CATL(SZ:300750) 3 6 Ke·2025-11-28 03:00Core Viewpoint - Avita Technology (Chongqing) Co., Ltd. has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, with significant backing from major shareholders including Changan Automobile and CATL [1][14]. Company Overview - Avita, established in July 2018 as a joint venture between Changan Automobile and NIO, rebranded in May 2021 and operates in multiple locations including Chongqing, Shanghai, and Munich [2]. - The company has begun vehicle deliveries since December 2022, with a projected increase in delivery volume from 20,021 units in 2023 to 61,588 units in 2024 [4]. Financial Performance - For the first half of 2025, Avita reported revenue of 12.2 billion RMB, a 98.4% increase from 6.15 billion RMB in the same period of the previous year. However, the company incurred a loss of 15.85 billion RMB, compared to a loss of 14.31 billion RMB in the prior year [5][6]. - Historical revenue figures show a significant growth trajectory: 28.34 million RMB in 2022, 5.645 billion RMB in 2023, and a forecast of 15.195 billion RMB in 2024. Despite this growth, the company has faced substantial losses, with figures of -20.15 billion RMB, -36.93 billion RMB, and -40.18 billion RMB for the respective years [4][5]. Shareholder Structure - Changan Automobile is the largest shareholder, holding 40.99% of the company, while CATL holds 9.17%. Other significant shareholders include Chongqing Anyu and Southern Asset Management [13][14]. - Recent financing rounds have seen Changan Automobile and other investors contribute to a total of 30 billion RMB in capital, with the latest valuation of Avita at 14.085 billion RMB [10][12]. Market Context - The IPO of Avita will add to the growing list of electric vehicle manufacturers listed on the Hong Kong Stock Exchange, following companies like BYD, Geely, NIO, and others [22].