The first stock in the low-altitude economy has arrived.
Author: Wei Xianghui
Source: Dongsi Shitiao Capital
Less than two months after securing the largest single - round financing in the low - altitude economy at the beginning of the year, Volflyer quickly launched its IPO process, aiming to become the "first low - altitude economy stock" on the A - share market.
One day before signing the listing guidance agreement, the company completed its transformation into a joint - stock company, changing from a "limited liability company" to a "joint - stock limited company" as a whole. Its registered capital increased from approximately 177 million yuan to 360 million yuan. Meanwhile, Xu Zhihao, the CEO of Geely Technology Group, took over as the chairman, indicating that this Geely - affiliated low - altitude enterprise is moving closer to a group - based and industrialized model in terms of governance structure and strategy.
In terms of financing rhythm, Volflyer has completed a total of five rounds of market - based financing. The latest round raised nearly 1 billion yuan, setting a new record for the largest single - round financing in the low - altitude economy since the beginning of 2026. However, while capital is flowing in at an accelerated pace, the company's core model, the AE200, is still in the airworthiness certification stage and has not yet obtained the certification or achieved mass production. The first phase of its global headquarters base in Chengdu is also expected to start production in the second half of 2026.
This means that there is still a time lag between the enthusiasm of capital and the pace of industrial implementation, which is also a microcosm of the entire low - altitude economy industry.
According to the "Low - Altitude Economy Development Report (2025 - 2026)", China's low - altitude economy has completed the construction of its top - level framework and is moving towards the "substantial operation" stage. However, before the industry truly takes off, how to strike a balance between safety supervision and large - scale development remains a key threshold that must be crossed.
Two months after the financing, straight to IPO
On April 3, Volflyer submitted its IPO guidance filing to the Sichuan Securities Regulatory Bureau, planning to list on the Science and Technology Innovation Board. The guidance institution is CSC Financial Co., Ltd.
Looking back just two months. In early February this year, Volflyer announced the completion of a new round of financing of nearly 1 billion yuan, setting a new record for the largest single - round financing in the low - altitude economy since the beginning of 2026. This round of financing was led by CSC Financial, with many well - known institutions such as Lianxin Capital, Vertex Ventures, Photosynthetic Venture Capital, and Guoce Investment joining in. Old shareholders such as Panlin Capital, Yunsheng Capital, Zhongke Chuangxing, and Songhe Capital continued to increase their investments.
From the receipt of the large - scale financing to the launch of the listing guidance, the interval was only a few dozen days. The capital and industrial rhythms were almost seamlessly connected, driving the company to rapidly enter the IPO process.
Looking at the long - term timeline, Volflyer has completed a total of five rounds of market - based financing. Its shareholder structure has also been continuously evolving. In addition to financial investors, it has also introduced several state - owned background institutions such as Chengdu Advanced Manufacturing Fund, Shaanxi Aerospace Power Research Institute, Yuanhe Origin, Huaxi Jinzhi, and Zhejiang Airport Capital, gradually building a diversified shareholder system of "led by the national team, coordinated by industrial capital, and supported by financial capital". Under this structure, the company not only receives stable support from long - term capital but also has the amplification effect of industrial resource and technology synergy, forming a composite support framework of "strategic depth + industrial empowerment + technology - driven".
Meanwhile, the in - depth participation of Geely, the industrial party, is particularly crucial. Through multiple entities such as Chengdu Volflyer Yuheng, Hangzhou Puzhao Technology, Geely Technology Group, and Ningbo Jiyang, Geely controls a total of 45.682% of Volflyer's shares, firmly occupying a controlling position and providing an important fulcrum for the company in industrial chain integration and commercialization.
Among the external shareholders, the Chengdu state - owned asset system stands out. Ceyuan Capital under Chengdu High - tech Investment Group holds a total of 8.1964% of the shares, making it the largest external shareholder. Huakong Group holds a total of 5.4294% through multiple funds. Zhongke Chuangxing holds 4.9799% of the shares. Hangshi Group, jointly established by Hangzhou state - owned assets and local industrial parties, holds 4.646% of the shares. Under the interweaving of multiple sources of capital, a shareholder network that combines local state - owned assets, leading institutions, and industrial leaders has taken shape.
Geely's flying ambition
On the eve of the sprint to IPO, Volflyer completed a key restructuring at the equity and governance levels, sending a clearer industrial signal.
