Geely-Backed Afari Technology Files for Hong Kong IPO to Fund AI Mobility Push
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Chongqing Afari Technology holds a press conference on Sept. 28 in Chongqing. Photo: Afari Technology
Geely-affiliated Chongqing Afari Technology Co. Ltd. has filed for an initial public offering in Hong Kong to fund its transformation into an intelligent mobility company, according to a company announcement on Oct. 17.
The Shanghai-listed company, formerly known as motorcyclemaker Lifan Industry (Group) Co. Ltd., aims to use the proceeds to implement its AI-driven strategy and bolster research and development. The listing prospectus did not disclose the fundraising target or details on post-IPO shareholding structure.
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- Geely-affiliated Chongqing Afari Technology filed for a Hong Kong IPO to fund its AI-driven transformation and R&D, but IPO targets remain undisclosed.
- In 2024, Afari reported 6.96 billion yuan in revenue, mainly from legacy auto/motorcycle businesses, but posted net losses of about 330 million yuan.
- Leadership includes former Megvii and Huawei executives, with Mercedes-Benz acquiring a 3% stake in 2025, as Afari targets China’s competitive smart mobility sector.
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Who’s Who
- Chongqing Afari Technology Co.Ltd.
- Chongqing Afari Technology Co.Ltd., formerly Lifan Industry (Group) Co.Ltd., is seeking an IPO in Hong Kong to fund its transformation into an intelligent mobility company. Geely Holding Group holds a significant stake in Afari's controlling shareholder. Afari aims to compete in the smart driving sector, offering solutions for intelligent driving, smart cockpits, and robotaxis. The company reported significant revenue in 2024 and 2025, primarily from its legacy car and motorcycle manufacturing.
- LifanIndustry (Group) Co.Ltd.
- Lifan Industry (Group) Co. Ltd. was formerly a Shanghai-listed motorcycle manufacturer. After judicial restructuring in 2020, it was acquired by Chongqing Manjianghong Equity Investment Fund and is now known as Chongqing Afari Technology Co. Ltd. It is currently transforming into an intelligent mobility company.
- Chongqing Manjianghong Equity Investment Fund
- **Chongqing Manjianghong Equity Investment Fund** is a joint venture between Geely Holding Group and a fund under the Chongqing state-owned asset supervisor. It became the owner of Lifan, now Afari, during its 2020 judicial restructuring. Manjianghong currently holds a 29.85% stake, remaining Afari's controlling shareholder.
- Geely Holding Group
- Geely Holding Group is a major stakeholder in Chongqing Manjianghong Equity Investment Fund, holding approximately 50.9%. This fund, in turn, is the controlling shareholder of Chongqing Afari Technology Co.Ltd., with a 29.85% stake. Geely is positioning Afari as its primary vehicle for intelligent vehicle business, and Geely Group is expected to be a key client for Afari's intelligent driving solutions.
- Huawei Technologies
- Huawei Technologies is currently a dominant player in China's smart driving sector. Its former intelligent automotive solutions unit president, Wang Jun, has joined Afari as co-president.
- Megvii Technology Ltd.
- Megvii Technology Ltd. is an AI firm founded by Yin Qi. Yin Qi became chairman of Chongqing Afari Technology Co.Ltd. in November 2024 and holds approximately a 10.6% direct stake in the company.
- Mercedes-Benz
- Mercedes-Benz acquired a stake of approximately 3% in Afari in September 2025. This move is seen as a potential opportunity for new business ventures for Afari, as it transforms into an intelligent mobility company.
- Chongqing Afari Intelligent Drive Co.Ltd.
- Chongqing Afari Intelligent Drive Co.Ltd. is a subsidiary of Chongqing Afari Technology Co.Ltd., established to consolidate Geely's intelligent driving resources. Chongqing Afari Technology Co.Ltd. holds over 50% of the voting rights in this entity. Wang Jun, co-president of Chongqing Afari Technology Co.Ltd., also serves as its legal representative. This subsidiary is a key part of Afari's transformation into an intelligent mobility company.
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What Happened When
- 2020：
- Lifan underwent judicial restructuring and was taken over by Chongqing Manjianghong Equity Investment Fund, a joint venture between Geely Holding Group and a fund under the Chongqing state-owned asset supervisor.
- 2024：
- Afari (still known as Lifan for part/all of this period) reported revenues of 6.96 billion yuan with net losses of about 330 million yuan.
- November 2024：
- Yin Qi, founder of Megvii Technology Ltd., became chairman of Chongqing Afari Technology Co.Ltd. and took a direct stake of about 10.6%.
- 2025：
- Afari established Chongqing Afari Intelligent Drive Co.Ltd., in which it holds over 50% of the voting rights.
- First half of 2025：
- Afari reported revenues of 4.15 billion yuan and net losses of about 120 million yuan.
- September 2025：
- Mercedes-Benz acquired a stake of about 3% in Afari.
- October 17, 2025：
- Chongqing Afari Technology Co.Ltd. filed for an initial public offering in Hong Kong.
AI generated, for reference only
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