With a valuation exceeding 26 billion yuan, Avita submits its listing application to the Hong Kong Stock Exchange.

Following the IPO of VOYAH, a new force under Dongfeng, Avita, a brand under Changan, has also submitted its listing application to the Hong Kong Stock Exchange.

Recently, Avita Technology (Chongqing) Co., Ltd. (hereinafter referred to as "Avita") submitted a listing application to the Hong Kong Stock Exchange. The joint sponsors are CITIC Securities and China International Capital Corporation.

As a "star" new energy vehicle enterprise jointly created by Changan Automobile, CATL, and Huawei, Avita has had a capital halo since its inception. It has raised over 19 billion yuan in cumulative financing, but has also accumulated losses of over 11.3 billion yuan in the past nearly four years.

In this Hong Kong IPO, the funds raised by Avita are intended to be used for product development, platform and technology development, brand building, expansion of the sales and service network, and replenishment of working capital.

In terms of planned vehicle sales, Avita Technology aims to achieve global sales of 400,000 vehicles and annual revenues of 100 billion yuan in 2027; the goal for 2030 is global sales of 800,000 vehicles; and it aims to challenge global sales of 1.5 million vehicles in 2035.

Coexistence of High Growth and Continuous Losses

The prospectus shows that from 2022 to 2024 and the first half of 2025, Avita's revenues were 28.34 million yuan, 5.645 billion yuan, 15.195 billion yuan, and 12.208 billion yuan respectively. The year-on-year revenue growth rate in the first half of the year reached 98.52%. Official data shows that in the first seven months of 2025, Avita's revenue exceeded 15 billion yuan.

Breaking it down, the revenue from the main business of vehicle sales has grown rapidly. Avita's vehicle sales revenues from 2023 to 2024 and the first half of 2025 were 5.542 billion yuan, 14.4173 billion yuan, and 11.49 billion yuan respectively. In the overseas market, Avita, which just started exporting in 2024, had revenues of only 220 million yuan, and achieved revenues of 686 million yuan in the first half of 2025.

However, the company's losses from 2022 to 2024 and the first half of 2025 were 2.016 billion yuan, 3.693 billion yuan, 4.018 billion yuan, and 1.585 billion yuan respectively. In three and a half years, the cumulative loss was 11.312 billion yuan. The gross profit margins during the same period were -365.5%, -3%, 6.3%, and 10.1% respectively. Its gross profit margin turned positive in 2024 and started to grow year-on-year in the first half of 2025.

As of now, Avita has launched a total of four mass-produced models, namely the Avita 06, 07, 11, and 12. The prospectus states that as the company's vehicle product matrix continues to expand, vehicle sales are showing a steady growth trend. Avita will gradually launch several models priced above 300,000 yuan in the next three years, gradually achieving full coverage of the high-end and luxury markets.

Since the start of vehicle deliveries in December 2022, Avita's cumulative deliveries have increased from 114 vehicles in 2022 to 61,588 vehicles in 2024; as of the end of the first half of 2025, the deliveries in the first half of the year reached 56,729 vehicles, a year-on-year increase of approximately 151.1% compared to 2024.

At the channel level, as of the first half of 2025, Avita had 313 dealers, an increase of 54 compared to the end of 2024, 16 self-operated stores, and over 40 overseas outlets in 29 countries and regions. Avita will further accelerate its overseas expansion, planning to enter over 80 countries and regions and establish over 700 sales channels by 2030.

Wang Jinhai, the vice president of Avita Technology, recently stated that Avita aims to enter the club of annual sales of one million vehicles in the next five years. According to the plan, in 2026, Avita will jointly launch five upgraded products with Huawei, and a total of 17 models will be launched by 2030, covering segments such as sedans, SUVs, and MPVs. By the end of 2027, Avita will launch four new new energy vehicles co-created with Huawei's Yinwang, including two new large SUVs and two new large sedans.

Changan Automobile and CATL are the First and Second Largest Shareholders Respectively

Avita Technology was formerly known as Changan NIO New Energy Automobile Technology Co., Ltd., which was established on July 10, 2018, by Changan Automobile and NIO. At that time, both parties held 50% of the shares. Its main business models and profit models were the design, development, sales, and services of new energy vehicle complete vehicles and components.

Changan NIO had made no substantial progress for several years after its establishment. It was not until May 17, 2021, that Changan NIO New Energy Automobile Technology Co., Ltd. was renamed Avita Technology (Chongqing) Co., Ltd. and began market-oriented operations. At the same time, Avita stated that Changan Automobile, Huawei, and CATL would jointly build an intelligent electric connected vehicle platform (CHN) for it.

