WoFei Soars into A-shares to Become the "First Stock in Low-Altitude Economy"

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Source: Beijing Business Daily

Sichuan Wofei Changkong Technology Co., Ltd. (hereinafter referred to as “Wofei Changkong”) has recently completed the filing and registration for securities regulator guidance in Sichuan Province, intending to make its initial public offering of shares and list on the STAR Market. One day before signing the guidance agreement, Wofei Changkong changed from a “limited liability company” to a “joint-stock company,” with its registered capital increasing from approximately 177 million yuan to 360 million yuan. Xu Zhihao, CEO of Geely Technology Group, officially took over as chairman. At present, this Geely-affiliated low-altitude enterprise has completed five rounds of independent, market-oriented financing. Its most recent financing is nearly 1 billion yuan, setting a record for the largest single deal in the low-altitude economy since the start of the year. However, Wofei Changkong’s AE200 series is still in the airworthiness approval and review stage and has not yet obtained certifications for mass production. The first phase of its global headquarters base in Chengdu is expected to commence production in the second half of 2026. If things progress smoothly, Wofei Changkong may become the first eVTOL listed company on the A-share market.

Its most recent financing was nearly 1 billion yuan

According to the guidance filing report, the controlling shareholder of Wofei Changkong is Hubei Geely Taili Feiche Co., Ltd., holding 40.02% of Wofei Changkong’s equity; registered capital is 360 million yuan, and the legal representative is Xu Zhihao.

Beijing Business Daily noted that the time when the guidance agreement was signed is shown as April 1. One day earlier, Wofei Changkong had already completed multiple changes, including enterprise type and name, registered capital, and the executive management team. The Tianyancha website shows that on March 31, Wofei Changkong changed its company name from “Sichuan Wofei Changkong Technology Development Co., Ltd.” to “Sichuan Wofei Changkong Technology Co., Ltd.” It also changed its enterprise type from “limited liability company (foreign investment, non-wholly-owned)” to “joint-stock company (foreign investment, unlisted).” Its registered capital was also increased from about 177 million yuan to 360 million yuan.

In terms of the executive team, Tianyancha’s website shows that Xu Zhihao was appointed legal representative of Wofei Changkong for the first time and also serves as chairman. The former legal representative, Guo Liang, became a director and general manager. The former chairman, Gu Wen ting, was changed to vice chairman. Public information indicates that Xu Zhihao served as CEO of Geely Technology Group in 2017, and he is currently also the legal representative of Geely Technology Group and multiple other companies, including Zhejiang Qianjiang Motorcycle Co., Ltd.

Since it was established in 2016, Wofei Changkong has been accelerating its process of capitalization. Beijing Business Daily learned from Wofei Changkong that, to date, it has completed five rounds of independent, market-oriented financing. Among them, within a three-month period from November 27, 2025 to February 2, 2026, Wofei Changkong completed two consecutive rounds of independent, market-oriented financing. In particular, the most recent Series D financing reached nearly 1 billion yuan, setting a record for the largest single deal in the low-altitude economy since the start of the year. Beijing Business Daily noted that this round of financing was led by CICC (China International Capital Corporation Limited), which is also the guidance institution for Wofei Changkong’s STAR Market listing guidance.

The guidance-related information in the guidance filing report further shows that the law firm is Beijing Jindu Law Firm, and the accounting firm is Tianjian Certified Public Accountants (Special General Partnership).

The headquarters base will officially begin production in the second half of the year

Wofei Changkong is a host and “chain leader” company for eVTOL. Its main product is the AE200 series pure-electric manned eVTOL. According to information on its official website, Wofei Changkong is a brand under Zhejiang Geely Technology Group Co., Ltd., focusing on the R&D and commercialization operations of intelligent low-altitude transportation flight vehicles worldwide.

Chang Sha, partner at Beijing Jingdu Law Firm, told Beijing Business Daily that the guidance period for STAR Market listings varies depending on the company’s actual circumstances and is usually around 18 months. When applying for a STAR Market listing, a company not only needs to meet requirements for market value and sustained revenue growth for three consecutive years, but also must have a certain number of invention patents, an appropriate proportion of R&D investment, and the proportion of R&D personnel.

At present, Wofei Changkong has not yet disclosed its revenue status, but it has been making continued efforts in areas such as product R&D, airworthiness certification, and capacity construction. Wofei Changkong told Beijing Business Daily that the AE200-100 mass-production aircraft completed the first-stage validation test flight on December 30, 2025. The first aircraft of this series, AE200-100, is planned to obtain certification no later than 2027. To date, Wofei Changkong has累计 received orders of over one thousand aircraft.

In terms of core technology, Wofei Changkong released the aviation electric engine “Emeishan” and the aviation power battery “Daduhe” in March 2026. These two core products have achieved leapfrog improvements in aircraft performance across dimensions such as safety, economics, comfort, and environmental protection.

Regarding capacity, the main structure of the global headquarters base and the production and manufacturing base projects of Wofei Changkong has been fully completed. It is now about to enter the stage of equipment procurement and commissioning, with production expected to officially start in the second half of 2026. In the initial phase, the base’s annual production capacity will be allocated according to the specific usage-scenario needs approved by national policies. In the later phase, it will be dynamically adjusted based on market demand.

Commercialized operations remain a challenge

The low-altitude economy is an industry with a long cycle and high investment. Key technological breakthroughs, large-scale mass production, and commercialized operations are the challenges faced along the capitalization path of low-altitude enterprises.

Industry insiders say that although Wofei Changkong has already stockpiled orders at the thousand-aircraft level, turning those orders into actual revenue still requires corresponding cycles. Since the industry has not yet formed a large-scale and stable operating model, its commercial capability still needs to be validated. This means Wofei Changkong still needs to fully prove the realizability of its profitability expectations and implementation capabilities.

Previously, Fei Lan, Chief Marketing Officer of Wofei Changkong, mentioned in an interview with Beijing Business Daily that although current eVTOL host manufacturers already have strong equipment manufacturing capabilities, how to effectively integrate aircraft into real scenarios to form a complete closed loop of “manufacturing—operations—consumption” remains a core challenge facing the industry.

From the recent series of intensive actions, it can be seen that Wofei Changkong is addressing the real challenges from multiple dimensions.

In increasing capital investment, Wofei Changkong told Beijing Business Daily that its most recent financing of 1 billion yuan will be used for the final airworthiness certification sprint for the AE200 series, the production commencement of the global headquarters base, and the in-depth development of the commercial model for low-altitude travel. It will work to push the product from technical validation toward large-scale commercialization.

In scenario-based applications, Wofei Changkong launched 2 station low-altitude cultural and tourism corridor test-flying activities in the Sichuan-Chongqing region in 2025. In the early stage, it first used traditional helicopters to validate scenic spot transfers between locations and sightseeing flight routes. Later, it switched to the AE200 under Wofei Changkong’s own lineup. In addition, Wofei Changkong has begun integrating the industrial chain, and released a list of opportunities for a “hundred-billion” supply chain during the “15th Five-Year Plan period” to drive the development of upstream and downstream parts of the industrial chain through full-aircraft development.

“If Wofei Changkong can overcome challenges such as airworthiness certification and commercialized operations and successfully list, it will establish a value benchmark that the entire track can refer to. It will also be a sample of the fusion between the capital market and emerging technology industries, with a demonstrative and leading effect on industry-chain companies,” said the above-mentioned industry insider.

Beijing Business Daily reporter Guan Zichen Niu Qingyan

Image source: Wofei Changkong

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