VOYAH AUTO's Hong Kong stock debut faces liquidity challenges in its listing model

Author | Zhou Zhiyu

On March 19, Voyah officially listed on the main board of the Hong Kong Stock Exchange, becoming the first independently listed high-end new energy brand among central state-owned enterprises in the Hong Kong stock market. After a brief dip, Voyah's stock price rebounded, closing at HKD 6.9 per share at midday, down 8% from the opening price of HKD 7.5 per share.

Voyah's entry into the Hong Kong stock market was through a direct listing method—no new shares were issued, and no financing was conducted; all listed shares were distributed from the existing stock of Dongfeng Motor Group after its privatization and delisting. The advantage of this approach is the fast listing speed and no dilution effect, but it also means that the first day of listing lacks the price stabilization tools typically associated with IPOs, such as cornerstone investor lock-ups and underwriter green shoe mechanisms.

More direct selling pressure comes from the index level. A Hong Kong investment banker analyzed that since Voyah has not yet been included in the major index constituents, some global passive funds, after receiving the distribution, need to liquidate these "non-target holdings" on the first day of listing or shortly thereafter, resulting in certain selling.

At the same time, Voyah has not yet been included in the Stock Connect, meaning that the most important incremental buying force in the Hong Kong stock market, southbound funds, cannot intervene in the short term, further compressing the buying support.

From the market environment perspective, the overall trading sentiment in the Hong Kong stock market has been cautious recently. The Hang Seng Index fell 1.66% at midday, and the Hong Kong automotive sector has been in a range-bound fluctuation since the beginning of the year, adding uncertainty to Voyah's first-day pricing.

However, from a fundamental perspective, Voyah's operating data still shows strong growth momentum. From 2023 to 2025, the company's sales are expected to increase from 50,300 units to 150,200 units, with a compound annual growth rate of 72.8%; revenue is projected to rise from CNY 12.75 billion to CNY 34.86 billion; and by 2025, the company is expected to achieve a net profit of CNY 1.02 billion, successfully turning a profit with a gross margin of 20.9%. By the end of 2025, the company is expected to have cash and cash equivalents of CNY 7.972 billion, indicating ample liquidity.

2026 will be a significant product year for Voyah. The company plans to launch four new models, all equipped with L3-level intelligent driving assistance hardware. Among them, the Voyah Taishan Ultra has recently begun deliveries, and the Dreamer Champion version co-created with Huawei has also been launched. In the second half of the year, a high-end MPV codenamed "Everest" will be introduced. Whether the intensive product launches can translate into sustained sales growth will be a focal point of market attention.

For Voyah, the direct listing serves as a ticket to the capital market. The company can initiate placements or additional issuances for financing at any time based on market conditions. The short-term pressure on the stock price is more due to the listing mechanism and structural market factors; Voyah's real test lies in whether it can use continuously improving operating performance to achieve a market valuation that matches its growth rate