Voyah has taken up the banner of state-owned enterprise reform

Author | Zhou Zhiyu

Editor | Zhang Xiaoling

In the historic leap of China's automotive industry from catching up to leading, who will play the role of ballast and vanguard? The market's answers are varied and complex, but the actions of the "national team" often carry the most weight and direction.

On the evening of August 22, Dongfeng Group Co., Ltd. (0489.HK) announced that its subsidiary Voyah will be listed on the Hong Kong Stock Exchange through a introduction method.

This move is far from a simple listing. It is more like a flag, showcasing the responsibility and commitment of a central enterprise, as an industry leader, to uphold the banner of industrial development at a critical moment.

Hidden beneath this complex capital operation is a larger game that Dongfeng has laid out for its entire new energy brand matrix. Voyah, which has long been regarded as an important brand of Dongfeng's independent high-end core assets, has a true mission that goes beyond merely paving a new path for itself.

By sending Voyah, the highest-end positioned brand, into the capital market, Dongfeng aims to use it as a benchmark to thoroughly activate and reassess the value system of its entire new energy business, thereby radiating and driving the vast product spectrum behind it to achieve leapfrog development.

This is not only a key move for Dongfeng to realize its blueprint of "high-end leadership and full-spectrum development," but also an exploration as the industry's "national team" to explore the path of new and old kinetic energy conversion for China's automotive industry and to serve the national strategy of becoming a manufacturing powerhouse.

Voyah "Flying Solo"

Dongfeng Group Co., Ltd.'s "introduction listing" plan is a precise capital operation centered on value release. Every step has been meticulously designed, with only one goal: to provide Voyah with an independent market platform that matches its intrinsic value in the shortest possible time.

Compared to the lengthy process of an initial public offering (IPO), the "introduction listing" chosen by Voyah is a more efficient path. It does not issue new shares or raise a single penny; the sole purpose is to transfer Voyah's equity from Dongfeng Group's balance sheet to all shareholders through equity distribution, and then directly list it for trading.

The brilliance of this move lies in its ability to bypass all pricing steps that could lead to undervaluation.

While opening up development space for Voyah, Dongfeng Group has also designed a decent upgrade for its Hong Kong stock platform. It has offered all small and medium shareholders an extremely attractive proposal: not only cash compensation far exceeding market prices but also proportional shares in the promising Voyah stock.

"Cash in hand for security, hold onto the potential stock," this tangible sincerity ensures the smooth advancement of this massive plan. It is not a zero-sum game but a restructuring of shared interests, adding the final layer of insurance to this capital operation.

This design, which balances short-term returns with long-term value, reflects a high respect for the rights and interests of small and medium shareholders and provides a more constructive new model for the capital operations of central state-owned enterprises in Hong Kong in recent years Driving this major capital operation is Dongfeng's strategic choice for the future.

The old production relations have already restricted the development of new productive forces. When the valuation of the "cage" is even lower than the value of the "bird," "exchanging the cage for the bird" is no longer a choice but a must-answer question.

Moreover, competition on the track does not allow for the slightest hesitation. On another front, Avita, a subsidiary of Changan Automobile, has also launched its listing plan, and the competition for the title of "the first high-end new energy stock of a central enterprise" has long been an open secret. Voyah's CFO Shen Jun has revealed that after monthly sales exceed 10,000, Voyah would meet the conditions for an IPO. Now that the goal has been achieved, the strategic window is fleeting.

Therefore, Voyah's listing is essentially a profound value reshaping that Dongfeng is undertaking for its own future. Once the "high-end leading" banner of Voyah is raised high in the capital market, the value logic of the entire Dongfeng independent sector may be completely rewritten.

Creating a Model

Voyah's independence has long exceeded the confines of Dongfeng's territory. It is like a stone thrown into water, creating ripples in the deep pool of China's automotive industry and even the entire state-owned enterprise reform.

Beyond the script of the capital market story, Voyah's own fundamentals are the core that supports this grand performance. The "new bird," which has been highly anticipated, has already grown its wings.

On the product level, Voyah has precisely executed its "three years, three categories" strategy, quickly building a complete product matrix covering mainstream categories in the high-end market: from the driving-focused SUV Voyah FREE to the high-end MPV blue ocean that quickly became a hit, the Voyah Dreamer, and the sedan Voyah Zhaiguang targeting the executive market.

More importantly, its first model in collaboration with Huawei—the pure electric SUV Voyah Zhiyin—is about to be launched, marking Voyah's entry into the broader mainstream high-end market by leveraging the power of external tech giants.

On the technology front, Voyah adheres to "self-research as the root, cooperation as the wings." Its self-developed ESSA native intelligent electric architecture and "Tianyuan" centralized SOA electronic and electrical architecture are the foundational bases that enable it to quickly launch multiple category models.

In the field of three electric systems, the global debut of the intelligent super hybrid 800V technology "Lanhai Smart Hybrid" has allowed it to achieve breakthroughs in pure electric range exceeding 360 kilometers and comprehensive range of 1,400 kilometers for mid-to-large hybrid vehicles, showcasing its technical strength.

This unique positioning that combines "the reliability of state-owned enterprises" with "the flexibility of new forces" constitutes its differentiated competitive advantage compared to purely new forces and traditional luxury brands.

For Dongfeng and all its "national team" comrades, true transformation is an extreme challenge that requires overcoming three major mountains simultaneously: a complete transition to new energy, continuous leadership in the intelligent track, and expansion into the global market landscape. Each of these requires substantial financial investment.

In the fiercely competitive track, the traditional internal resource allocation mechanism can no longer match the competitive pace of the new track How to find a strong and lasting capital engine for this expensive expedition? Dongfeng's answer is to push Aito, its most elite "special forces," directly to the forefront of the capital market, enabling it to directly connect with the capital market and obtain continuous resource support.

The logic behind this is a profound delegation of power and empowerment.

An independent financing platform means that Aito can have greater autonomy in resource allocation on core battlefields such as three electric systems, intelligent driving, and cockpit design, no longer constrained by the financial limitations of the parent company, thus seizing the initiative in the technological arms race. Whether it is the popularization of the 800V high-voltage platform or the research and development of advanced intelligent driving, continuous and substantial investment is required, and an independent listing platform is the fundamental guarantee for all of this.

A clear and independent identity as a listed company is Aito's "hard currency" for maneuvering on the global stage. As one of the fastest high-end new energy brands to go global from its home market, Aito has entered European countries such as Norway and Italy. Its independent listing status will greatly facilitate international financing, establish overseas cooperation, and enhance its global brand image, accelerating its "Let's VOYAH" overseas expansion plan.

Looking further ahead, Dongfeng's reform has a true ambition to carve out a replicable path for the transformation and upgrading of the entire Chinese manufacturing industry.

It vividly illustrates how to use the power of the capital market to achieve a precise structural separation of new and old driving forces, thereby clearing all obstacles for new businesses that represent the future and injecting boundless vitality.

This is precisely the "transformation wisdom" embodied in the "Aito model." It will ultimately coalesce into a powerful force, driving Dongfeng and even more central enterprises to better serve the grand blueprint of a strong automotive nation and a strong manufacturing nation. In this epic expedition concerning the future of China's industry, Aito's listing may just be the prologue.

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