"Resumption of Trading" Dongfeng distributes Voyah to achieve H-share listing, major shareholder privatizes remaining business

Dongfeng Group Co., Ltd. (00489.HK) announced a proposal to distribute shares of its high-end electric vehicle subsidiary, Voyah, to shareholders at a benchmark of 0.3552608 shares per share. It will apply for the introduction of Voyah's H shares for listing, subject to the fulfillment of distribution conditions. Meanwhile, the major shareholder Dongfeng Motor Corporation will implement a merger with all H shareholders at a cash consideration of RMB 6.68 per share, privatizing the company's remaining business. After the merger takes effect, the company will apply to revoke the listing status of its H shares.

Based on the theoretical value of 0.3552608 shares of Voyah's H shares at approximately RMB 4.17, along with the cancellation price of RMB 6.68, the total theoretical price of the proposed transaction is approximately RMB 10.85, representing a premium of 81.74% compared to Dongfeng's last closing price before the suspension. Currently, the company holds approximately 79.6691% equity in Voyah.

Dongfeng Group has applied to resume trading on Monday (25th)