Voyah CEO Takes Chairman Role to Steer EV Maker's Hong Kong Listing
Voyah Auto has consolidated its leadership by appointing CEO Lu Fang as its new chairman, a strategic move to streamline decision-making as the premium electric-vehicle arm of Dongfeng Motor Group accelerates its Hong Kong public listing and pushes for sustained profitability.
The appointment, confirmed by corporate filings, sees Lu Fang take over the chairman role from You Zheng. The change unifies the chief executive and chairman positions, granting Lu—who has led the company since its inception—full oversight of strategy and operations at a critical juncture for the automaker.
This leadership shuffle is designed to shorten the company’s decision-making chain and enhance execution efficiency, a crucial advantage in China's intensely competitive EV market. The move comes as Voyah prepares for a listing by introduction on the Hong Kong Stock Exchange, part of a broader capital restructuring by its state-owned parent, Dongfeng.
The changes follow a period of rapid growth and significant financial improvement for Voyah. The company is nearing full-year profitability after slashing losses in 2024, making its upcoming public debut a key test of its ability to operate as an independent, self-sustaining entity and win over public market investors.
Push for Profitability
Voyah's path to the public market is supported by strong operational momentum. The company delivered 81,768 vehicles in the first eight months of 2025, a 92% increase from the same period last year. This growth is underpinned by an expanding product lineup, including the FREE sport utility vehicle, the DREAMER multi-purpose vehicle, and the new ZHIYIN sedan.
The automaker has also made significant strides in improving its financial health. After posting a net loss of 1.472 billion yuan (US$204 million) in 2023, Voyah dramatically narrowed its deficit to just 18 million yuan in 2024. The company achieved its first-ever quarterly profit in the fourth quarter of last year, marking a turning point in its operations. Lu has identified 2025 as a critical year for the company to achieve full-year profitability and financial self-sufficiency, a goal he attributes to a strategy centered on product innovation, customer experience, and leveraging Dongfeng’s 56-year manufacturing heritage.
A Fast-Track to Public Markets
In August, Dongfeng Motor Group announced a plan for Voyah to list in Hong Kong "by introduction," a method that allows a company to go public without issuing new shares to raise capital. The process is part of a larger transaction that will see a Dongfeng subsidiary, Dongfeng Group Co., Ltd., privatized and delisted.
Under the plan, Dongfeng will distribute its 79.67% stake in Voyah to its shareholders, who will then hold shares directly in the EV maker. Voyah will subsequently apply for its own independent listing. This approach offers a faster route to the public markets compared to a traditional initial public offering, minimizing exposure to market volatility and allowing Voyah to quickly gain a public platform to enhance its brand and corporate governance. The move reflects a wider trend among Chinese state-owned enterprises to grant their market-facing subsidiaries greater autonomy and financial flexibility.
Corporate Overhaul for a Public Future
In preparation for its listing, Voyah has undertaken a significant corporate and governance restructuring. On Sept. 15, the company officially converted from a limited liability company to a joint-stock corporation, registering as Lantu Auto Technology Corp. and increasing its registered capital to 3.68 billion yuan.
The leadership change was formalized on Sept. 22, when CEO Lu Fang was appointed chairman. The board of directors was also reshuffled, with several directors stepping down to make way for six new members, including Fu Bingfeng and Jiang Taotao. The new board structure is designed to be more aligned with the demands of a publicly traded company, focusing on capital market strategy and sharpening executive oversight as Voyah prepares to stand on its own. Upcoming models, including the FREE+ and the flagship "Taishan" SUV, are expected to further bolster its product portfolio and competitive position.