Posted on 20 Dec 2023
Chinese intelligent electric vehicle brand Avatr is reportedly the latest company to be considering a Hong Kong listing, with a debut expected in 2025, Kallanish notes.
Company’s ceo and president Tan Benghong has previously indicated the initial public offering (IPO) would take place around mid-decade. “We are not in such a hurry now. We need to make some considerations and balances,” he said then.
Last month, the Avatr 12 all-electric model officially debuted on the market with a starting price of CNY 300,800 ($42,449). The entire series is equipped with three lidars as the standard configuration, and Huawei’s Harmony OS 4.0-based cockpit with ADS2.0.
The vehicle is equipped with a drive motor provided by Huawei Technology offering two power options: the 230-kilowatt single motor version and the 425-kW front and rear dual-motor version. The fastest acceleration from 0 to 100 kilometres/hour takes 3.9 seconds, and the cruising range exceeds 700 km.
According to the company, there have been over 20,000 orders for the Avatr 12 since its launch on 10 November. This compares with 4,080 deliveries of the Avatr 11.
Avatr, which was jointly established by Chinese automaker Changan Auto, battery giant CATL and technology firm Huawei, announced the completion of its series B financing in August. It raised CNY 3 billion and its valuation after this round reached CNY 20 billion. The fundraising included additional investments from Changan Auto, Southern Assets, and Liangjiang Industrial Fund, and also attracted state-owned capital, such as Chongqing Industrial Fund of Funds, Bank of Communications Investment, and Guangkai Holdings, plus new investors.
In addition to further fundraising opportunities, Chinese EV manufacturers are looking to list in Hong Kong as a way to hedge against tensions between China and the US.
Source:Kallanish
