1 billion yuan financing just secured, this low-altitude economy "unicorn" launches IPO

Ask AI · How Will WoFei Chang Kong’s IPO Reshape the Low-Altitude Economy Competitive Landscape?

On April 3, the IPO guidance disclosure system on the official website of the China Securities Regulatory Commission showed that Sichuan WoFei Chang Kong Technology Development Co., Ltd. (hereinafter: WoFei Chang Kong) submitted an IPO guidance filing to the Sichuan Securities Regulatory Bureau, planning an IPO on the STAR Market. The guidance institution is CITIC Construction Investment Securities.

What’s worth noting is that in early February this year, WoFei Chang Kong announced it had completed nearly 10 billion yuan in a new round of financing, setting a record for the largest single financing in the low-altitude economy sector since the beginning of 2026. This round was led by CITIC Construction Investment, with well-known institutions including Lianxin Capital, Xiangfeng Investment, Guanghe Venture Capital, and Guoce Investment jointly investing, while long-standing shareholders such as Panlin Capital, Yunsheng Capital, Zhongkechuangxing, and Songhe Capital continued to participate in follow-on investment.

From the time the huge financing funds were secured to the launch of listing guidance, only about two months passed in between.

WoFei Chang Kong was established in September 2020 and is a brand under Zhejiang Geely Technology Group Co., Ltd. It is committed to the R&D and commercial operation of intelligent low-altitude aircraft worldwide, building pure electric passenger eVTOLs (electric vertical takeoff and landing aircraft). On September 29, 2025, the first manned eVTOL model for low-altitude travel scenarios—AE200-100—was officially rolled off the production line in Chengdu, Sichuan.

If this IPO advances smoothly, the company is expected to become “the first domestic eVTOL stock,” and at the same time the “first low-altitude economy stock” on the STAR Market.

As an industry milestone event, WoFei Chang Kong’s capitalization process inevitably invites comparison with the eVTOL leader EHang Intelligent, which has already listed in the U.S. stock market. With its multi-rotor configuration technology, EHang Intelligent obtained the world’s first eVTOL model approval certificate (TC) in 2023, opening up a brand-new market for “urban aerial sightseeing and shuttle connections.”

By comparison, WoFei Chang Kong has chosen a tilt-rotor route with higher technical difficulty and greater performance potential, focusing on longer range and higher speed, aiming at cross-regional travel between cities. This route is more complex in terms of mechanical structure and flight control systems, and the difficulty and timeline for airworthiness certification are correspondingly significantly increased.

At present, the focus of industry competition has shifted to the race to decide “who will secure the second manned eVTOL access approval after EHang.”

From an industrial foundation perspective, WoFei Chang Kong is deeply anchored in Geely Group’s end-to-end vehicle manufacturing and supply chain system, extending automotive industrialization capabilities into the aviation sector. It has advantages in mass production control and cost management, making it undoubtedly a strong competitor in this track. It is reported that WoFei Chang Kong’s core model AE200 has already entered the compliance verification stage with the Civil Aviation Administration of China (CAAC). However, whether it can ultimately claim the “first domestic stock” and obtain airworthiness certification first will be the key test it faces.

Cover image source: company website