Chongqing's new EV maker submits HKEx listing application again, delivering 20,000 units in first five months of this year and burning through 11.2 billion yuan over three years

Chongqing's new - force car companies update their prospectuses.

According to Che Dongxi on July 1st, yesterday, Avita Technology (Chongqing) Co., Ltd. (hereinafter referred to as Avita) submitted a listing application to the Hong Kong Stock Exchange again.

Avita's prospectus

According to the latest data in the prospectus, in 2025, Avita's total delivery volume reached 122,700 vehicles. In particular, the monthly delivery volume in November 2025 was 14,200 vehicles, setting a new record for single - month sales. From January to May 2026, Avita's total sales reached 20,200 vehicles, including 2,949 vehicles sold in overseas markets. This represents a year - on - year increase of 33.4% compared to 2025.

In terms of financial data, Avita's revenue in 2025 was RMB 25.631 billion, a year - on - year increase of 68.7% compared to 2024. However, it still had a net loss of RMB 3.489 billion.

Avita's main financial information in the past three years

Avita mentioned in the listing application that the proceeds from this fundraising are expected to be used for product development, platform and technology development, improvement and iteration of existing products, and continuous implementation of the global marketing strategy.

Some uses of Avita's fundraising

01. Cumulative revenue of 46.471 billion yuan in three years, still in a loss state

The update of Avita's prospectus this time mainly focuses on the latest performance. According to the latest prospectus, Avita's revenues in 2023 and 2024 were RMB 5.645 billion and RMB 15.195 billion respectively.

Summary of Avita's recent financial data

In 2025, Avita's revenue was RMB 25.631 billion, a year - on - year increase of 68.7% compared to 2024. Avita said that this was mainly due to the increase in the sales volume of new - energy passenger vehicles. Avita's cumulative revenue in three years was approximately RMB 46.471 billion.

Changes in Avita's recent revenue

However, Avita is still in a loss state for the time being. In 2023 and 2024, Avita's net losses were RMB 3.693 billion and RMB 4.018 billion respectively. In 2025, the net loss was RMB 3.489 billion, and the total net loss in three years was 11.2 billion yuan.

Changes in Avita's recent losses

In 2023, 2024 and 2025, Avita's gross profit margin increased significantly. The gross profit margins in the three years were - 3.0%, 6.3% and 9.4% respectively.

In terms of R & D investment, in 2023 and 2024, Avita's R & D expenses were RMB 660 million and RMB 1.214 billion respectively.

Avita's recent R & D investment

In 2025, Avita's R & D expenses were RMB 2.086 billion, a year - on - year increase of 71.8% compared to 2024. Avita said that this was mainly due to the recruitment of new personnel to expand the R & D team to strengthen R & D capabilities, and the increase in amortization expenses due to the increase in capitalized R & D expenses.

In terms of the financing process, the total strategic capital increase in four rounds of Avita was approximately 19.067 billion yuan, and the single - round C - round financing of 11.1 billion yuan accounted for most of the total fundraising amount.

Avita's financing process

02. Cooperate with Changan Automobile, CATL and Huawei, with a total delivery of over 204,300 vehicles in three years

Specifically in terms of business, Avita designs, develops and sells new - energy passenger vehicles, including pure - electric vehicles and extended - range electric vehicles, and covers product definition and design, intelligent vehicle engineering, system integration, vehicle sales and after - sales support.

Avita combines internal capabilities and strategic cooperation to develop vehicles. Its partners include Changan Automobile, CATL and Huawei. Avita focuses on product definition and design, intelligent vehicle engineering, system integration, sales and customer interaction, and cooperates with external suppliers and partners on key components, systems and manufacturing - related services.

In terms of vehicle models, as of the last practicable date, Avita has launched four main mass - produced models, namely the Avita 06 series, 07, 11 and 12, all of which offer both pure - electric and extended - range power options.

Avita's mass - produced vehicle models

In terms of sales volume, since the vehicle delivery started in December 2022, Avita's total delivery volume increased from 20,000 vehicles in 2023 and 61,600 vehicles in 2024 to 122,700 vehicles in 2025. The total delivery in three years exceeded 204,300 vehicles.

