Herbert Smith Freehills Kramer advises on VOYAH's Hong Kong listing and Dongfeng Motor Group privatisation

Leading global law firm Herbert Smith Freehills Kramer has advised on the listing of VOYAH Automotive Technology Co., Ltd. (07489.HK) on the Main Board of the Hong Kong Stock Exchange and the privatisation of Dongfeng Motor Group.

The transaction involved the privatisation of Dongfeng Motor Group and the inter-conditional spin‑off listing of its subsidiary, VOYAH, on the Hong Kong Stock Exchange by way of introduction.

The firm acted as legal adviser to China International Capital Corporation Hong Kong Securities Limited, which acted as sole sponsor on the listing and as financial adviser on the privatisation.

"This transaction adopted a first‑of‑its‑kind structure in the Hong Kong market," said Hong Kong partner Jason Sung. "It required the resolution of multiple novel legal issues for which there was no direct precedent."

VOYAH is a premium intelligent new energy vehicle (NEV) brand under Dongfeng Motor Group. The company is among the top automotive companies in China's premium NEV market by sales volume, with a CAGR in sales volume of 103.2% between 2022 and 2024. VOYAH is the first premium NEV brand under a central SOE of China to deliver over 300,000 vehicles.

"The transaction was completed on an accelerated timetable to align with the privatisation," said Hong Kong partner Jeremy Shen. "The listing application was submitted in early October 2025, with the company now successfully listed."

Herbert Smith Freehills Kramer has extensive experience advising on complex China‑related capital markets transactions, including Hong Kong listings of A‑share‑listed PRC companies and companies with complex regulatory structures. The firm has advised on major A+H listings such as S.F. Holding Co. Ltd. (06936.HK, 002352.SZ), Jiangsu Hengrui Pharmaceuticals Co. Ltd. (01276.HK, 600276.SS) and Eastroc Beverage (Group) Co. Ltd. (09980.HK, 605499.SS).

Partners Jason Sung and Jeremy Shen led a team advising on the privatisation, supported by Aaron Li, Eric Yeung and Samuel Au. Partners Jason Sung and Jin Kong led a team advising on the listing, supported by Maisie Ko, Gigi Lo, Kathy Zhang, Cassey Wu, Francis Wang and Emily Wan, with Karen Chan, Renee Fung and Mello Wang providing assistance.

Legal manager Marine Jin led Herbert Smith Freehills Kewei Joint Operation's Digital Legal Delivery business to provide high-efficiency solutions for verification and other document-intensive processes during the listing, assisted by Huidan Luo, Zhongyu Shi and Difei Shou.

*Due to regulatory requirements in Hong Kong, Jin Kong's official title is Senior Registered Foreign Lawyer.