New Stock News | Chongqing Afari Technology (601777.SH) is expected to sprint towards a Hong Kong IPO in the second quarter, with plans to raise $1 billion.

According to reports, Chongqing Afari Technology (601777.SH) is expected to launch a Hong Kong IPO in the second quarter of this year, with plans to raise $1 billion. Informed sources stated that the company has now progressed to the inquiry stage, and if successful, the next step will be to start the roadshow phase. It is reported that Chongqing Afari Technology submitted its listing application to the Hong Kong Stock Exchange main board on October 16, 2025, with CICC as the exclusive sponsor. The prospectus shows that Chongqing Afari Technology provides "AI+Mobility" closed-loop solutions for global strategic customers, including intelligent driving, intelligent cabins, and Robotaxi solutions. With the company's AI native capabilities and expertise in vehicle engineering, the company has established a comprehensive portfolio of intelligent driving solutions. The product portfolio includes vertical AI models, software, hardware, and closed-loop data systems to achieve L2 to L4-level automated driving in complex traffic scenarios. According to data from ZhiShi Consulting, Chongqing Afari Technology is the first company to achieve large-scale deployment of end-to-end RLM models in the intelligent driving scenario. In addition, the company has developed advanced multimodal interaction models, achieving rich multimodal interactions with a universal understanding of the real world, AI-based personalized recommendations, and in-car emotion recognition. The company has developed the industry's first AGIL3 intelligent cabin system at the intelligent agent level. Furthermore, the company's automotive and motorcycle products have been steadily growing, with sales of 196,900 vehicles and 1.3 million motorcycles in the past reporting periods. During the past reporting periods, the company's revenue mainly came from the manufacturing and sale of automobiles and motorcycles, accounting for over 85% of total revenue during the reporting periods. Reportedly, in 2026, Chongqing Afari Technology will strive to achieve mass production and delivery of one million intelligent driving vehicles, covering all Geely models over 200,000 units, with the goal of achieving a balance of profits and losses within the year. The funds raised from the upcoming Hong Kong IPO will be used for implementing AI-driven strategies, enhancing research and development capabilities, developing and upgrading products and solutions, and strengthening technological capabilities. Financially, Chongqing Afari Technology's revenues for the fiscal years 2022, 2023, 2024, and the six months ending June 30, 2024 and 2025 were approximately RMB 8.627 billion, RMB 6.698 billion, RMB 6.964 billion, RMB 2.955 billion, and RMB 4.149 billion, respectively. Meanwhile, the net profit for the same periods was approximately RMB 170 million, -RMB 262 million, -RMB 329 million, -RMB 108 million, and -RMB 116 million, respectively.