Chinese EV player looking at US$1b IPO in city

Staff reporter and Bloomberg

Chinese EV maker Avatr Technology is said to be looking at raising up to US$1 billion (HK$7.8 billion) through an initial public offering in Hong Kong.

A nd a listing application expected as early as the second half of the year, IFR reported.

However, the company - backed by Contemporary Amperex Technology, state-owned Changan Automobile and technology giant Huawei - denied the report in a response to mainland media, saying that though there are plans to spin-off from Changan, details have not been not worked out so far.

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

Avatr was established by Changan and Nio (9866) in 2018. Nio later left the venture but Huawei and CATL joined in 2021.

Changan told its investors last September that Avatr will be spun off and listed.

Avatr sold 73,606 vehicles last year.

Meanwhile, MediLink Therapeutics is working with an adviser to sound out interest for cancer drug YL201, people familiar with the matter said.

A deal could serve as a stepping stone toward an initial public offering, possibly in Hong Kong and as soon as 2026, the people said.

In other news, US-based Insilico Medicine is considering an IPO in Hong Kong after securing funding at a valuation of more than US$1 billion, reflecting growing interest in the potential use of artificial intelligence to discover ground-breaking new drugs.