On 13 February 2026, Dongfeng Motor Corporation, Dongfeng Motor Group Company Limited (Stock Code: 489), and Dongfeng Motor Group (Wuhan) Investment Company Limited issued a joint announcement regarding a proposed conditional privatisation of Dongfeng Motor Group Company Limited by way of merger by absorption. The announcement also highlighted a proposed distribution of VOYAH shares and a proposed withdrawal of listing, all subject to specified conditions being satisfied or waived.

The joint announcement clarified that, as VOYAH has not yet recorded an annual net profit for the most recent fiscal year prior to the second valuation reference date, the valuation approach will focus on trading multiples based on sales. This approach, which was updated under the “3. Selection of trading multiples” section of the composite document, underlines the reasoning for selecting revenue-based metrics.

The boards emphasized the possibility that the effectiveness and subsequent implementation of the merger arrangement are dependent on meeting various conditions specified in the announcement. The distribution of VOYAH shares is also subject to fulfilling distinct conditions. Potential investors and shareholders were advised to exercise caution when dealing in the securities of Dongfeng Motor Group Company Limited.