Chinese luxury EV maker AVATR Technology files for Hong Kong IPO

Chinese luxury electric vehicle maker AVATR Technology (Chongqing), backed by Changan Automobile, Contemporary Amperex Technology (3750), and Huawei, has filed for the Hong Kong listing on Thursday.

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

AVATR is the joint venture between state-owned Changan Automobile and CATL, the world's biggest car battery-maker, which owns 39 percent and 23.99 percent of its shares, respectively. 

In February, the firm also acquired a 10 percent equity stake in Huawei's auto subsidiary Yinwang.

The company saw its net loss expand 10.8 percent year-on-year to 1.58 billion yuan (HK$1.74 billion) for the first six months this year, while its revenue surged 98.5 percent to 12.2 billion yuan.

The premium EV brand ranked second in the new luxury new energy passenger vehicle market, with vehicle selling prices ranging from 200,000 to 700,000 yuan, according to an exchange filing.