Avatr Technology to file for Hong Kong IPO as early as October, Cailian Press reports

Chinese automaker Avatr Technology is planning a Hong Kong initial public offering in the fourth quarter and could file as early as October, mainland media Cailian Press reported.

The company was said to target raising around US$1 billion (HK$7.8 billion).

The electric vehicle startup, a joint venture backed by Changan Automobile, Huawei and Contemporary Amperex Technology (3750), aims to complete the IPO and begin trading by the second quarter of next year, the report said.

According to Avatr’s website, Changan and CATL are the largest and second-largest shareholders, holding 40.99 percent and 14.1 percent stakes respectively. Huawei serves as a strategic partner, providing intelligent driving algorithms, smart cockpits and other advanced vehicle components.

STAFF REPORTER