2025年11月27日，阿维塔科技宣布，正式向香港联合交易所递交上市申请。《中国经营报》记者了解 到，此前阿维塔已经完成了四轮融资，募集资金超过190亿元，其中，C轮融资金额超过110亿元，是当 年度国内最大的单笔融资。同时，阿维塔还率先以115亿元入股引望，占股10%，与华为构建起以资本 为纽带的新型战略合作关系。本次赴港上市所募集资金将主要用于产品开发、平台和技术开发、品牌建 设、销售服务网络建设，以及补充运营资金。 中经记者 石英婧 上海报道 | AVATR | | | --- | --- | | VATR Technology (Chongqing) Company Limited | | | 阿維塔科技(重慶)股份有限公司 | | | (於中華人民共和國註冊成立的殷份有限公司) | | | [编纂] | | | 【編纂】項下的[編纂]數目 : [編纂]股H股(視乎[編纂] | | | 行使與否而定) | | | 香港 编纂]數目 :[编纂]股H股(可予[编纂]) | | | 國際[編纂]數目 : [編纂]股H股(可予[編纂]及 | | | 視乎[编纂]行使與否而定) | | | 骨圆(增量) : 每 ...

Core Viewpoint - Chery Automobile Co., Ltd. is set to launch an IPO, offering 297 million shares globally, with a pricing range of HKD 27.75 to HKD 30.75, aiming to enhance its capital structure and support its transition to electric vehicles [1][2][5]. Summary by Relevant Sections IPO Details - Chery plans to issue 297,397,000 shares, with 29,739,700 shares available for Hong Kong and 267,657,300 shares for international distribution, plus an over-allotment option of 44,609,500 shares [4]. - The IPO subscription period is from September 17 to September 22, with pricing expected to be finalized on September 23 and trading commencing on September 25 [1]. Financial Performance - Chery's projected revenue for 2024 is CNY 269.9 billion, representing a 65.4% year-on-year increase, while net profit is expected to reach CNY 14.3 billion, up 37.2% [5][9]. - Historical revenue figures show growth from CNY 92.6 billion in 2022 to CNY 163.2 billion in 2023, with a first-quarter revenue of CNY 68.2 billion in 2025 [9][10]. Market Position and Strategy - Chery's revenue from traditional fuel vehicles remains significant, accounting for 85.1% in 2022, 94.8% in 2023, and 76.1% in 2024, while electric vehicle revenue is increasing, reaching 30.3% in Q1 2025 [12]. - The company has a high debt-to-asset ratio, recorded at 93.1% in 2022, but is showing a gradual decline, indicating improvements in financial structure [15][16]. Organizational Changes - Chery has undergone structural adjustments, establishing a domestic business unit with four divisions to enhance operational efficiency [17]. - The company’s major shareholders include Chery Holding, Anhui Credit Financing Guarantee Group, and others, reflecting a complex ownership structure that has been a barrier to its IPO [17]. Industry Context - The rapid evolution of the electric vehicle sector necessitates significant capital investment, making the IPO a crucial step for Chery to secure funding for R&D and market expansion [19]. - Chery's delayed IPO process contrasts with competitors like BYD and Geely, which have already accessed capital markets, highlighting the competitive landscape [21][22].

Core Viewpoint - Chery Automobile is set to go public on the Hong Kong Stock Exchange after multiple attempts since 2004, aiming to raise between $1.5 billion and $2 billion, potentially becoming the largest IPO in the automotive sector since 2025 [1][2][3]. Company Overview - Founded in 1997 and headquartered in Wuhu, Anhui, Chery is the second-largest domestic passenger car brand in China and the eleventh largest globally by sales [2]. - Chery has shown significant growth, with sales in both domestic and overseas markets, including a more than 25% increase in sales across various categories compared to the same period in 2023 [2]. IPO Details - The IPO is expected to be the largest automotive IPO in Hong Kong, with joint sponsors including CICC, Huatai Securities, and GF Securities [1]. - The funds raised will primarily be allocated to R&D for new passenger car models, next-generation vehicles, advanced technologies, and expanding overseas markets [1][4]. Historical Context - Chery has faced numerous challenges in its IPO journey, including complex shareholding structures and failed attempts in 2004, 2007, 2009, 2016, 2019, and 2022 [3]. - The recent approval from the China Securities Regulatory Commission allows Chery to issue up to 699 million H-shares, enhancing liquidity and attractiveness for investors [3]. Market Position and Strategy - The decision to list on the Hong Kong Stock Exchange aligns with a trend among Chinese automakers seeking capital to support the transition to electric vehicles and advanced technologies [4]. - The competitive landscape in the global automotive industry is intensifying, with established players like Tesla and BYD gaining advantages in the electric vehicle market [4].