On October 21, Voyah Automobile (HK 07489) - the premium new-energy brand of Dongfeng Motor - said it had received approval from the Hong Kong Stock Exchange to convert 1.5066 billion domestic shares into H-shares for listing and trading, completing the "full circulation" of its H shares. After conversion, H-shares rise from 885 million (about 24 percent) to 2.392 billion (about 65 percent) of the company, domestic shares fall to 35 percent, and total share capital of 3.68 billion remains unchanged. Lock-up arrangements hold Dongfeng and Wuhan Woya for 36 months and the other nine participating holders for 12 months.
The move follows Voyah's March 19 debut on the HKEX via introduction - a listing that issued no new shares and raised no capital. Full circulation unlocks liquidity for early holders without diluting existing investors or raising new money, a "no-fundraising, no-dilution" stock conversion.
The capital-markets step is backed by improving fundamentals. In the first three quarters of 2026 Voyah delivered 116,000 vehicles, up nearly 20 percent year on year and marking months of 10,000-plus monthly deliveries; revenue rose 42.4 percent to 18.159 billion yuan. The company turned profitable for full-year 2025 with a net profit of 1.02 billion yuan and a 20.9 percent gross margin, making it one of the few NEV makers profitable before listing.
Source: Voyah announcement via Sina Finance / 10jqka / NetEase, October 22, 2026
