WoFei Changkong launches IPO advisory services, with Geely’s CEO parachuting in to take the helm, aiming to become the first A-share company in the low-altitude economy.

Recently, Sichuan Wofei Changkong Technology Co., Ltd. (hereinafter referred to as “Wofei Changkong”) filed a tutoring filing and registration with the Sichuan Provincial CSRC. The company plans to make its initial public offering of shares and list on the STAR Market. The day before signing the tutoring agreement, Wofei Changkong changed from a “limited liability company” to a “joint-stock company,” with its registered capital increasing from about 177 million yuan to 360 million yuan. Xu Zhihao, CEO of the Geely Technology Group, officially took over as chairman. At present, this Geely-affiliated low-altitude company 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 low-altitude economy financing since the start of the year. However, the AE200 series of Wofei Changkong is still in the airworthiness approval review stage and has not yet obtained the certificate for mass production. The first phase of the company’s global headquarters base in Chengdu is expected to begin production in the second half of 2026. If the progress is smooth, Wofei Changkong is expected to become the first eVTOL listed company on the A-share market.

Most recent financing: nearly 1 billion yuan

According to the tutoring filing report, Wofei Changkong’s controlling shareholder is Hubei Geely Taili Feiche Co., Ltd., which holds 40.02% of the company’s shares; its registered capital is 360 million yuan, and the legal representative is Xu Zhihao.

A Beijing Business Daily reporter noted that the date of signing of the tutoring agreement is shown as April 1. A day earlier, Wofei Changkong 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.” Its company type also changed from “limited liability company (foreign investment, non-sole)” to “joint-stock company (foreign investment, unlisted).” Its registered capital also increased from about 177 million yuan to 360 million yuan.

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

Since its establishment in 2016, Wofei Changkong has been accelerating its capitalization process. A Beijing Business Daily reporter learned from Wofei Changkong that, to date, Wofei Changkong has completed five rounds of independent, market-oriented financing.

Within the three-month period from November 27, 2025 to February 2, 2026, Wofei Changkong completed two rounds of independent, market-oriented financing in succession. Of these, the most recent D-round financing was as high as nearly 1 billion yuan, setting a record for the largest single low-altitude economy financing since the start of the year. A Beijing Business Daily reporter noted that this round of financing was led by CITIC Securities Construction Investment, which is also the tutoring institution for Wofei Changkong’s STAR Market listing tutoring.

Additional information in the tutoring filing report also shows that the law firm is Beijing Jingtong Law Firm, and the accounting firm is Tianjian Certified Public Accountants (special general partnership).

Production begins in the second half at the headquarters base

Wofei Changkong is the host and “chain leader” company for eVTOL. Its main product is the AE200 series all-electric manned eVTOL. According to its official website, Wofei Changkong is a brand under Zhejiang Geely Technology Group Co., Ltd., dedicated to the R&D of global low-altitude intelligent transportation aircraft and commercial operations.

Changsha Chang, a partner at Beijing Jingdu Law Firm, told a Beijing Business Daily reporter that the tutoring period for a STAR Market listing varies depending on the company’s actual circumstances, and is typically around one and a half years. When applying for a STAR Market listing, a company must not only meet market value requirements and achieve continuous revenue growth over three consecutive years, but also have a certain number of invention patents, corresponding proportions of R&D investment, and the share of R&D personnel.

At present, Wofei Changkong has not yet disclosed its revenue figures, but it has continued to put efforts into product R&D, airworthiness certification and obtaining certificates, and capacity construction. Wofei Changkong told the Beijing Business Daily reporter that the AE200-100 mass production aircraft completed the first-phase validation test flight on December 30, 2025. The company’s first aircraft in the AE200-100 series is planned to obtain the certificate at the latest by 2027. To date, Wofei Changkong has received orders for more than a thousand aircraft.

In terms of core technology, in March 2026, Wofei Changkong released the aviation electric engine “Emei Mountain” and the aviation power battery “Daduhu.” These two core products achieve step-change improvements in aircraft performance across dimensions such as safety, economics, comfort, and environmental protection.

As for capacity, the main structural work of the global headquarters base and the manufacturing base project of Wofei Changkong has been fully completed. The company is about to enter the stage of equipment introduction and commissioning, and production is expected to officially begin in the second half of 2026. In the initial phase, the base’s annual production capacity will be allocated according to the specific application scenarios approved by national policies; later, it will be dynamically adjusted based on market demand.

Commercial operations remain a challenge

The low-altitude economy is a long-cycle, high-investment industry. Key technological breakthroughs, large-scale mass production, and commercial operations are challenges that low-altitude companies face along the path of capitalization.

Industry insiders say that although Wofei Changkong has already reserved orders at the thousand-aircraft level, converting those orders into actual revenue still requires an appropriate timeline. Because the industry has not yet formed large-scale and stable operating models, its commercialization capabilities still need to be validated. This means that Wofei Changkong must fully prove that its profit expectations and execution capabilities are feasible.

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

From the company’s recent intensive moves, it can be seen that Wofei Changkong is responding to real-world challenges from multiple dimensions.

On increasing capital investment, Wofei Changkong told the Beijing Business Daily reporter that its most recent financing of 1 billion yuan will be used for a final push toward airworthiness certification for the AE200 series, the launch of the global headquarters base, and the deep development of a commercial business model for low-altitude travel. The company will do everything possible to drive its products to move from technical validation to large-scale commercial use.

In terms of scenario-based applications, Wofei Changkong launched, in 2025, two trial flight events for the low-altitude culture and tourism corridors in Sichuan and Chongqing. In the early stage, it first used traditional helicopters to validate transfers between scenic areas and sightseeing flight routes; later, it replaced them with the AE200 aircraft from Wofei Changkong. In addition, Wofei Changkong has been working to integrate the industrial supply chain and released a list of opportunities for a 100-billion-yuan supply chain during the “14th Five-Year Plan” to “15th Five-Year Plan” period, using end-to-end aircraft development to drive the development of upstream and downstream companies in the industrial chain.

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

Beijing Business Daily reporter Guanzi Chen Niu Qingyan