Core Viewpoint - Changan Automobile's high-end smart electric brand, Avita Technology, has submitted an IPO application to the Hong Kong Stock Exchange, aiming for independent listing on the main board [1][3]. Group 1: IPO Details - Avita Technology is co-developed by Changan Automobile, Huawei, and CATL, with CITIC Securities and CICC serving as joint sponsors for the IPO [1]. - This IPO marks Avita as the first state-owned enterprise-backed new energy vehicle company to apply for listing on the Hong Kong Stock Exchange [1]. Group 2: Financial Performance - In the first half of 2025, Avita is projected to achieve revenue of 12.2 billion yuan, representing a year-on-year growth of 98.5% [3]. - Vehicle sales are expected to contribute 11.49 billion yuan, while other services such as advanced driving solutions and after-sales services will generate 718 million yuan [3]. Group 3: Funding and Valuation - Avita has completed four rounds of financing since its establishment, raising over 19 billion yuan, with its valuation increasing alongside the funding rounds [3]. - The company clarified its IPO timeline during the C round of financing in December last year, indicating plans to advance the IPO process in 2026 [3]. Group 4: Strategic Partnerships - Avita's collaboration with Huawei has deepened, with Avita completing a 10% equity injection into Huawei's subsidiary, totaling 11.5 billion yuan [3]. - This investment is expected to strengthen their partnership and facilitate future technology and resource integration [3]. - By 2026, Avita plans to expand its jointly developed vehicle models with Huawei from one to four, targeting more niche markets [3].