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A subsidiary of Dongfeng Motor has increased its stake in Voyah Automotive (HKEX: 7489), tightening its grip on the premium electric vehicle (EV) brand.

Voyah announced Wednesday that Dongfeng Motor (Hong Kong) International acquired 20.19 million of its H shares on the secondary market, representing about 0.55% of the EV maker’s total issued share capital.

Following the implementation of the share purchase plan, Dongfeng Motor and its related entities now hold a combined stake of about 70.02% in Voyah.

The controlling shareholders currently hold over 2.438 billion domestic shares and about 138 million H shares in the company.

Unveiled by Dongfeng in late 2020 and officially established in 2021, Voyah primarily targets the price segment between 200,000 yuan ($29,450) and 500,000 yuan.

In August 2025, Dongfeng announced that Voyah would debut on the Hong Kong stock market by way of introduction, while Dongfeng itself would be privatized and delisted.

A listing by introduction is a method of listing already issued securities. It involves no issuance of new shares or capital raising at the time of listing, allowing only securities held by existing shareholders to be traded on the exchange.

Constrained by its valuation, Dongfeng had not conducted any equity refinancing since its own listing, essentially losing the financing function of its H-share platform.

On March 19 this year, Voyah officially listed on the Hong Kong Stock Exchange under the stock code 07489.

Voyah turned profitable in 2025, reporting a net income of 1.02 billion yuan.

The brand’s revenue surged to 34.86 billion yuan in 2025 from 12.75 billion yuan in 2023, while its vehicle sales jumped to 150,169 units from 50,285 units over the same period.

In the first four months of this year, Voyah delivered 49,038 vehicles, representing a year- on-year increase of 36.02%.