Dongfeng welcomes a new "operator," a financial veteran appointed as general manager

Author | Wang Xiaojun

Editor | Chai Xuchen

The changes in the executive team of large central state-owned automotive groups often convey important signals of strategic shifts within the company.

On October 11, Dongfeng Motor Group Co., Ltd. held an expanded leadership meeting, appointing 47-year-old Feng Changjun as the company's director, general manager, and deputy secretary of the party committee, relieving him of his position as chief accountant.

This appointment ended an 8-month vacancy in the position of general manager at Dongfeng Motor.

According to his personal profile, Feng Changjun is an executive with a strong financial background. Before joining Dongfeng in 2020, his career was closely linked to China Ordnance Equipment Group Corporation. He started from a grassroots financial position and held various roles, including deputy director of the finance department of the Ordnance Group, deputy general manager of the Finance Co., Ltd. of the Ordnance Equipment Group, and general manager of Chongqing Automotive Finance Co., Ltd.

In June 2020, Feng Changjun was transferred from his position as director of the finance department of China Ordnance Equipment Group Co., Ltd. to Dongfeng Motor Group as a member of the party committee and chief accountant. At that time, he was only 42 years old, becoming the youngest member of the standing committee at Dongfeng and one of the youngest deputy positions among automotive central state-owned enterprises. Now at 47, he has also become the youngest general manager among the three major automotive central state-owned enterprises (FAW, Dongfeng, Changan).

Feng Changjun's appointment comes at a critical time as Dongfeng Motor is advancing capital restructuring and transitioning to new energy. This personnel arrangement has attracted attention.

During his tenure at Dongfeng Motor, Feng Changjun's most representative work was leading the Hong Kong listing of Voyah. In August of this year, Dongfeng Group Co., Ltd. announced that its subsidiary Voyah would go public in Hong Kong through an introduction listing, while Dongfeng Group would simultaneously complete its privatization and delisting.

As a high-end intelligent new energy vehicle brand under Dongfeng Motor, Voyah submitted its listing application to the Hong Kong Stock Exchange on October 2, marking a substantial step towards its listing in Hong Kong. This capital operation holds strategic significance for Dongfeng Motor.

Previously, Dongfeng Motor (the parent company of Dongfeng Group) stated that due to factors such as the industry's transformation pains, Dongfeng Group's valuation has performed poorly in recent years, with its stock market value long being significantly lower than its net assets. As of July 31, 2025, Dongfeng Group's total market value was HKD 39.12 billion, with a closing price of HKD 4.74 per share and a PB ratio of only 0.25 times. Due to valuation issues, Dongfeng Group has not conducted any equity refinancing since its listing, essentially losing the financing function of its H-share listing platform.

In light of this situation, having Voyah represent Dongfeng Group for a re-evaluation in the capital market has become a key strategy for Dongfeng Motor. Through the listing of Voyah and the privatization and delisting of Dongfeng Group, Dongfeng Motor aims to reshape its image in the capital market and open independent financing channels for its new energy business. Feng Changjun's demonstrated professional capabilities during this process are undoubtedly important considerations for his promotion.

However, the Dongfeng Motor that Feng Changjun has taken over is facing multiple challenges. From sales data, Dongfeng Motor has shrunk nearly 60% from its peak of 4.2767 million vehicles, with total sales expected to be only 1.8959 million vehicles in 2024 In the first half of 2025, sales fell again to 823,900 units, with a year-on-year decline of 14.7%.

In the field of new energy, Dongfeng's performance is also not optimistic. Although the total sales of new energy vehicles reached 681,000 units in the first nine months of 2025, the presence of domestic brand new energy vehicles remains low. Apart from Voyah, other new energy sub-brands like Dongfeng Nano and Yipai have failed to penetrate the market, exposing multi-dimensional shortcomings in technology iteration speed, cost control, and channel operation.

Dongfeng Motor has recently made a series of adjustments. In June, Dongfeng established Yipai Technology, integrating its three major independent brands: Fengshen, Yipai, and Nano; in September, it established Yuechuang Technology to integrate the group's parts sector. These measures aim to optimize resource allocation, but the effectiveness of the integration remains to be tested by the market.

Since the beginning of this year, the cooperation between Dongfeng and Huawei has undergone a comprehensive iteration in depth and breadth. The two parties' cooperative brands have also added sub-brands like Mengshi, and they jointly established an innovation laboratory, which provides more leverage for subsequent new cars in the market.

The appointment of Feng Changjun breaks the traditional selection model of the top two leaders in the automotive industry. For a long time, the leaders of domestic car companies have often been promoted from technical or sales business lines. The leadership of a financial expert indicates that Dongfeng Motor's strategic focus is shifting towards capital operation and refined management.

In the context of the automotive industry entering a stage of integrated development of "technology + management + capital," Feng Changjun's financial background and capital operation experience precisely meet Dongfeng Motor's urgent needs. His full leadership of the Voyah listing project has ensured the continuity of this key strategy.

The combination of Feng Changjun and Chairman Yang Qing forms a team structure of "technical veteran + financial expert." Yang Qing, who has grown up within the Dongfeng system, has 35 years of experience at Dongfeng, rising from a technician to the chairman of the group. Their complementary combination is expected to balance the dual requirements of strategic continuity and refined financial management.

This personnel arrangement also reflects the evolution of talent selection standards in state-owned enterprises. In the deep water zone of industry transformation, the diversity of professional backgrounds has become an important consideration in building executive teams, and the value of executives with financial backgrounds is being reassessed.

Currently, the new general manager faces challenges far beyond his responsibilities as chief accountant. With the advancement of the Voyah automobile listing process, the privatization and delisting of Dongfeng Group, and the integration of brand resources, Feng Changjun's financial expertise aligns perfectly with Dongfeng's current urgent needs for capital operation and refined management.

In recent years, traditional car companies that have undergone a transformation period have begun to return to the main stage in terms of volume and sales, showcasing their ability to navigate cycles. Next, it remains to be seen how Dongfeng will write its own comeback story