Chinese electric vehicle maker Avatr Technology is planning a Hong Kong initial public offering in the fourth quarter and may file as early as October, The Standard reported Tuesday, citing Cailian Press.

The startup, backed by Chongqing Changan Automobile (SHE:000625, SHE:200625), Huawei, and Contemporary Amperex Technology (SHE:300750, HKG:3750), is reportedly targeting about $1 billion in proceeds.

Avatr aims to complete the listing and begin trading by the second quarter of next year, according to the report.

Changan and CATL are the company's largest shareholders with 41% and 14% stakes respectively, while Huawei is a strategic partner, providing intelligent driving systems and other advanced vehicle components, it added.

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