Avita aims for a Hong Kong IPO: Revenue reached 12.2 billion yuan with a loss of 1.6 billion yuan in the first half of the year. CATL is the second-largest shareholder, and it's also a shareholder of Huawei Inspirit.

Avita Technology (Chongqing) Co., Ltd. (hereinafter referred to as "Avita") submitted its prospectus on the 27th and is preparing to list on the Hong Kong Stock Exchange.

Avita's major shareholder is Changan Automobile, and CATL is the second - largest shareholder. Avita has in - depth cooperation with Huawei Yinwang and has invested 11.5 billion yuan, holding a 10% stake in Huawei Yinwang.

Currently, VOYAH, a brand under Dongfeng Motor, is also planning to list. VOYAH's revenue in the first seven months of 2025 was 15.782 billion yuan, with a profit of 434 million yuan during the period and an adjusted net profit of 479 million yuan. Overall, VOYAH's operation is better than that of Avita.

Revenue of 12.2 billion yuan in the first half of the year, with a loss of 1.585 billion yuan

Avita is an electric vehicle brand. Its predecessor was Changan NIO New Energy Automobile Technology Co., Ltd., jointly invested and established by Changan Automobile and NIO in July 2018. The company has a diversified layout in two countries and three places, namely Chongqing and Shanghai in China and Munich in Germany. In May 2021, it was renamed Avita.

Avita started delivering vehicles in December 2022. The vehicle delivery volume increased from 20,021 in 2023 to 61,588 in 2024. The monthly delivery volume in June 2025 exceeded 12,805 vehicles, and the total delivery volume in the six - month period ending June 30, 2025, reached 56,729 vehicles.

The prospectus shows that Avita's revenues in 2022, 2023, and 2024 were 28.34 million yuan, 5.645 billion yuan, and 15.195 billion yuan respectively; the gross profits were - 104 million yuan, - 169 million yuan, and 961 million yuan respectively; and the losses during the period were - 2.015 billion yuan, - 3.693 billion yuan, and - 4.018 billion yuan respectively.

Avita's revenue in the first half of 2025 was 12.2 billion yuan, a 98.4% increase compared with 6.15 billion yuan in the same period of the previous year; the gross profit was 1.238 billion yuan, compared with 267 million yuan in the same period of the previous year; the loss during the period was 1.585 billion yuan, compared with 1.431 billion yuan in the same period of the previous year.

As of June 30, 2025, Avita held cash and cash equivalents of 13.483 billion yuan.

Announced financing of over 11 billion yuan at the end of 2024

Avita's chairman is Wang Hui, the executive director and president is Chen Zhuo, the executive director and vice - president is Yong Jun, the executive director and senior director of the corporate management and human resources department is Fang Lidong. The non - executive directors are Luo Jian and Ms. Long Zhenzhu; the independent non - executive directors are Du Kui, Tang Guliang, and Ms. Xue Rui.

Avita has received multiple rounds of financing since its establishment. In 2023, Avita Technology carried out a third round of capital increase and share expansion through public listing. The company and two original shareholders, as well as six new shareholders, participated in the capital increase.

Equity structure of Avita after the capital increase in November 2023

Among them, Changan Automobile increased its capital by 1.23 billion yuan, Southern Asset by 300 million yuan, Chongqing Industrial Mother Fund by 363 million yuan, Chongqing Cheng'an Fund Phase III by 363 million yuan, Chongqing Chang'an Innovation Fund by 150 million yuan, Guangzhou Kainan Xuanyuan Fund by 200 million yuan, Guangzhou Yuekai Zhidong Fund by 94 million yuan, and Bank of Communications Investment by 300 million yuan, with a total of 3 billion yuan.

During the 3 - billion - yuan financing transaction in 2023, the valuation of Avita Technology was 14.085 billion yuan.

At the end of December 2024, Avita Technology announced the completion of its Series C financing, raising over 11 billion yuan. This round of financing was jointly funded by Changan Automobile, Yufu - affiliated funds, Southern Asset - affiliated funds, SDIC - affiliated funds, Bank of Communications Investment, and other strategic and market - oriented investors.

Among them, Changan Automobile increased its capital by 4.551 billion yuan, Southern Asset plans to increase its capital by 400 million yuan, Chongqing Anyu Private Equity Investment Fund Partnership (Limited Partnership) (hereinafter referred to as "Anyu Fund") by 2.8 billion yuan, Bank of Communications Financial Asset Investment Co., Ltd. (hereinafter referred to as "Bank of Communications Investment") by 700 million yuan, and other new shareholders by a total of 2.65 billion yuan.

