- Avatr may submit its Hong Kong IPO application as early as October and complete the listing by the second quarter of 2026.
- Avatr's most recent funding round was in December 2024, when it completed a series C financing exceeding RMB 11 billion ($1.5 billion).
Changan Automobile's (SHE: 000625) electric vehicle (EV) unit Avatr Technology is reportedly preparing to file for a Hong Kong listing, poised to become the latest domestic company seeking to leverage an overseas listing to support expansion.
Avatr, backed by Changan, CATL (HKG: 3750), and Huawei, plans to submit its listing application to the Hong Kong Stock Exchange in the fourth quarter of this year, with the listing expected to be completed in the second quarter of 2026, local media outlet Cailian reported today.
Avatr is currently in the final preparatory stages of its Hong Kong IPO process and could file as early as October, the report cited a source as saying.
Previously, an Avatr insider had indicated plans for a 2026 listing, with CICC and CITIC Securities serving as joint sponsors, the report noted.
Originally named Changan Nio, Avatr was established as a joint venture between Changan and Nio on July 10, 2018.
In August 2021, Changan rebranded Changan Nio as Avatr, stating the EV unit would be led by Changan with Huawei and CATL responsible for smart vehicle solutions and battery technology, respectively.
Nio's stake in the company has been diluted after Avatr's external financing rounds, and it has now largely exited its investment.
Avatr's most recent funding occurred in December 2024, when it completed a series C round exceeding RMB 11 billion ($1.5 billion).
With the series C funding secured, Avatr will have more ample operating capital to accelerate R&D for subsequent models, brand building, and overseas expansion, it said on December 18, 2024.
Avatr president Chen Zhuo announced on Weibo last December that the EV maker had initiated IPO preparations, targeting a 2026 listing.
Avatr sold 10,565 vehicles in August, marking a 184.62 percent year-on-year increase and a 5.00 percent rise from July, according to data compiled by CnEVPost.
From January to August, it sold 79,711 vehicles, representing a 119.18 percent year-on-year growth.
Avatr will be the latest Chinese automaker planning a Hong Kong listing.
Chery is advancing its Hong Kong IPO process, with a Bloomberg report yesterday indicating it set the offering price at HK$30.75 per share -- the upper end of its range.
This pricing implies Chery could raise HK$9.1 billion ($1.2 billion) in the IPO, the report noted.
Dongfeng Motor Group announced last month its plan to exit the Hong Kong stock market, while its high-end EV unit Voyah will list in Hong Kong via an introductory listing.
($1 = RMB 7.1129, $1 = HK$ 7.7716)
