AVATR had better really "swallow" Deepal.

On July 1 this year, Changan Automobile issued an announcement stating that AVATR Technology resubmitted its IPO application for listing to The Stock Exchange of Hong Kong (HKEX) on June 30, 2026. According to reports from media outlets including Securities Times, AVATR's second submission of the listing application is due to the fact that the prospectus submitted on November 27, 2025 has expired after the 6-month validity period.

In the blink of an eye, nearly 3 more months have passed.

In accordance with the rules of HKEX, the prospectus and listing application submitted by AVATR for the second time still have a validity period of about 3 months. Therefore, by December 31 this year, a new stage of result will be available on whether this high-end new energy vehicle manufacturer backed by Changan will ring the bell for listing on HKEX.

It is worth noting that industry insiders pointed out that the IPO review cycle in the Hong Kong stock market is generally relatively long recently. Data shows that in May alone this year, at least 20 prospectuses submitted to HKEX have expired.

However, judging from AVATR's recent market performance and the possibilities in the next 3 months, being listed as the year-end closing highlight may not be a bad thing.

According to the terminal retail data from the China Association of Automobile Manufacturers and the China Passenger Car Association, AVATR's cumulative sales from January to August this year reached 36,111 units, a decrease of about 48.7% compared with the same period in 2025. Considering that AVATR launched two heavyweight new models at mainstream price points, the AVATR 06T and AVATR 07L, only in April and August this year, AVATR still has huge room for improvement in its current market performance.

Regarding the sales fluctuation of AVATR, Wang Jinhai, Vice President of AVATR Technology, attributed it to the overall market shrinkage and the impact of its own product rhythm at the China Changan Automobile Group mid-year media briefing held in July, and also stated that the delivery volume is already in the process of rebounding.

According to Tan Benhong, Director of China Changan Automobile Group Co., Ltd., after the overall strategic adjustment in the first half of the year, the brand will return to the growth track on the premise of balancing volume and profit in the second half of the year.

Speaking of the balance between volume and profit, AVATR also officially announced on September 24 that it will hold the global debut of its first flagship SUV of the "9 Series", the AVATR T09, in October. Referring to the NIO ES8, for AVATR to return to the growth track, it may be enough to make the T09 a hit model.

If AVATR can stop the decline and rise in the second half of the year as the above executives said, then listing on the Hong Kong stock market a little later is exactly the best strategy. After all, for automakers, sales are king. Just imagine, if AVATR lists on the Hong Kong stock market in its current state, it may even have difficulty maintaining its issue price.

Apart from AVATR itself, its integration with Deepal Auto may also become an X factor that is conducive to market value management after its listing on the Hong Kong stock market.

In April this year, Zhu Huarong, Chairman of China Changan Automobile Group, announced that AVATR will carry out strategic integration with Deepal Auto. According to the plan, the new company after integration is expected to achieve an annual sales scale of 1.5 million units by 2030.

In addition, as Tan Benhong revealed at the July media briefing, the integration of AVATR and Deepal Auto is continuing to advance. "The impact of the integration on the two major brands is mainly reflected in 'three unchanges and three shares', including unchanging strategy, brand operation and ToC business operation, as well as shared system capabilities, resources and development opportunities."

It is not yet known whether the new company will take AVATR or Deepal Auto as the main body, but judging from market rumors and Changan's overall layout, it is a more likely development direction that Deepal Auto will be spun off from Changan and merged into AVATR.

The Tianyancha app shows that Chongqing Changan Automobile Co., Ltd. holds about 41% of the shares of AVATR Technology, and holds about 51% of the shares of Deepal Auto. In other words, Changan is the major shareholder of AVATR and the controlling shareholder of Deepal Auto. Combined with the listed company identity of Chongqing Changan Automobile Co., Ltd., if AVATR and Deepal Auto are integrated and then listed with the latter as the main body, the complexity will far exceed that of listing with AVATR as the main body.

What's more, AVATR has already reached the final stage of its Hong Kong stock listing process.

Some people may say that it is a pity to let Deepal Auto, which has sold more than 160,000 units within the year, "lift the sedan chair" for AVATR, but judging from the case of the integration of Zeekr and Lynk & Co, this seems to be more in line with the development pain points of China Changan Automobile Group.

In the field of new energy vehicles, China Changan Automobile Group has laid out three independent brands: Changan Qiyuan, Deepal Auto and AVATR. In the ideal state, they should correspond to the three sub-segments of entry-level, mid-to-high-end and luxury at different price points respectively. But from the current situation, Changan Qiyuan and Deepal Auto both focus on models priced below 150,000 yuan, while AVATR has been failing to gain a firm foothold in the price range above 200,000 yuan.

In this context, if taking Deepal Auto as support can help AVATR gain a firm foothold in the above-200,000-yuan sub-segment, it will be more in line with the development goals of China Changan Automobile Group. Judging from the examples of Zeekr and Lynk & Co, this is not impossible.

Before the equity delivery was completed in February 2025, when Zeekr held 51% of the shares of Lynk & Co and established Zeekr Technology Group, Lynk & Co had always been the one with better sales performance, while Zeekr had long ranked in the middle of China's luxury new energy vehicle manufacturers.

After the merger of the two sides, Zeekr began to announce its sales performance based on the combined caliber of the two brands. Supported by the stable sales of Lynk & Co, its presence and influence in the industry have increased significantly, and most ordinary consumers have remembered the label that "Zeekr is selling better and better".

After accumulating upward momentum, Zeekr entered a new product cycle in the second half of 2025, and the Zeekr 9X was launched. With the dual guarantee of product strength and brand momentum, it successfully became a hit model at the 500,000-yuan level. By 2026, although the sales of Lynk & Co have declined in 2026, Zeekr has also become an important growth engine for Geely to achieve simultaneous growth in sales volume and profit.

Back to AVATR, as a Chinese luxury new energy brand backed by three giants Changan, Huawei and CATL, which is teased by the industry as "born with a silver spoon in its mouth", it has always been highly expected by the market, but has failed to deliver on its promises for a long time. Now at the crossroad of integration with Deepal Auto, AVATR needs to seize the opportunity and not disappoint its numerous old car owners and potential customers who have good impressions of it again.

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 This article is from the WeChat official account "Yuanmeihui", written by Pan Zhuolun, and authorized for release by 36Kr.