Changan Automobile Lists 10% Avatr Stake for Transfer at 3.1828 Billion Yuan

On November 12, the Shanghai United Assets and Equity Exchange showed that Chongqing Changan Automobile Co., Ltd. is listing for transfer a 10% stake in Avatr Technology (Chongqing) Co., Ltd. at a transaction price of 3.1828 billion yuan, with the disclosure period ending on December 10. After the transaction is completed, Changan Automobile will remain the largest shareholder of Avatr. Avatr's current shareholders and shareholding ratios are as follows: Chongqing Changan Automobile Co., Ltd. holds 40.994%, Contemporary Amperex Technology Co., Limited holds 9.1742%, Chongqing Anyu Private Equity Investment Fund Partnership (Limited Partnership) holds 8.8068%, Chongqing Cheng'an Private Equity Investment Fund Partnership (Limited Partnership) holds 7.2717%, Southern Industries Asset Management Co., Ltd. holds 6.3439%, Bank of Communications Financial Asset Investment Co., Ltd. holds 3.3446%, National Green Development Fund Co., Ltd. holds 2.9046%, Shanghai Zhiyue Xintu No. 1 Enterprise Management Partnership (Limited Partnership) holds 1.8815%, Hangzhou Industrial Investment Group Co., Ltd. holds 1.5726%, Chongqing Industrial Investment Mother Fund Partnership (Limited Partnership) holds 1.3832%, and other shareholders collectively hold 16.3229%. On June 30, Avatr submitted an application for listing to the Hong Kong Stock Exchange, with CITIC Securities and CICC as joint sponsors. The prospectus shows that Avatr's full-year revenue in 2025 was 25.631 billion yuan, a year-on-year increase of 68.7%. After turning positive for the first time in 2024, gross profit expanded to 2.417 billion yuan in 2025, with the gross margin rising to 9.4%, and operating cash flow in 2025 was 2.315 billion yuan. Avatr's losses for the periods in 2023, 2024, and 2025 were 3.693 billion yuan, 4.018 billion yuan, and 3.489 billion yuan, respectively. In 2025, Avatr made a strategic investment of 11.5 billion yuan in Yinwang, holding a 10% stake, and shared 182 million yuan in profits from associates in 2025. In overseas markets, Avatr's overseas revenue in 2025 was 1.398 billion yuan, accounting for 5.5% of revenue, with an average selling price in overseas markets exceeding 300,000 yuan.