On the 22nd August 2025, SOE-backed Dongfeng Motor (489 HK) announced a privatisation; together with a concurrent listing of its EV arm, VOYAH.
Dongfeng has now released the application proof for VOYAH, with finances through to July 2025. Of interest, VOYAH is in the black for 7M25.
The market is implying a price-to-trailing-sales of 1.5x for VOYAH versus the basket average of 2.1x.
The Trade:
There’s been a lot of enthusiasm washing over HK spin-offs of late - Zijin Mining Group Co Ltd H (2899 HK), MINISO Group Holding (9896 HK), and now Dongfeng Motor (489 HK).
I think Dongfeng is trading full here. But it’s not a strong conviction.
This insight is still labelled bullish as I’m not bearish.