On August 23, 2021, Avita increased its capital and shares through public listing on the Chongqing Property Rights Exchange, introducing investors such as CATL for capital increase. The capital increase was completed in March 2022, with a total financing amount of 2.42 billion yuan. Meanwhile, NIO also began to gradually withdraw. Information disclosed by Avita shows that as of now, the company has completed four rounds of financing, raising over 19 billion yuan.

In terms of the equity structure, the prospectus states that as of the last practical date, Changan Automobile directly and indirectly holds 41.57% of Avita's issued share capital through Chang'an Innovation. China Changan Automobile Group directly holds and indirectly holds approximately 35.04% of Changan Automobile's equity through its wholly-owned subsidiaries Chenzhi Automobile and Zhonghuifutong, and is the controlling company of Changan Automobile.

Specifically, before this IPO, Changan Automobile is the largest shareholder of Avita, holding 40.99% of the shares; CATL, the leading power battery enterprise, holds 9.17% of the shares and is the second largest shareholder; the third largest shareholder is Chongqing Anyu with Chongqing state-owned assets background, holding 8.81% of the shares; in addition, shareholders such as Cheng'an Private Equity, Southern Industrial Asset Management, and Green Fund in its shareholder camp all have state-owned assets backgrounds.

According to the listing rules, after the IPO, Changan Automobile Group, Chenzhi Automobile, Zhonghuifutong, Changan Automobile, and Chang'an Innovation are a group of controlling shareholders of Avita. However, currently, the first and second largest shareholders of Avita are Changan Automobile and CATL respectively. Although Avita Technology has not introduced Huawei as a shareholder, it has completed an investment in Yinwang.

Latest Valuation Exceeds 26 Billion Yuan, Holds 10% Stake in Yinwang Company

It is worth noting that before submitting its application to the Hong Kong Stock Exchange, Avita Technology's latest valuation was revealed.

In November 2025, in the "Announcement on the Sale of Equity in the Target Company" publicly disclosed by Pateo, it was mentioned that its subsidiary, Huzhou Chuangsheng Chiming Equity Investment Partnership, had signed an equity transfer agreement with Wuhu Henghe No. 3 Venture Capital Fund Partnership. The latter purchased 0.24% of Avita Technology's equity held by the former for a consideration of 62.44 million yuan.

Based on this equity purchase price, Avita Technology's valuation is approximately 26.017 billion yuan.

Regarding the investment in Yinwang Company under Huawei, on August 19, 2024, Changan Automobile announced that its associated company, Avita, planned to purchase 10% of the equity in Shenzhen Yinwang Intelligent Technology Co., Ltd. held by Huawei for a transaction amount of 11.5 billion yuan.

On October 9, 2025, Changan Automobile released an "Announcement on the Progress of the Associated Company's Overseas Investment", showing that Avita had paid a total of 11.5 billion yuan and completed the investment in 10% of the equity in Yinwang Company.

Regarding the cooperation with Yinwang, Avita disclosed in the prospectus that it is deepening the integration of the joint co-creation model with Yinwang. The cooperation content includes but is not limited to product experience, definition, development, channel sharing, and brand marketing.

Avita stated, "We plan to continue to rely on Yinwang's leading advantages in the fields of assisted driving, intelligent cockpit, intelligent vehicle control, and intelligent vehicle cloud technology to jointly create advanced next-generation intelligent solutions and integrate them widely into future models to build more personalized application scenarios and intelligent ecosystems."

According to official data from Avita, its vehicle sales in the third quarter of 2025 were 31,700 vehicles, the sales in the first three quarters of 2025 were 90,739 vehicles, and the cumulative sales from January to October were 104,245 vehicles. However, the completion rate of its annual sales target of 220,000 vehicles was less than 50%.

However, Avita's prospectus also shows that the competitive landscape in the Chinese new luxury new energy passenger vehicle market is heating up rapidly. In terms of annual growth rate, Avita ranks second in the new luxury new energy passenger vehicle market. In the second quarter of 2025, in terms of sales volume, among the new luxury new energy passenger vehicle mid-sized sedans priced over 200,000 yuan in the Chinese market, the Avita 06 ranked second.

In the first half of 2025, in terms of sales volume, among the new luxury new energy passenger vehicle mid-sized SUVs priced over 200,000 yuan in the Chinese market, the Avita 07 ranked fifth. In the first half of 2025, in terms of sales volume, among the new luxury new energy passenger vehicle large sedans priced over 300,000 yuan in the Chinese market, the Avita 12 ranked second.

This article is from the WeChat official account "Science and Innovation Daily", author: Huang Xiumei, reprinted by 36Kr with permission.