32 billion. A super IPO in Chongqing is coming.

Another automaker is heading for the Hong Kong stock market.

Backed by Changan Automobile, CATL, and Huawei, Avita Technology has achieved an income of 12.2 billion yuan in half a year through selling new energy vehicles and other means. Not long ago, this high - end new energy automaker submitted its prospectus to the Hong Kong Stock Exchange.

This is already the fourth automaker to head for the Hong Kong stock market in the past three months or so. In September 2025, Chery Automobile was listed in Hong Kong. Soon after, VOYAH submitted its prospectus to the Hong Kong Stock Exchange. In November 2025, SERES was officially listed on the Hong Kong stock market.

Facing the increasingly fierce competition in the automotive industry and under the warning of "go global or be left behind", many automakers are regarding the acceleration of the global strategic layout as one of the focuses of their development.

In the plan of this Chongqing star unicorn with a valuation of about 32 billion yuan, Avita Technology plans to enter more than 80 countries and establish more than 700 distribution outlets by 2030.

Changan Automobile, CATL, and Huawei Join Hands to Create a Star Automaker

The story of Avita Technology began eight years ago.

Back in 2017, Changan Automobile cooperated with NIO to establish a joint - venture company focusing on the R & D, sales, and service of new energy vehicles. In July of the following year, the predecessor of Avita Technology, Changan NIO, was established.

However, there was no substantial progress in this company in the following years. It wasn't until 2020 that Changan Automobile, CATL, and Huawei officially announced the joint creation of a high - end intelligent new energy passenger vehicle platform. So, Changan NIO was officially renamed Avita Technology in May 2021.

Since then, Avita Technology, headquartered in Chongqing, is determined to build "Avita" into a leading global brand of new luxury intelligent electric vehicles. In August 2022, they launched their first mass - produced models, the Avita 11 and the Avita 011, and officially delivered them four months later.

Currently, they have launched four main mass - produced models, including the SUV Avita 11, the sedan Avita 12, the SUV Avita 07, and the sedan Avita 06. They have also launched the Royal Theater series and the limited - edition "0" series - the Avita 011 and the Avita 012 for the Avita 11 and the Avita 12.

These models, with prices ranging from 200,000 to 700,000 yuan, offer both pure - electric and range - extended power options. With such a layout, "Avita" has become the first emerging new energy passenger vehicle brand in the industry to complete the dual - power layout for all its models.

Behind their amazing development speed are the unique advantages of Changan Automobile, CATL, and Huawei in the fields of vehicle R & D and manufacturing, intelligent vehicle solutions, and smart energy ecosystems respectively.

As the major shareholder of the company, Changan Automobile empowers Avita Technology in intelligent manufacturing, supply systems, R & D and testing systems, and channel resources. As for CATL, an important shareholder of the company, it will fully support the development of Avita Technology in terms of new energy technology platforms and joint marketing.

By signing a comprehensive strategic cooperation agreement, Avita Technology and Huawei have created a joint co - creation model, which features joint product definition, joint development, and joint marketing plans. In addition, they spent 11.5 billion yuan to acquire a 10% stake in Huawei's Yinwang to establish a deeper bond with the latter.

With the strong support of the three parties, the vehicle sales of Avita Technology have increased significantly, soaring from 20,021 units in 2023 to 61,588 units in 2024, and 56,729 units were sold in the first half of 2025.

It is also in this process that the company's income has grown rapidly. From 2023 to June 2025, their incomes reached approximately 5.645 billion yuan, 15.195 billion yuan, and 12.208 billion yuan respectively.

However, affected by factors such as sales and marketing and R & D investment, Avita Technology is still in a state of loss. Since 2022, they have accumulated losses of more than 11.3 billion yuan in three and a half years.

Facing the increasingly competitive environment, in addition to deeply cultivating the Chinese market, they have also chosen to expand into overseas markets such as Southeast Asia, the Middle East and Africa, Eurasia, and Central and South America. According to Avita Technology, from its very beginning, it has borne the mission of promoting the brand upgrade of state - owned enterprise China Changan and has set its sights beyond China.

"Four fully co - created models with Huawei will be launched in 2026." In Avita Technology's plan, they aim to enter more than 50 countries and establish more than 160 sales channels in 2025, and enter more than 80 countries and establish more than 700 distribution outlets by 2030.

19 Billion Yuan Raised in 3.5 Years, Valuation Reaches 32 Billion Yuan

Backed by Changan Automobile and escorted by CATL and Huawei, the financing of Avita Technology has been smooth.

Seven months after the company was officially renamed Avita Technology, they received 2.42 billion yuan from Changan Automobile, CATL, Liangjiang Capital, Southern Assets, Western Securities Investment, and Southern Industry Fund, successfully completing their first round of strategic financing.

Zeng Yqun, the chairman of CATL, once said bluntly, "This financing and shareholding, as well as the deepening of cooperation, express our full confidence in the long - term development of Avita Technology and in building a global brand of high - end intelligent electric vehicles (SEV)."

In August 2022, with the release of the first mass - produced model, Avita Technology also completed a Series A financing of 2.547 billion yuan. The investors included Changan Automobile, Southern Assets, the National Green Development Fund, Guotou Juli, China Merchants Capital, CITIC New Future Investment, Liangjiang Capital, and Weihua Chuangxin.

