On the evening of August 22, Hong Kong-listed company Dongfeng Motor Group announced that its subsidiary Voyah Auto will list on the Hong Kong Stock Exchange by way of introduction, while Dongfeng Motor Group will simultaneously complete its privatization and delisting.

According to the announcement, the transaction adopts a combined model of "share distribution + absorption merger," with two core steps being mutually conditional and progressing simultaneously. In the first step, Dongfeng Motor Group will distribute its 79.67% equity stake in Voyah Auto to all shareholders on a pro-rata basis, after which Voyah Auto will list on the Hong Kong Stock Exchange by way of introduction.

In the second step, Dongfeng Motor Group's wholly-owned domestic subsidiary, Dongfeng Motor Group (Wuhan) Investment Co., Ltd., will act as the absorbing entity, paying equity consideration to Dongfeng Motor, the controlling shareholder of Dongfeng Motor Group, and cash consideration to other minority shareholders, thereby achieving 100% control of Dongfeng Motor Group.

The announcement shows that due to factors such as the pains of industry transformation, Dongfeng Motor Group's valuation has been relatively low in recent years, with its stock market value consistently far below net asset value.

Constrained by its valuation, Dongfeng Motor Group has not conducted any equity refinancing since its listing and has largely lost the financing function of its H-share listing platform.

In contrast to Dongfeng Motor Group's low valuation performance, Voyah Auto, as a high-end smart new energy brand independently developed by Dongfeng, has maintained strong development momentum in recent years and is one of the most valuable and growth-oriented high-quality assets under Dongfeng Motor.

The announcement indicates that after Voyah Auto's listing on the Hong Kong Stock Exchange, it is expected to further stimulate the company's value creation capabilities and fully unleash its value growth potential, building on its leading technology, high-quality products, and broad market prospects, while further broadening financing channels, enhancing brand image, and expanding international operations.