GAC Aion is expected to be the first NEV stock on China's Nasdaq-style sci-tech innovation board, also known as the STAR market.

GAC Aion, the new energy vehicle (NEV) subsidiary of GAC Group, plans to file for an initial public offering (IPO) with China's securities regulator in the second quarter of next year, local media Cailian reported today, citing people familiar with the matter.

GAC Aion is expected to be the first NEV stock on China's Nasdaq-style sci-tech innovation board, also known as the STAR market, according to the report.

GAC Aion was founded on July 28, 2017, and began independent operations on November 20, 2020, with the Aion LX Plus, Aion V Plus, Aion S Plus, Aion S and Aion Y currently on sale.

On September 15, it unveiled its new premium brand Hyper and its first model, the Hyper SSR, at its headquarters in Guangzhou, becoming the latest car company to venture into the electric supercar segment.

The company sold 30,016 vehicles in September, up 120.93 percent year-on-year and up 11 percent from August, data it released earlier this month showed.

GAC Aion had revenue of RMB 5.23 billion ($721 million), RMB 7.61 billion and RMB 17.27 billion in 2019, 2020 and 2021, respectively. It lost RMB 621 million, RMB 688 million, and RMB 1.389 billion in those three years, respectively.

GAC Aion has closed its Series A round of financing, bringing in 53 strategic investors, GAC said in an exchange announcement on October 20.

The company received a total financing of RMB 18.29 billion, ceding 17.72 percent of its shares, according to the announcement.

That means GAC Aion is valued at RMB 103.2 billion ($14.2 billion) after the financing.

In March, GAC Aion general manager Gu Huinan said the company would choose to be listed on the Chinese A-share or H-share market once it completes its Series A financing.

Separately, GAC Chairman Zeng Qinghong had said that GAC Aion was aiming for an IPO in 2023.