VOYAH Automotive Technology Co., Ltd.

Date of Prospectus: February 13, 2026

VOYAH Automotive’s 2026 Hong Kong IPO: Comprehensive Investor Analysis, Key Details, and Market Outlook

IPO Snapshot: Structure, Symbol, and Key Details

VOYAH Automotive Technology Co., Ltd. is set to debut on the Main Board of The Stock Exchange of Hong Kong Limited (Stock Code: 7489) by way of introduction, offering investors exposure to a leading Chinese automotive technology company. This listing is tightly linked to the privatization of DFG and a strategic corporate reorganization, positioning the company for future growth and capital markets recognition.

• IPO Symbol: 7489
• Offer Type: Listing by way of introduction (no new shares offered at listing)
• Total H Shares to be Listed: 885,381,529 H shares of RMB1.00 each
• Listing Date: Dealings expected to commence at 9:00 a.m. on Thursday, March 19, 2026
• Board Lot Size: 1,000 H Shares

No new shares are being issued in the introduction. The total number of shares listed is based on the shareholding structure post-DFG distribution. Fractional entitlements from the distribution are converted and retained as H Shares [[1]][[2]].

Deal Parties, Advisors, and Listing Structure

China International Capital Corporation Hong Kong Securities Limited acts as the Sole Sponsor for the listing, underlining a high standard of due diligence and market support. The listing is conducted by way of introduction, with no stabilization or over-allotment (greenshoe) mechanism disclosed. The absence of new share issuance suggests listing-day performance will be driven by the existing shareholder base and investor demand for secondary market liquidity [[1]][[2]].

Company Overview: Business Model, Structure, and Key Players

VOYAH Automotive Technology Co., Ltd. is a joint stock company incorporated in the People’s Republic of China, focusing on automotive technology and innovation. The company’s core business model, revenue streams, product lineup, and competitive strengths reflect a robust presence in China’s evolving automotive sector.

The company’s primary shareholders include DFG, with the shareholding structure finalized based on a distribution formula: holders of one DFG Domestic Share receive 0.3552608 Domestic Shares of the Company, and holders of one DFG H Share receive 0.3552608 H Shares of the Company. All fractional entitlements are retained by DFG and converted into H Shares [[1]].

Management Team:

• Chairperson of the Board and Executive Director: Mr. Lu Fang
• Executive Director: Mr. Jiang Tao
• Non-Executive Directors: Mr. Liao Xianzhi, Mr. Yang Yanding, Ms. Hu Xiao, Mr. Qin Jie
• Independent Non-Executive Directors: Mr. Sun Patrick, Mr. Fu Bingfeng, Dr. Yang Yong

The company’s leadership reflects a blend of executive, non-executive, and independent guidance, supporting strong governance and strategic direction [[2]].

VOYAH aims to leverage advanced automotive technology for competitive advantage in China’s dynamic vehicle market. The company’s structure, tied to a strategic privatization and share distribution, is designed to streamline operations and enhance its market profile.

Sector Trends, IPO Timing, and Market Environment

Sector Momentum: The automotive technology sector in China is marked by ongoing innovation and increasing consumer demand for next-generation vehicles. Recent structural changes, including the merger and privatization of related entities, are set to position VOYAH for the next phase of growth.

• IPO Timing: Listing expected March 19, 2026
• Settlement: Transactions to be settled through CCASS on T+2 basis
• Eligibility: H Shares eligible for CCASS deposit, clearance, and settlement from the first day of dealings

The IPO’s timing aligns with the completion of critical merger pre-conditions, merger conditions, and the privatization process. The listing is subject to final regulatory and procedural approvals, with further announcements pending as necessary [[2]].

The listing forms an integral part of a broader privatization and restructuring plan involving DFM, DFM Wuhan, and DFG, with all steps designed to streamline shareholding and set the foundation for public market visibility [[2]].

Risk Factors: Key Exposures to Consider

Investors should note the following risks:

• Completion Risk: The listing by introduction, distribution, and merger are subject to the fulfillment or waiver of specified pre-conditions and may not occur as planned or at all.
• Liquidity Risk: As no new shares are issued and the listing is by introduction, initial trading liquidity may depend heavily on existing holders’ willingness to sell.
• Regulatory Risk: The process is subject to multiple regulatory approvals and requirements, and any delays or changes could impact the listing timeline and share trading.

Further announcements by DFM, DFM Wuhan, DFG, and the Company will clarify any changes to the listing process or timing [[2]].

Growth Strategy: Pathways to Expansion

VOYAH’s listing is a strategic move to facilitate future capital market transactions, enhance brand recognition, and streamline ownership. The distribution and conversion of shares from DFG into VOYAH H Shares are expected to broaden the investor base and support future expansion plans.

While specific capex, M&A, or new product launches are not detailed, the corporate reorganization and public listing signal a commitment to long-term growth and market leadership.

Ownership Structure and Shareholder Alignment

The post-listing structure is determined by the share distribution from DFG, with fractional entitlements converted and retained as H Shares. Details on specific lock-up periods or ESOPs are not provided, but the shareholding realignment aims to enhance transparency and market alignment [[1]].

Listing Outlook: Prospects for VOYAH’s Market Debut

Based strictly on the available details:

• Listing by introduction means the market’s initial response will depend on investor demand for secondary liquidity rather than fresh capital raise or anchor allocations.
• The involvement of a reputable sponsor and clear regulatory guidance suggests a well-structured debut.
• The company’s integration with DFG and alignment with ongoing automotive sector trends provide a foundation for future growth.
• Pending announcements and completion of the merger are critical for the successful commencement of trading.

Estimated First-Day Performance: The absence of new share issuance or oversubscription data precludes a specific trading range estimate, but the streamlined structure and sector alignment suggest a stable listing, with performance contingent on post-listing liquidity and investor interest.

Prospectus Access

The listing document is available at www.hkexnews.hk and www.voyah.com.cn from February 13, 2026.