PATEO exits its stake in AVATR, whose latest valuation is 26 billion yuan.

An equity transfer announcement revealed the latest valuation of this automaker.

On November 21, PATEO announced that Huzhou Chuangsheng Chiming Equity Investment Partnership, which holds 99.3961% of the shares, sold all of its 0.24% equity stake in Avita to the buyer (Wuhu Henghe No. 3 Venture Capital Fund Partnership) for a cash consideration of 62.44 million yuan. Based on this calculation, Avita's valuation is approximately 26.017 billion yuan.

Source: PATEO's announcement

In September this year, PATEO's semi - annual report for 2025 mentioned that as of the end of June this year, it held 0.89% of Avita's shares, with a corresponding investment cost of approximately 147.1 million yuan, and the fair value at that time was approximately 254.7 million yuan. Based on this calculation, Avita's valuation was approximately 28.618 billion yuan at that time.

The above - mentioned semi - annual report also mentioned that as of the end of June this year, Avita had a fair - value change loss of approximately 30.4 million yuan and a dividend income of 0 yuan. PATEO will adjust its investment scale at an appropriate time according to Avita's capital plan and its own strategy.

Subsequently, from June to September this year, PATEO transferred 0.63% of Avita's shares and cashed out approximately 163.5 million yuan; at the end of October this year, it continued to transfer 0.04% of the shares and cashed out approximately 7.52 million yuan; including this "full disposal", PATEO has transferred all of its 0.89% equity stake in Avita since June this year in less than half a year, accumulating approximately 233.46 million yuan in cash.

Compared with the investment cost of approximately 147.1 million yuan, PATEO made a profit of approximately 86.36 million yuan.

Public information shows that Avita Technology (Chongqing) Co., Ltd. was established in July 2018. Changan Automobile (holding 40.99% of the shares) is the largest shareholder, and CATL (holding 14.1% of the shares) is the second - largest shareholder. Huawei provides intelligent assisted - driving algorithms and intelligent cockpit components. The company integrates the resource advantages of the three parties to build an intelligent electric vehicle technology platform featuring "new architecture, high - performance computing, and high - voltage charging".

As a new - energy vehicle manufacturer, in November 2024, Avita announced that its sales volume in October of that year exceeded 10,000 for the first time, reaching 10,056 units, doubling both year - on - year and month - on - month, setting a new historical high. Throughout 2024, Avita's annual sales volume was 73,606 vehicles, doubling year - on - year, leading the industry in growth rate. Among them, the sales volume in December was 11,067 vehicles, exceeding 10,000 for three consecutive months.

In October this year, Avita's sales volume was 13,506 vehicles, a year - on - year increase of 34%, setting a new historical high and exceeding 10,000 vehicles for eight consecutive months. Also in October, Avita completed the payment of 11.5 billion yuan in investment to Huawei and holds a 10% equity stake in Yinwang Company. According to the plan, the two parties will jointly launch five upgraded models in 2026.

It is worth mentioning that in September this year, there were reports that Avita planned to submit a listing application to the Hong Kong Stock Exchange in the fourth quarter of this year and intended to complete the listing in the second quarter of next year.

Now, with PATEO's "full - disposal" announcement, not only is Avita's valuation change "fully exposed", but also the company's operating performance is mentioned in the relevant announcement.

From 2023 to 2024, Avita's pre - tax (post - tax) profits were approximately - 3.693 billion and - 4.018 billion yuan respectively.

Source: PATEO's announcement

According to public information, as of the end of 2024, Avita's net assets prepared in accordance with Chinese accounting standards were approximately 8.59 billion yuan.

This article is from the WeChat official account "Direct Access to IPO", author: Wang Fei, published by 36Kr with authorization.