Will the listing process of Voyah accelerate after another change in the core management team?
On December 13th, Seres issued an announcement stating that non - executive director You Zheng resigned from his position as a non - executive director of the company's fifth - term board of directors due to work adjustments. After resignation, he will no longer hold any position at Seres.
Image source: Screenshot of the announcement
It is worth mentioning that this is a crucial stage for Dongfeng Group to fully promote the development of its high - end new energy vehicle brand, Voyah. Moreover, currently, You Zheng holds key positions in Dongfeng Group as a member of the party committee standing committee and the deputy general manager of Dongfeng Motor Group, and Dongfeng Motor is one of Seres' shareholders. Just in September this year, You Zheng stepped down as the legal representative and chairman of Voyah, and Lu Fang took over as the chairman, general manager, and CEO of the company. At the same time, the positions of many senior executives were adjusted synchronously.
This resignation of You Zheng may be due to the internal work division adjustment within Dongfeng Motor, which makes it impossible for You Zheng to continue to take on the work of a non - executive director at Seres.
01
A little earlier, on December 8th, the management structure of Voyah was significantly adjusted. According to media reports, Lu Fang was appointed as the chairman and the secretary of the party committee of Voyah Technology Co., Ltd., and Jiang Tao, the former COO of Voyah, was recommended to serve as the general manager (CEO) of Voyah Technology Co., Ltd.
Image source: Screenshot from Weibo
Currently, Voyah is in a critical period for listing. This personnel adjustment is an important measure implemented by Dongfeng Group to further strengthen corporate governance, clarify rights and responsibilities, and improve operational efficiency during the critical period when Voyah is moving towards large - scale, global, and capitalized development. At the same time, it also reflects Dongfeng Group's affirmation of Voyah's performance development and full authorization.
In October this year, Voyah officially submitted a prospectus to the Hong Kong Stock Exchange, initiating the listing process. According to a previous announcement by Dongfeng Group, Dongfeng Group will be privatized and delisted from the Hong Kong stock market. At the same time, it will distribute its equity in Voyah to shareholders, and the latter will be listed on the Hong Kong Stock Exchange through "introduction listing".
This method does not require issuing new shares or raising funds. It only requires listing the securities held by existing shareholders on the Hong Kong Stock Exchange. By then, Voyah will replace Dongfeng Group as the H - share listing platform for the Dongfeng system.
It only took more than 40 days from the release of the restructuring announcement to Voyah's submission of the listing application. However, this series of compact capital operation "combinations" has attracted the key attention of regulatory authorities. More than a month after Voyah submitted its prospectus, the China Securities Regulatory Commission required Voyah to provide supplementary materials regarding issues such as "whether the shareholders of Dongfeng Group Co., Ltd. have a cash option", "the source of funds for cash payments", and "the situation of shareholders' capital contributions at the time of the company's establishment".
It should be noted that a company's introduction listing means zero financing during the listing stage, but it does not mean giving up financing. Instead, it postpones the financing stage. Usually, after 6 months of listing, the company can raise funds from the capital market through normal refinancing processes, such as additional issuance or rights issues. That is to say, after Voyah is listed on the Hong Kong stock market, its valuation is reshaped, and market recognition is enhanced, it can obtain financing through forms such as additional issuance or rights issues.
Through the merger, Dongfeng Group, which holds the remaining business, will be delisted from the Stock Exchange, which is beneficial for Dongfeng Group to concentrate on developing the new energy vehicle industry, integrate high - quality resources towards strategic emerging industries, and provide good investment returns for shareholders. Voyah's listing will also help it expand financing channels, enhance brand image, expand overseas business layout, and improve corporate governance, thus facilitating Dongfeng Group's international leap.
It is worth mentioning that senior executives of Voyah, such as Lu Fang, also enjoy high - equity incentives and may obtain significant share returns after the company's listing.
According to the previously disclosed employee shareholding plan, as of the end of July 2025 during the reporting period, Lu Fang was granted a total of 5.02 million shares. Jiang Tao, the COO and deputy general manager, and Qin Jie, the non - executive director, hold 3.67 million shares and 4.09 million shares respectively. The employee shareholding plan shows that the subscription price range for the shares is 1 - 1.6 yuan per share. According to an announcement by Dongfeng Group, as of July 31st, the H - share valuation of Voyah Technology was 10 - 11.38 yuan per share. Taking the median value, it is about 11.7 Hong Kong dollars per share, with a difference of about 8 times.
Image source: Screenshot of the announcement
According to the employee shareholding plan, Lu Fang will pay a maximum of 7.53 million yuan for the shares and can obtain shares with a minimum valuation of 50.22 million yuan. After the company is listed, Lu Fang is expected to obtain share returns of over 40 million yuan. Of course, this part of the share incentives needs time to be fully unlocked.
After Lu Fang, Jiang Tao and Qin Jie have the next - highest share compensation. According to the above valuation, they can achieve shares with a minimum valuation of 36.69 million yuan and 40.9 million yuan respectively. The total share incentives for the three senior executives exceed 100 million yuan.
