Can VOYAH, which went public without any financing, truly "revive" Dongfeng?

It's Rare to Go Public without Any Financing

On the evening of August 22, 2025, Dongfeng Group Co., Ltd. (00489.HK) issued an announcement, declaring that its subsidiary, VOYAH, would list on the Hong Kong Stock Exchange through an "introduction listing." Meanwhile, the parent company, Dongfeng Group Co., Ltd., would complete privatization and delisting simultaneously.

In the fierce competition of the new energy vehicle market, almost all brands are desperately telling stories, raising funds, and expanding. Only Dongfeng Group has chosen the strategy of "the parent company withdraws while the subsidiary enters," going public independently without financing or issuing new shares, which is quite rare in the new energy vehicle sector.

In 2025, when subsidies for new energy vehicles are phased out and the market enters a reshuffle period, such an operation is particularly bold. When subsidies disappear and the halo fades, can VOYAH achieve self - sustaining profitability? When the parent company exits and the subsidiary goes independent, can Dongfeng's valuation be reborn through this "shell - changing" move?

The Parent Company Withdraws, the Subsidiary Enters: Reborn through a New Listing

In the capital market, an "introduction listing" is an extremely rare listing model. It does not involve financing, additional issuance, or the issuance of new shares. Instead, it directly lists the existing shares held by shareholders on the exchange.

Put simply, it is a way of "going public without raising funds."

According to Tianyancha and Hong Kong Stock Exchange data, in the past two years, among the 140 newly - listed companies in the Hong Kong stock market, only one adopted the "introduction listing" method. This means that this model has been almost marginalized by the market because it offers no financing benefits and is "not cost - effective" for most cash - hungry enterprises.

According to the announcement, Dongfeng Group holds 79.67% of VOYAH's shares. In this transaction, Dongfeng Co., Ltd. will distribute VOYAH's equity to its shareholders in proportion. Subsequently, VOYAH will be directly listed for trading through an "introduction listing." Meanwhile, the remaining business of Dongfeng Co., Ltd. will be privatized and delisted through an "absorption merger" by Dongfeng Motor Group (Wuhan) Investment Co., Ltd., a subsidiary of Dongfeng Group.

Dongfeng Co., Ltd. will exit the Hong Kong stock market stage, and VOYAH will take over as the new listed entity. The original Dongfeng shareholders will automatically become VOYAH shareholders.

In the past, Dongfeng Co., Ltd.'s valuation has long been lower than its net asset value, and its market capitalization has hovered below HK$10 billion for years, being labeled as a "traditional automobile stock" by the market. Dongfeng Group stated that the company's value has been underestimated for a long time, and the newly - listed platform, VOYAH, will reflect an independent valuation of its performance and potential.

This means that with the help of VOYAH, a "high - end new energy brand," Dongfeng Group's valuation anchor has shifted from the low - growth fuel vehicle business to the high - growth new energy technology sector.

Why does VOYAH go public without any financing? It's not about "lacking money" but "seizing time."

The pace of the new energy vehicle sector is accelerating. Since 2023, BYD, Li Auto, and XPeng have accelerated their product iteration on a quarterly basis and comprehensively sped up their intelligentization strategies. For Dongfeng, time is of the essence.

An "introduction listing" does not involve financing and does not require approval of a fund - raising plan, so the entire process can save time. It took VOYAH only over 40 days from the official announcement on August 22 to submitting the listing application on October 2, setting a record for the preparation time of a new energy vehicle company to go public.

Going public without any financing has many advantages for VOYAH. It can seize the opportunity of the recovery of the new energy sector in the Hong Kong stock market. After completing the listing structure, it can usually conduct refinancing six months later, leaving sufficient flexibility for subsequent refinancing, overseas business expansion.

This "get - on - the - bus - first - and - then - buy - the - ticket" approach not only avoids the long approval cycle in the A - share market but also opens up channels for future refinancing, rights issues, and the introduction of strategic investors as an "already - listed company."

Going public without any financing does not mean "not financing" but "delaying financing." After VOYAH lists on the Hong Kong stock market, its valuation is reshaped, and market recognition is improved, it can replenish its capital through additional issuance and other forms.

Is It Really Making Money?

Dongfeng Group neither "relies on a large amount of capital" like new - energy vehicle startups nor follows the spin - off financing model of traditional automobile companies. Instead, it chooses to "replace the old with the new." Where does its confidence come from?

Financial reports show that VOYAH has achieved a leap from "loss - making in vehicle manufacturing" to "quarterly profitability" in just four years. From 2022 to 2024, VOYAH's revenue soared from 6 billion yuan to 19.3 billion yuan, a growth of over 200% in three years; its sales volume also increased to 80,000 vehicles. Its gross profit margin rose from 8.3% to 21%, and its net profit in the first seven months of 2025 reached 434 million yuan. Its gross profit margin and net profit curves perfectly present an "upward line of a growth stock."

The growth rate is so perfect that it hardly seems to be earned from the market.

In the first seven months of 2025, the "other income and gains" listed in VOYAH's financial report amounted to 780 million yuan, of which 640 million yuan came from government subsidies. In other words, for every 1 yuan of net profit it earns, at least 1.5 yuan comes from policy support.

If this part of "blood - transfusion" is excluded, VOYAH's book profit will immediately turn negative. Morgan Stanley analyzed that if the impact of subsidies is removed, the company's actual operation in the current period is still in a loss state, with a net loss of about 2 billion yuan.

That is to say, VOYAH's "profitability" is not achieved through product premium or cost control but is "decorated" through policy support and accounting treatment.