After this 11 - billion - yuan financing, Changan Automobile's shareholding ratio remained unchanged at 40.99%, Southern Asset's shareholding ratio was diluted from 7.81% to 6.34%, Anyu Fund's shareholding ratio was 8.81%, and Bank of Communications Investment's shareholding ratio increased from 1.76% to 3.34%. CATL's shareholding decreased to 9.17% and it remained the second - largest shareholder.

Changan Automobile is the controlling shareholder, and CATL is the second - largest shareholder

Before the IPO, Changan Automobile directly and indirectly held approximately 41.57% of Avita's total issued share capital through Chang'an Innovation. China Changan Automobile Group directly and indirectly held approximately 35.04% of Changan Automobile's shares through its wholly - owned subsidiary Chenzhi Automobile and Zhonghuifutong, and is the controlling company of Changan Automobile.

Before the IPO, Changan Automobile held 40.99% of the shares, CATL held 9.17%, Chongqing Anyu held 8.81%, Cheng'an Private Equity held 7.27%, Southern Industrial Asset Management held 6.34%, Bank of Communications Investment held 3.34%, Green Fund held 2.9%, Zhiyue Xintu No. 1 held 1.88%;

Hangzhou Industrial Investment held 1.57%, Chongqing Industrial Investment Mother Fund and Cheng'an No. 3 each held 1.38%, Juli Zhanye held 1.27%, Qingdao Yuewan held 0.96%, Southern Equipment held 0.94%, Hefei High - tech and Hefei Guojing each held 0.79%, Weizhong Yinzhi and Kainan Xuanyuan each held 0.76%;

Liangjiang Xizheng held 0.72%, Southern Xinyu, SDIC Juli, Bingqi Xin Dongneng, and Juli Chongchan each held 0.63%, Cheng'an No. 2 held 0.61%, Chang'an Innovation held 0.57%, Kaihui Xinyu held 0.43%, Weihao Haihe held 0.42%, Henghe No. 3 held 0.4%, Xinneng Tianchao held 0.39%, Yongxin Weihao and Yuekai Zhidong each held 0.36%;

Shanghai Financial Technology and Xinyu Ruiye Jufu each held 0.31%, Hongma Fund held 0.23%, Mindong Times held 0.21%, Weihao Chuangxin held 0.18%, Xinneng Yunhui held 0.17%, Xinlian Qichen and Yuchuang Yinhe each held 0.16%, Jiaxing Tianzhi held 0.09%, and Chengdu Jieli held 0.06%.

Chery Automobile just listed on the Hong Kong stock market and raised HK$8.9 billion

In September 2025, Chery Automobile listed on the Hong Kong Stock Exchange. The issue price of Chery Automobile was HK$30.75, and it globally issued approximately 297 million shares, raising a total of HK$9.145 billion; after deducting the listing expenses of HK$266 million payable for the issue, the net proceeds were HK$8.879 billion.

Chery Automobile's cornerstone investors were JSC International Investment Fund SPC, Hillhouse HHLRA, Shanghai Jinglin and CICC Financial Trading Limited, Hong Kong Jinglin, Huangshan Construction Investment, Jinghui Ruiying, Horizon Together under Horizon Robotics, Dajia Life Insurance, Martis Fund, Guoxuan Hong Kong, Hefei Construction and Investment, China Post Wealth Management, and Xingyu Hong Kong, which altogether subscribed for US$587 million (approximately HK$4.573 billion).

SC International Investment Fund SPC subscribed for HK$1.48 billion, Hillhouse HHLRA subscribed for US$60 million, Shanghai Jinglin and CICC Financial Trading Limited subscribed for US$55 million, and Hong Kong Jinglin subscribed for US$5 million;

Huangshan Construction Investment and Jinghui Ruiying each subscribed for US$41 million, Horizon Together subscribed for US$40 million, Dajia Life Insurance and Martis Fund each subscribed for US$33 million, Guoxuan Hong Kong subscribed for US$29 million, and Hefei Construction and Investment, China Post Wealth Management, and Xingyu Hong Kong each subscribed for US$20 million.

Once Avita lists on the Hong Kong stock market, the Hong Kong stock market will add another listed automobile company after BYD, Geely Automobile, NIO, Li Auto, XPeng Motors, Leapmotor, and Chery Automobile.

This article is from the WeChat public account "Leidi" (ID: touchweb), written by Lei Jianping, and published by 36Kr with authorization.