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As the core of Dongfeng Group's self - owned brand new energy vehicle business segment, Voyah has a certain market influence and brand value. Voyah's main target customers are the backbone of the new era, and its products mainly cover the price range of 200,000 to 500,000 yuan.
Voyah's products cover three major market segments: sedans, SUVs, and MPVs. Since its establishment, the company has launched four vehicle series, namely the mid - to - large SUV Voyah FREE series, the MPV Voyah Dreamer series, the mid - to - large sedan Voyah Chasing Light series, and the mid - size SUV Voyah Zhiyin series.
Image source: Screenshot of the prospectus
Being able to take over Dongfeng Group's H - share listing position on the Hong Kong stock market, Voyah naturally has the strength.
The prospectus shows that from 2022 to 2024, the company's revenue increased from 6.052 billion yuan to 19.361 billion yuan, with a compound annual growth rate of 78.9%. This growth rate ranks third among the top 15 high - end new energy vehicle manufacturers in China. In the first seven months of this year, the company achieved revenue of 15.782 billion yuan, a year - on - year increase of 90.2%.
At the same time, Voyah crossed the break - even line and turned losses into profits. From 2022 to 2024, Voyah's net losses were 1.538 billion yuan, 1.496 billion yuan, and 90 million yuan respectively. In the fourth quarter of 2024, it achieved single - quarter profitability for the first time. As of July 31st, it achieved a net profit of 434 million yuan in the first seven months of this year. According to data from CIC, Voyah is the new energy vehicle manufacturer that achieved single - quarter profitability and positive operating cash flow the fastest in the industry.
Image source: Screenshot of the prospectus
However, government subsidies are an important factor in Voyah's turnaround from losses to profits. The prospectus shows that government subsidies are divided into two parts: "government subsidies related to revenue" and "government subsidies related to assets". Voyah's government subsidies related to revenue increased from 120 million yuan from January to July last year to 603 million yuan from January to July this year, an increase of 404.13%.
Therefore, some industry insiders believe that Voyah has only achieved book - profit. Once government subsidies disappear, Voyah may fall back into losses.
Image source: Screenshot of the prospectus
In terms of sales volume, Voyah's sales have increased rapidly. In 2024, it delivered 80,000 vehicles, a year - on - year increase of nearly 60%. In the first seven months of 2025, it reached 66,700 vehicles, a year - on - year increase of 85%.
However, currently, it is still the Voyah Dreamer that really supports the sales volume and market influence. In 2024, the Voyah Dreamer MPV model achieved sales of 47,000 vehicles, accounting for more than 50%. In the first seven months of 2025, the sales volume of the Voyah Dreamer was 40,000 vehicles. Voyah also pointed out in its prospectus that the company's revenue source has a concentration risk on a single model.
Image source: Screenshot of the prospectus
Voyah also faces fierce competition in the MPV market. Firstly, as established MPV giants transform, their sales are rising rapidly, such as the Buick GL8 New Energy. Secondly, more and more new - force manufacturers are also launching competitive MPV products, gradually eroding market share, including the Wei brand Alpine, Zeekr 009, Li Auto MEGA, XPeng X9, etc.
In addition, Voyah positions itself as the "leader in high - end passenger vehicles", but the average selling price per vehicle has been continuously declining. From 2022 to July 2025, Voyah's "passenger vehicle revenue" was 5.385 billion yuan, 12.25 billion yuan, 18.372 billion yuan, and 14.731 billion yuan respectively. By dividing these revenues by the corresponding number of vehicle sales, we can get the average selling price per vehicle. From 2022 to July 2025, the average selling price per vehicle of Voyah was approximately 277,600 yuan, 243,500 yuan, 229,400 yuan, and 220,900 yuan respectively, showing a downward trend.
Image source: Screenshot of the prospectus
Although Voyah is not among the "Five Kingdoms", its technological cooperation with Huawei has been continuously deepening. Looking back, the introduction of Huawei's intelligent technology has indeed brought a double improvement in product strength and brand attention to Voyah.
The two - party intelligent cooperation was first implemented in the Voyah Dreamer. After the vehicle was equipped with Huawei's ADS system and Hongmeng cockpit last year, market attention increased significantly. It received over 50,000 orders within 110 days of its launch and achieved monthly sales of over 10,000 vehicles in December of the same year, driving the annual sales of the Voyah brand to reach 80,000 vehicles in 2024.
In 2025, Voyah further promoted the strategy of "all models with Huawei technology". From the Dreamer to the Zhiyin, the new FREE +, and then to the Chasing Light L, its main models are all covered by Huawei's intelligent solutions, forming an intelligent product matrix.
However, there are also certain costs. On the one hand, the cost of Huawei's intelligent driving technology will continuously affect the improvement of gross profit margin and profit. On the other hand, users will gradually get used to comparing products, which intensifies the internal competition within the Huawei system.
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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 mechanism, and weak innovation motivation.
From the perspective of the R & D structure, although Voyah has launched the ESSA platform, the Mica electric drive architecture, and the Lanhai intelligent cockpit, its leading advantage is relatively 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 threshold. To keep up with the pace, Voyah must spend more on R & D to maintain its presence, which directly impacts its newly positive profit statement.