For better development, the company publicly sought financing through the Chongqing Property Rights Trading Network in June 2023. In less than three months, with the support of Changan Automobile, Southern Assets, the Chongqing Industrial Investment Mother Fund, Liangjiang Capital, Bank of Communications Investment, Kaide Southern Industry Fund, and Yuekai Capital, they completed a Series B financing of 2.85 billion yuan.

In June 2025, with Changan Automobile investing more than 4.5 billion yuan, Avita Technology completed a Series C financing of about 11 billion yuan, and its valuation reached about 32 billion yuan, making it a star unicorn in Chongqing.

In addition to Changan Automobile, the investors in their Series C financing also included Southern Assets, Bank of Communications Investment, the Chongqing Yufu High - quality Industry Mother Fund, Hangzhou Capital, Southern Demao Capital, Hefei Construction Investment, Hefei High - tech Group, Southern Industry Fund, Southern Science and Technology Innovation, Guotou Juli, Shenzhen Zhixin Chuangfu, Jinpu Investment, Xinlian Capital, and Xinneng Venture Capital.

Not long after the completion of this round of financing, Red Horse Capital, Chengdu Science and Technology Innovation Investment Group, Tianqi Capital, China Galaxy Investment, Shenhenghe Investment, and Kaihui Fund also became shareholders of Avita Technology by buying old shares. Meanwhile, NIO no longer holds shares in this company.

Before the listing, Changan Automobile holds more than 40.99% of the shares, making it the controlling shareholder of Avita Technology, while CATL holds 9.17%. Based on the rough calculation of the 32 - billion - yuan valuation, the value of Changan Automobile's and CATL's shareholdings exceeds 13.1 billion yuan and 2.9 billion yuan respectively.

A Group of Automakers Flock to the Hong Kong Stock Market

Including Avita Technology, a group of automakers are heading for the Hong Kong stock market.

In September 2025, Chery Automobile was listed in Hong Kong. Soon after, VOYAH submitted its prospectus to the Hong Kong Stock Exchange. In November 2025, SERES was officially listed on the Hong Kong stock market.

Under the leadership of Yin Tongyue, the chairman of Chery Automobile, the company started from a few simple "thatched cottages" in Wuhu, Anhui in 1997 and gradually grew into the "king of exports" in the Chinese automotive industry. Out of the 2.295 million vehicles sold in 2024, 1.14 million were exported overseas.

"This listing on the Hong Kong stock market is an important step for Chery to enter the international capital market and a new starting point for shouldering greater responsibilities and embracing greater missions." Yin Tongyue once said bluntly that they will use the power of capital to accelerate technological innovation, deepen the global layout, and continuously strengthen the automotive main business.

Now let's look at VOYAH. As a high - end intelligent new energy brand under Dongfeng Company, they chose to use the "introduction listing" method without issuing new shares or involving financing to approach the Hong Kong Stock Exchange in October 2025 and are expected to become the largest automotive IPO in Wuhan in 2025.

By listing on the Hong Kong Stock Exchange, VOYAH can further broaden its financing channels, better enhance its brand image, and expand its international business. Fully promoting the implementation of the overseas business layout has become an important goal of this company.

As early as 2024, VOYAH announced its overseas expansion strategy - by 2030, it plans to expand to six continents around the world, enter 60 countries globally, build a total of 500 sales and service outlets, and achieve cumulative overseas sales of more than 500,000 vehicles.

As for SERES, which was renamed from Xiaokang Co., Ltd., after its listing in Hong Kong in November 2025, it became the first luxury new energy automaker in the country to be listed on both the A - share and H - share markets. With a market value of more than HK$220 billion at the opening, this Chongqing automaker, which has in - depth cooperation with Huawei, became the largest automotive IPO on the Hong Kong stock market since 2025.

Not long ago, SERES Automobile, a wholly - owned subsidiary of SERES, spent 11.5 billion yuan to acquire a 10% stake in Huawei's Yinwang. Zhang Xinghai, the chairman (founder) of SERES Group, once said bluntly that SERES' investment in Yinwang marks the upgrade of the cooperation between SERES and Huawei to a comprehensive cooperation of "business + equity".

"Listing on the Hong Kong stock market means that the company can better share global resources and serve global users." According to Zhang Xinghai, this listing on the Hong Kong stock market also provides a global communication platform and ecological system for relevant parties of SERES.

In about three months, Chery Automobile and SERES have successfully listed in Hong Kong, while VOYAH and Avita Technology are on their way to the Hong Kong stock market. Behind the fact that these automakers are now choosing the Hong Kong stock market lies their global strategic layout and is also a response to the warning of "go global or be left behind".

Facing the increasingly fierce competition in the Chinese automotive industry, entering the capital market can help enterprises quickly expand their industrial scale. As an important international financing hub, the Hong Kong Stock Exchange will also play an extremely important role in the process of automakers achieving "product going global + capital going global".

With the ringing of the listing bells, new competition in the automotive industry is accelerating.

This article is from the WeChat official account "Dongshisitiaojie Capital" (ID: DsstCapital), author: Lu Zhigao, published by 36Kr with authorization.