Shares of Dongfeng Motor Group surged as much as 69% in Hong Kong on Monday, touching HK$10.10—an eight-year high—after its state-owned parent unveiled a plan to take the automaker private and separately list its Voyah electric-vehicle subsidiary. Dongfeng Motor Corp. offered HK$6.68 a share for the 27% of the company it does not already own, valuing the buyout at about HK$55.1 billion (US$7.1 billion) and representing an 11.9% premium to the stock’s last close before trading was suspended on 8 August. The parent intends to delist Dongfeng Motor Group and introduce Voyah to the Hong Kong exchange, effectively swapping investors’ exposure from the legacy joint-venture business with Nissan and Honda to a pure-play EV brand. The restructuring comes amid an extended price war and regulatory scrutiny in China’s auto market, which has squeezed margins and spurred consolidation among state-backed manufacturers. Dongfeng’s Hong Kong-listed shares had been halted from 11–22 August pending the announcement and are now up almost 150% year-to-date, outpacing the 1.7% gain in the Hang Seng Automotive Index on the day.