In terms of sales volume, Avita ranked eighth in the Chinese new - luxury new - energy passenger vehicle market above RMB 200,000 in 2025. The Avita 06 ranked fourth among the medium - sized sedans in the Chinese new - luxury new - energy passenger vehicle market above RMB 200,000. The Avita 07 ranked fourth among the medium - sized SUVs in the same price segment. The Avita 12 ranked second among the large - sized sedans in the new - luxury new - energy passenger vehicle market above RMB 300,000, while the Avita 11 ranked 13th among the large - sized SUVs in the new - luxury new - energy passenger vehicle market above RMB 300,000.

In 2025, the sales of new - energy passenger vehicles accounted for 93.3% of Avita's revenue, and the sales of auto parts and others accounted for 6.7%.

Avita's revenue proportion division

Avita also specifically mentioned that since 2024, Avita has been selling intelligent new - energy passenger vehicles to overseas markets (including Southeast Asia, the Middle East and Africa, Eurasia, and Central and South America). In 2024 and 2025, the revenues from overseas market sales accounted for 1.5% and 5.5% of Avita's total revenue respectively.

In the future, Avita plans to continuously expand and upgrade its intelligent new - energy passenger vehicle product portfolio, with the goal of launching a series of new models to meet different customer needs by the end of 2027. The plan for 2027 includes a new mid - large SUV and a large SUV.

Avita's subsequent vehicle model plan

In terms of technology, Avita continuously invests a large amount of resources in self - research and development in the core fields of luxury intelligent new - energy passenger vehicles, focusing on core technology fields such as original design, vehicle intelligence, and safety and health.

At the same time, Avita integrates the intelligent manufacturing resources of Changan Automobile, the new - energy technology of CATL, and the vehicle function intelligent technology resources of Yinwang. This kind of cooperation enables Avita to accumulate in - depth technical reserves in the product ecosystem and accelerate innovation.

Avita adopts a differentiated technology development method. Some capabilities are led or developed internally by Avita, while other capabilities are jointly developed or integrated with partners.

Avita's self - developed and Avita - led capabilities mainly include original vehicle design, vehicle system integration, testing and verification, global deployment of AI cockpit development, Taihang intelligent control chassis development, OTA product iteration, and vehicle electrical safety and digital safety integration.

At the same time, the fields jointly developed with partners or integrated by partners include new - energy passenger vehicle platforms, assisted driving systems, cockpit functions based on HarmonyOS, battery systems, power systems, and specific electronic and electrical architecture modules.

Avita also mentioned that its cooperation model supports Avita's asset - light business policy. Changan Automobile mainly provides vehicle manufacturing and some manufacturing - related resources. CATL supports battery and new - energy technology development, while Yinwang/Huawei supports intelligent vehicle solutions. Avita does not seek to repeatedly develop mature or scale - intensive capabilities, but allocates R & D resources to vehicle definition, integration, verification, and differentiated technologies that shape product identity and user experience.

In addition, in February 2025, Avita acquired a 10% stake in Yinwang for a total consideration of RMB 11.5 billion. The two sides will jointly create modified models and the next - generation series of models in a joint - creation mode. The two teams will carry out work in aspects such as joint vehicle definition, joint development and testing, and joint marketing, jointly helping Avita build product competitiveness, increase sales volume, and enhance the brand image.

03. Changan Automobile holds 41.57% of the shares, and CATL directly holds 9.17%

In terms of the equity structure, as of the last practicable date, Changan Automobile directly and indirectly holds approximately 41.57% of the total issued share capital of Avita through Chang'an Innovation. China Changan Automobile Group is the holding company of Changan Automobile and directly and indirectly holds shares in Changan Automobile through its wholly - owned subsidiaries Chenzhi Automobile and Zhonghuifutong. Therefore, according to the listing rules, China Changan Automobile Group, Chenzhi Automobile, Zhonghuifutong, Changan Automobile, and Chang'an Innovation constitute a group of controlling shareholders of Avita.

Avita's equity structure

At the same time, among Avita's major shareholders, CATL directly holds 9.17% of the shares, and the entities hold a total of