(Yicai Global) Nov. 18 -- Voyah Automobile Technology has secured nearly CNY4.6 billion (USD635.7 million) in a fundraiser that values Dongfeng Motor Group’s new energy vehicle unit at CNY29.5 billion (USD4.1 billion).

China State-owned Enterprise Mixed Ownership Reform Fund, ICBC Financial Asset Investment, BOC Financial Asset Investment, and eight other investors took part in the Series A round, securing about 15.4 percent of Voyah, a source told Yicai Global yesterday. Dongfeng Motor put in a further CNY900 million (USD125.8 million), equal to 3 percent. Most of the participants were state-owned firms.

Before the fundraiser, Wuhan-based Dongfeng Motor held an 89.7 percent stake in Voyah and employee stock ownership platform Wuhan Woya Enterprise Management Consulting Partnership owned the remaining 10.3 percent.

The proceeds will be used to support Voyah’s strategic business positioning, improve its competitiveness, and focus on its primary business, according to the fundraiser information released on the Shanghai United Assets and Equity Exchange on Aug. 1.

Founded in June last year, Voyah has two NEV models on the market, both priced above CNY300,000 (USD41,920).

Editor: Futura Costaglione