AVATR has become the first NEV maker under a central state-owned enterprise to submit a listing application to the Hong Kong Stock Exchange.
On November 27, AVATR Technology (Chongqing) Co., Ltd. (hereinafter referred to as “AVATR”) filed for an IPO in Hong Kong, with CITIC Securities and CICC serving as joint sponsors.
As a premium smart electric vehicle brand jointly created by Changan Automobile, Huawei, and CATL, AVATR has become the first new energy vehicle manufacturer under a central state-owned enterprise to apply for a Hong Kong IPO.
According to the prospectus, AVATR plans to use the raised funds for product development, platform technology upgrades, brand building, and sales network expansion.
It is worth noting that AVATR has already completed four rounds of financing, raising over RMB 19 billion. Among these, the Series C round raised more than RMB 11 billion, making it the largest single financing round in China that year.
Signs of AVATR’s planned Hong Kong IPO have been apparent for some time.
According to Tianyancha, on September 29, 2025, AVATR completed its shareholding reform, changing its entity type from a “Limited Liability Company (Foreign Investment, Non-Wholly Owned)” to a “Joint Stock Limited Company.” Less than two months after this restructuring, AVATR officially initiated its Hong Kong IPO process.
As disclosed in the prospectus, AVATR’s revenue has shown a consistent upward trend in recent years.
In the first half of 2025, the company’s revenue reached RMB 12.208 billion, a year-on-year increase of 98.52%, nearly doubling. In terms of annual data, the company’s revenue was RMB 5.645 billion in 2023 and grew to RMB 15.35 billion in 2024, representing a year-on-year growth rate of 169.16%.
Vehicle sales are the core source of revenue for AVATR. In the first half of 2025, revenue from vehicle sales amounted to RMB 11.49 billion. Meanwhile, revenue from other businesses increased from RMB 240 million in the first half of 2024 to RMB 718 million in the first half of 2025.
In terms of sales, as of June 30, 2025, the company’s deliveries in the first half of the year reached 56,729 vehicles, a year-on-year increase of approximately 151.1%.
Latest data shows that in October 2025, AVATR’s sales reached 13,506 vehicles, a year-on-year increase of 34%. As of October 2025, AVATR has achieved monthly sales exceeding 10,000 vehicles for eight consecutive months, with cumulative sales from January to October reaching 104,000 vehicles.
According to the plan, AVATR will further accelerate its global expansion, aiming to enter more than 80 countries and regions and establish over 700 sales outlets by 2030. AVATR’s global sales targets for 2027, 2030, and 2035 are 400,000, 800,000, and 1.5 million vehicles, respectively.
Based on previously disclosed information, the market widely expects that AVATR is likely to complete its listing by the second quarter of 2026.
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