Sprint for the "First Stock in eVTOL Commercialization"! Just secured nearly 1 billion yuan in financing and has started IPO counseling: WoFei Chang Kong completes share reform and leadership change, as the low-altitude economy faces a "full-element collaboration" major test

Ask AI · How does Xu Zhihao’s Geely background accelerate eVTOL commercialization?

Every Data Reporter: Cai Ding    Every Data Editor: Huang Sheng

The low-altitude economy track welcomes a landmark event.

The official IPO guidance disclosure system on the China Securities Regulatory Commission website shows that Sichuan Wofei Changkong Technology Co., Ltd. (hereinafter referred to as “Wofei Changkong”) submitted an IPO (initial public offering) guidance filing to the Sichuan Securities Regulatory Bureau on April 2. The guiding securities firm is CITIC Construction Investment. This means that this leading company headquartered in Chengdu, which is highly regarded in the low-altitude travel field, has officially launched a sprint toward the capital market.

Image source: CSRC

Public information shows that Wofei Changkong, founded in 2016, is a technology company under Geely Holding Group dedicated to low-altitude travel. Before starting the listing guidance, Wofei Changkong completed a series of intensive capital and equity moves, including a share reform and nearly 1 billion yuan in financing.

The “Daily Economic News” reporter (hereinafter “Every Data Reporter”) noticed that, along with Wofei Changkong’s listing process, the underlying competitive logic of China’s low-altitude economy industry is also undergoing profound changes. After experiencing two years of industry concept popularization and the initial startup phase of the track with many players vying, the entire industry is now entering a critical stage of rigorous airworthiness certification and large-scale commercial implementation. Against this background, Wofei Changkong’s IPO guidance is not only an important milestone in its own development history but also a microcosm of the industry’s deep integration and symbiosis between capital and emerging low-altitude technology.

Share reform, financing, personnel adjustments densely implemented

Before formally submitting the guidance filing to regulators, Wofei Changkong had already completed several key actions regarding internal equity structure, senior management restructuring, and fundraising. Business registration change information shows that at the end of last month, the original Sichuan Wofei Changkong Technology Development Co., Ltd. was officially renamed Sichuan Wofei Changkong Technology Co., Ltd., completing the share reform. Meanwhile, the company’s registered capital increased significantly from about 177 million yuan to 360 million yuan.

As an important layout of Geely Holding Group in the low-altitude economy, as of the date of the report, Hubei Geely Taili Flying Car Co., Ltd. held 40.02% of the company’s shares, maintaining its position as the controlling shareholder. Along with the completion of share reform and capital increase, the company’s core management team also saw adjustments. The original legal representative Guo Liang and the former chairman Gu Wenting resigned successively, with Xu Zhihao officially taking over as the legal representative and chairman of the company. Public information shows that Xu Zhihao has served as CEO (Chief Executive Officer) of Geely Technology Group since 2017.

Early positioning by capital also provided solid financial support for Wofei Changkong’s path to the STAR Market. In early 2026, Wofei Changkong announced the completion of nearly 1 billion yuan in a new round of financing, setting a record for the largest single financing in China’s low-altitude economy sector this year. Notably, this round of financing was led by CITIC Construction Investment, which is also serving as the IPO guidance institution. Financial institutions have shifted from early-stage pure financial follow-up investments to strategic partners enabling the full cycle, demonstrating a deep symbiosis and mutual prosperity between capital and technology, fully reflected in Wofei Changkong’s listing process.

With the preparatory work in place, the listing guidance work was officially signed and fully launched on April 1, 2026. The guidance team is composed of CITIC Construction Investment Securities, Beijing Jindu Law Firm, and Tianjian Certified Public Accountants (Special General Partnership).

Diving into the deep waters of airworthiness certification, accelerating full-element commercial landing

Intensive capital injection and the initiation of STAR Market listing reflect the underlying logic change in the low-altitude economy track. After the early debates over aircraft configuration design and technical routes, the entire track is now irreversibly entering the deep water zone of strict airworthiness certification and large-scale commercial implementation. For OEMs pushing eVTOL (electric vertical takeoff and landing aircraft) toward commercialization, obtaining airworthiness certification, especially type certificates (TC), is a necessary and highly capital-consuming technical and regulatory hurdle.

Wofei Changkong told Every Data Reporter that currently, the company is the first domestic manned eVTOL company approved and accepted by the aviation authority, and also the first domestic eVTOL manufacturer to complete full tilt-rotor verification flight tests. Its AE200-100 first-phase verification test flights have been successfully completed, and it is fully sprinting toward airworthiness certification.

From a product and technical path perspective, the AE200 series is a passenger-grade pure electric eVTOL designed for urban three-dimensional transportation. The cabin supports flexible layouts and offers advantages in safety, economy, comfort, and environmental friendliness, suitable for various scenarios such as low-altitude tourism, low-altitude travel, and emergency rescue. Its tilt-rotor configuration provides significant performance advantages in range and speed, but also faces technical challenges far beyond conventional configurations in mechanical complexity and flight control system certification.

Facing industry-wide challenges, Wofei Changkong’s new round of nearly 1 billion yuan in financing will focus heavily on core technology R&D and commercialization capacity building. Chief Marketing Officer (CMO) Fei Lan recently told Every Data Reporter that this funding will be directly used for the final sprint of airworthiness certification for its AE200 series aircraft, the production of its global headquarters base, and the construction of its business model, pushing products toward large-scale commercial use. Ample financial reserves and potential fundraising expectations for the STAR Market listing provide the company with valuable strategic space and time window during critical technological breakthroughs and certification sprints.

The successful rollout of the entire aircraft and the final obtaining of the airworthiness certificate are just the first steps into the low-altitude economy. For eVTOL to truly popularize and achieve routine commercial operation, it heavily depends on the improvement of the entire low-altitude travel ecosystem. Fei Lan pointed out that currently, in China, substantial progress has been made in system construction, fine management of low-altitude airspace, vertiport construction, and low-altitude intelligent networking.

The low-altitude economy is essentially a long-cycle, high-investment, technology-intensive track. To move from early “regional demonstration” to “full-element coordination” normal operation, it still requires deep cooperation and co-construction among upstream and downstream industry chains, regulatory authorities, and local governments. From early technological breakthroughs to now relying on strong local supply chains in aviation manufacturing hubs like Chengdu to support initial capacity ramp-up, the industry closed-loop of low-altitude economy is gradually forming.

Wofei Changkong’s choice to initiate listing guidance on the STAR Market also aligns with the current macro trend of capital markets supporting technological innovation enterprises. As a key part of the national strategic emerging industries, the low-altitude economy, with its long industry chain, broad radiation, and high technical barriers, naturally fits the STAR Market’s positioning. Wofei Changkong’s guidance filing not only adds a heavyweight example in the low-altitude travel field for the capital market but also marks that Chinese low-altitude economy companies are accelerating acceptance of more rigorous scrutiny in the secondary market. As the guidance work unfolds comprehensively, whether this leading enterprise can successfully break through in the deep waters of airworthiness certification will be crucial in determining its long-term commercial value.

Daily Economic News