Avatr Technology, the premium electric vehicle (EV) subsidiary of Changan Automobile (SHE: 000625), has filed for an initial public offering (IPO) in Hong Kong, poised to become another EV maker listing outside the Chinese mainland.
The Hong Kong IPO of the brand, jointly established by Changan, Huawei, and CATL (HKG: 3750, SHE: 300750), has CITIC Securities and CICC as joint sponsors, according to a filing on the Hong Kong Stock Exchange yesterday.
The planned fundraising amount or trading date on the Hong Kong stock market has not yet been disclosed. Earlier this year, local media reported that the EV maker aimed to complete its Hong Kong listing in the second quarter of 2026.
The EV maker reported revenue of RMB 12.2 billion ($1.7 billion) in the first half of 2025, a 98.5 percent year-on-year increase.
Vehicle sales contributed RMB 11.5 billion, while other businesses -- including assisted driving solutions, after-sales services, and parts sales -- contributed RMB 718 million.
For reference, domestic peer Nio Inc (NYSE: NIO, HKG: 9866) reported third-quarter revenue of RMB 21.79 billion, up 16.7 percent year-on-year.
Avatr was originally named Changan Nio, a joint venture established by Changan and Nio on July 10, 2018.
In August 2021, Changan rebranded Changan Nio as Avatr, saying that the EV unit is led by Changan, with Huawei and CATL responsible for intelligent vehicle solutions and battery technology respectively.
To date, all Avatr vehicles utilize Huawei's Qiankun smart driving systems and CATL's power batteries.
Nio's stake in Avatr had been diluted as the company secured external financing rounds and had since exited the shareholder list.
Notably, Nio and Changan announced a partnership in battery swap operations on November 21, 2023, re-establishing their relationship. However, no recent developments regarding this collaboration have been reported.
Avatr delivered 56,729 vehicles in the first half of this year, according to its prospectus.
The company aims to achieve global sales of 400,000 units and annual revenue of RMB 100 billion by 2027, with a target of 800,000 global sales by 2030.
($1 = RMB 7.0817)
