RMB 12.75 billion in revenue in 2023
- RMB 19.36 billion in revenue in 2024
- RMB 34.86 billion in revenue in 2025
The company achieved a key milestone in 2025 by turning profitable, reporting net income of RMB 1.02 billion. This shift from expansion-focused growth to profitability enhances the investment case for the Voyah Hong Kong IPO, particularly as global investors increasingly prioritize sustainable earnings over volume-driven strategies.
Vehicle Sales Expansion
Voyah’s annual vehicle sales have shown consistent acceleration:
- 50,285 units in 2023
- 80,116 units in 2024
- 150,169 units in 2025
The more than threefold increase in sales within two years underscores the brand’s scaling capability in the China EV market. Strong EV revenue growth combined with expanding delivery volumes positions Voyah as one of the more mature premium EV brands approaching public trading in Hong Kong.
As the Voyah Hong Kong IPO approaches, the listing represents more than a stock market debut. It highlights Dongfeng’s strategic pivot toward electrification, strengthens Voyah’s capital market visibility, and reinforces the broader momentum of China’s electric vehicle sector within global financial markets.
Company Press Release
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