Avatr plans to raise up to US$1 billion through Hong Kong IPO

Chinese EV maker Avatr Technology -- backed by Contemporary Amperex Technology, state-owned Changan Automobile and technology giant Huawei -- is reportedly planning to raise up to US$1 billion (HK$7.8 billion) through an initial public offering in Hong Kong, with a listing application expected as early as the second half of the year.

Avatr has named actor Tony Leung Chiu-wai as its global brand ambassador and is reportedly set to launch new models in Hong Kong as soon as May, including the Avatr 07, which starts at 219,900 yuan (HK$235,360).

Founded in 2018, Avatr raised over 11 billion yuan in a private funding round in December last year, with investors including Changan Auto and Chongqing Anyu Fund.

STAFF REPORTER