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Changan Automobile to List 10% Avatr Stake for Transfer; Avatr Says Move Is Unrelated to IPO

Source: IT之家 Published: Business & Funding 中文 IPO 2 more articles on this event →
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The Shanghai United Assets and Equity Exchange shows that Chongqing Changan Automobile Co., Ltd. listed its 10% stake in Avatr Technology (Chongqing) Co., Ltd. for transfer on November 12 at a price of 3.1828 billion yuan, after which Changan Automobile will remain Avatr's largest shareholder. An Avatr official said the transfer is unrelated to Avatr's IPO, adding that as the brand enters a phase where premiumization and globalization proceed in parallel, its core demand has shifted from funding support to industrial resource synergy matching its product lineup and overseas layout, and the investor to be introduced will focus on providing support in high-end brand channel building and overseas market expansion. Avatr's current ownership structure shows Changan Automobile as the largest shareholder with 40.994% and CATL as the second largest with 9.1742%, while the public listing sets conditions for transferees including a 500 million yuan transaction deposit, one-time payment settlement, and commitments that the source of funds is legal and compliant, that the target company's future listing process will not be affected, and that there is no competitive relationship with the target

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Title of the article: Changan Automobile Plans to List 10% Stake in Avatr for Transfer, Avatr Responds That It Is Unrelated to IPO

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Changan Automobile Plans to List 10% Stake in Avatr for Transfer, Avatr Responds That It Is Unrelated to IPO

IT之家 November 13 news, the Shanghai United Assets and Equity Exchange shows that Chongqing Changan Automobile Co., Ltd. listed for transfer on November 12 the 10% stake it holds in Avatr Technology (Chongqing) Co., Ltd., with a transaction price of 3.1828 billion yuan. After the transaction is completed, Changan Automobile will remain the largest shareholder of Avatr Technology.

According to a report by National Business Daily, a person in charge at Avatr Technology 透露 that Changan Automobile's transfer of the 10% stake it holds this time is unrelated to Avatr Technology's IPO.

"As the brand enters a stage where premiumization and globalization proceed in parallel, our core demand has shifted from funding support to industrial resource synergy that matches our product lineup and overseas layout," Avatr Technology said. The investors to be introduced in this round will focus on providing assistance in areas such as premium brand channel development and overseas market expansion.

IT之家 notes that Avatr's current shareholding structure shows that Changan Automobile is the largest shareholder with a 40.994% stake; CATL is the second largest shareholder with a 9.1742% stake.

In this public listing for transfer, Changan Automobile has set multiple conditions for the transferee. For example, the listing conditions set a 500 million yuan transaction deposit and require settlement of the price in a one-time payment, and the transferee must commit that the source of funds is legal and compliant, that it will not affect the target company's future listing process, and that it has no competitive relationship with the target company.

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