Geely Group's WoFei Changkong launches listing guidance!

Geely Group subsidiary Wofei Changkong launches for a listing.

According to disclosures on the CSRC website, Sichuan Wofei Changkong Technology Co., Ltd. (abbreviated as “Wofei Changkong”) filed a counseling record registration with the Sichuan CSRC Office on April 2. It plans to make an initial public offering of shares and list on the STAR Market. The counseling securities firm is CITIC Construction Investment.

The official website shows that, as a leading domestic eVTOL host manufacturer, Wofei Changkong is a brand under Zhejiang Geely Technology Group Co., Ltd., and is committed to the development and commercialization operations of global smart low-altitude transportation aircraft.

Wofei Changkong adheres to independent R&D and forward design. It has already built end-to-end capabilities covering product development, airworthiness certification, manufacturing, and commercial operations. In 2025, the company’s first aircraft successfully rolled off the production line for R&D airworthiness and production. The first-phase validation test flight of the mass-production aircraft for the AE200-100 was completed successfully, with R&D and airworthiness progress remaining at the industry leading level. The first phase of its global headquarters base was topped out, laying the foundation for large-scale deliveries. In terms of market and orders, last year Wofei Changkong pioneered the country’s first “civil aviation + low-altitude travel” coordinated demonstration. The low-altitude cultural and tourism corridor in the Bashu region kicked off with test flights, cumulatively securing more than 1,000 aircraft orders.

Since its founding, Wofei Changkong has completed multiple rounds of financing. This past February, Wofei Changkong officially announced the completion of a new round of financing of nearly 1 billion yuan. This round was led by CITIC Construction Investment, with joint investment from well-known institutions including Lianxin Capital, Xiangfeng Investment, Heguang Venture Capital, and Guoce Investment. Meanwhile, long-standing shareholders such as Panlin Capital, Yunsheng Capital, ChinaKechuangxing, and Songhe Capital continued to participate in follow-on investment.

The funds from this financing will be used to sprint for final airworthiness certification for the AE200 series, to start production at the global headquarters base, and to deepen the construction of the commercial model for low-altitude travel. It will fully drive the product’s transition from technical validation to large-scale commercial use. As of now, Wofei Changkong has completed five rounds of independent market-based financing and has successfully formed a diversified, high-value shareholder structure.

On the industry collaboration front, this past February, Wofei Changkong and Zhejiang Fengli, a unit under Ganfeng Lithium, formally signed a strategic cooperation agreement. The two parties will establish long-term strategic cooperation in the eVTOL battery cell domain and jointly build an aviation-grade powertrain ecosystem.

Ganfeng Lithium has a complete industrial chain advantage spanning upstream lithium mines, midstream materials, and downstream battery R&D and manufacturing. This capability in vertical integration provides solid assurance for stable supply, cost optimization, and rapid iteration of aviation-grade cells. From a technical perspective, breakthroughs have been achieved in aviation-grade cells. By using a solid-liquid mixed electrolyte and soft-pack encapsulation, while ensuring high energy density and high-rate capability, safety performance is significantly improved, effectively reducing the risk of thermal runaway. The products currently delivered have already passed a series of aviation-grade safety tests, demonstrating stable performance under harsh conditions such as extreme bending, impact, and crushing—laying the groundwork for subsequent airworthiness certification.

At the same time, the two parties will extend their cooperation to full lifecycle business including cell inspection, maintenance, and recycling, forming a complete closed loop from lithium resource raw materials, R&D, and production to after-sales service. This will promote batch production of aviation-grade cells and reduce costs, benefiting the entire low-altitude economy industrial chain.

According to Qichacha, on March 30 this year, Wofei Changkong completed a restructuring into a joint-stock company. The company name was changed from “Sichuan Wofei Changkong Technology Development Co., Ltd.” to “Sichuan Wofei Changkong Technology Co., Ltd.”

In terms of equity structure, according to the counseling documents, Wofei Changkong’s controlling shareholder is Hubei Geely Taili Feiche Co., Ltd., holding 40.02% of the company’s shares.

Proofread by: Lü Jiubiao