The local and central government subsidies received by VOYAH have enabled its profit to turn positive. As long as this safety cushion exists, its cash flow can turn positive in the short term; but once the subsidies are cancelled, the profit line will show its true nature.

The golden age of new energy vehicles has always coexisted with subsidies. The phase - out of subsidies is the real watershed for the industry.

Since 2025, both the central government and local governments have been reducing new energy vehicle subsidies to varying degrees. For a mid - to - high - end automobile company like VOYAH, which has not yet established a brand premium, the policy shift means that its profit model will expose its "non - sustainability," its cash flow may become tight again, and its valuation model needs to be re - evaluated.

The capital market is not afraid of losses but is worried about poor profit quality. Once subsidies are reduced, the profit myth may turn into a bubble.

How Long Can VOYAH Survive When Subsidies Disappear?

The new energy vehicle industry is never short of "companies that can make cars" but lacks "companies that can survive."

Public data shows that VOYAH's sales volume has increased rapidly. In 2024, it delivered 80,000 vehicles, a year - on - year increase of nearly 60%; in the first seven months of 2025, the sales volume reached 66,700 vehicles, an 85% year - on - year increase. The numbers look good, but there are significant structural problems.

VOYAH's sales volume is almost supported by a single model, the MPV Dreamer. According to public data, since its launch in 2022, the cumulative sales volume of the Dreamer has exceeded 120,000 vehicles, accounting for more than 55% of VOYAH's total sales volume; in the first seven months of 2025, it accounted for more than 60%.

What does this mean?

VOYAH is actually a "single - model company." Its growth curve is based on a single - model cycle rather than a brand matrix. This is a dangerous signal in the automobile industry. Any single model has a life cycle. Changes in consumer preferences, the entry of competitors, or price adjustments can cause the sales volume curve to reverse rapidly.

Li Auto has the product matrix of the L series, AITO relies on Huawei's ecosystem, and Denza is supported by BYD's system, while VOYAH only has the "Dreamer."

VOYAH has tried to "have it both ways" in brand positioning. It wants to be a high - end intelligent family vehicle like Li Auto and also maintain the steady texture of traditional automobile companies. However, reality has proven that such a vague positioning has kept it on the periphery of consumers' minds.

For Li Auto and AITO users, VOYAH is not "tech - savvy" enough; for traditional luxury vehicle users, it is not "high - end" enough; for price - sensitive mid - end users, it is "too expensive."

This has led to its brand value being trapped in an awkward price range. It does not have the potential to boost sales volume and is not sufficient to form a premium moat.

In the past three years, VOYAH has tried various marketing labels such as "cultural narrative," "Chinese - style positioning," and "intelligent luxury," but they have not left a strong impression.

Another hidden concern for VOYAH lies in its "institutional DNA."

As a high - end new energy brand incubated by Dongfeng Group, VOYAH has the support of resources such as the supply chain, manufacturing, and financing. However, it also has inherent burdens such as slow decision - making, a heavy - handed mechanism, and weak innovation motivation.

In terms of R & D structure, although VOYAH has launched the ESSA platform, the Mica electric drive architecture, and the Lanhai intelligent cockpit, its leading advantage is extremely short - lived in the industry's technological iteration cycle. BYD's blade battery, Huawei's intelligent driving solution, and Li Auto's electric hybrid system are constantly raising the bar. To keep up with the pace, VOYAH must increase its R & D expenditure, which directly impacts its newly - turned - positive profit statement.

In terms of channels, VOYAH adopts a "direct - sales + authorized - sales hybrid model." Although the surface efficiency has improved, the expansion speed is still slow. According to Tianyancha data, as of the end of July 2025, VOYAH had about 407 registered stores in China, while Li Auto and AITO had already exceeded 500. The gap in channel density means a significant difference in potential market penetration ability.

Since 2024, VOYAH has accelerated its overseas expansion, focusing on the Middle East and European markets and establishing distribution networks in Norway, Denmark, and Israel. Dongfeng's senior management has declared that "the export proportion should reach 20% within three years."

However, overseas competition is extremely fierce. Tesla is cutting prices, BYD is making aggressive moves, and VinFast from Vietnam is advancing rapidly. European local brands are also fighting back to defend their markets. VOYAH lags behind in brand awareness, service networks, and certification systems.

In addition, the initial investment in overseas expansion is huge, and it is difficult to contribute profits in the short term. It may even drag down the overall gross profit margin.

The overseas market is not a cure for VOYAH's growth problems but a short - term buffer to cover up its core issues.

VOYAH is now standing at a historical watershed. To the left is the old path of relying on subsidies and continuing the illusion of growth; to the right is the difficult transformation of rebuilding the growth model with brand, product, and market competitiveness.

The capital market does not look at past popularity but at future certainty. VOYAH needs to prove that it is not just a "profit - making automobile company propped up by subsidies" but a car - making company that can survive in the market in an era when subsidies fade and competition becomes normal.

What really determines VOYAH's fate is not its gross profit margin, sales volume curve, or IPO progress, but whether it can support future growth with product strength, brand strength, and system strength after the policy - driven era ends.

Disclaimer: This article is based on the company's legally - disclosed content and publicly available information for commentary. However, the author does not guarantee the completeness and timeliness of this information.

Note: The stock market is risky. Entering the market requires caution. This article does not constitute investment advice. Investors should make their own decisions.

This article is from the WeChat official account "Blueberry Finance." Author: Blueberry Jun. Republished by 36Kr with permission.