On March 30, the company changed from a "limited liability company" to a "joint - stock limited company" as a whole, and its registered capital increased from approximately 177 million yuan to 360 million yuan, further consolidating its capital structure. According to the guidance filing documents, the controlling shareholder is Hubei Geely Terrafugia Co., Ltd., holding 40.02% of the shares. The actual controller of the company is Li Shufu, the chairman of Geely Holding Group, and Geely's control over it has become clearer.
Simultaneous with the equity adjustment was the systematic restructuring of the management. The former legal representative, Guo Liang, stepped down, and the former chairman, Gu Wenting, was transferred to vice - chairman. Xu Zhihao, the CEO of Geely Technology Group, took over as the chairman and legal representative. Behind this adjustment is Volflyer's role switch from a "technology - driven startup" to a "group - based industrial platform".
Since taking charge of Geely Technology Group in 2017, Xu Zhihao has continuously promoted its expansion into multiple cutting - edge industries, gradually forming four core sectors: new materials, motorcycle manufacturing, low - altitude economy, and power and AI semiconductors, and has made forward - looking layouts in the commercial space and new energy systems. At the same time, he also serves as the chairman of several listed companies such as Qianjiang Motorcycle, Terrafugia, and Hongqiao Group, with rich experience in cross - industry integration and capital operation. His takeover of Volflyer is also regarded as an important step for Geely to strengthen the strategic synergy of the low - altitude economy.
Guo Liang, the founder and CEO, continues to represent the company's core technological background. Born in Ya'an, Sichuan in 1983, he graduated from the Aircraft Design major of Nanjing University of Aeronautics and Astronautics and participated in the research and development of several national key unmanned aerial vehicle models at the Chengdu Aircraft Design and Research Institute of AVIC. He founded Aoshi Technology in 2015 and became the CEO and chief scientist of Volflyer after it was incorporated into the Geely system in 2020, becoming a key figure connecting technological ideals and industrial implementation.
"Flying cars are a very exciting field that can change the future of transportation," said Li Shufu, the chairman of Geely Holding Group.
As early as November 2017, Geely acquired Terrafugia, the world's first flying car company, laying the first stone for its "three - dimensional transportation" strategy. In the following years, Geely continued to increase its investment: it invested in Germany's Volocopter, released its general aviation strategy, and established Volflyer in September 2020. Subsequently, it also established a joint - venture company, Volocopter China, with Volocopter in China, gradually building a core platform for the research, development, and operation of low - altitude aircraft.
However, Geely's ambition is not limited to "manufacturing aircraft" but aims to build a complete three - dimensional transportation system. In this system, Volflyer not only undertakes the role of aircraft research and development and manufacturing but is also embedded in Geely's larger transportation ecosystem. Guo Liang once mentioned that the company is jointly building a low - altitude transportation connection network with airlines, cultural and tourism groups, and transportation platforms under Geely such as Caocao Chuxing, Yaoyao Chuxing, and London Taxi, combined with the global navigation and Internet of Things satellite constellation and the industrial Internet system.
Who can get the next "pass"?
If the IPO proceeds smoothly this time, Volflyer is expected to become the "first low - altitude economy stock" on the Science and Technology Innovation Board.
In June 2025, the China Securities Regulatory Commission issued the "Opinions on Setting up a Science and Technology Innovation Growth Layer on the Science and Technology Innovation Board to Enhance the Inclusiveness and Adaptability of the System", clearly restarting the fifth set of listing standards for unprofitable enterprises and extending the scope of application to the low - altitude economy field. This institutional adjustment is regarded as a capital channel "tailor - made" for eVTOL enterprises, which is expected to alleviate the long - standing financing pressure problem in the industry.
Many industry insiders believe that as the secondary market expectations gradually open up, first - level market funds will focus more on leading enterprises with core technical capabilities and progress in obtaining certifications. According to the "Low - Altitude Economy Development Report (2025 - 2026)", China's low - altitude economy has basically completed the construction of its top - level framework and is expected to enter the "substantial operation" stage around 2026. However, at the same time, how to strike a balance between safety supervision and industrial development remains the core proposition that the industry must answer.
In terms of airworthiness progress, Volflyer has given a relatively clear timeline. Fei Lan, the company's chief marketing officer, previously stated that the AE200 is expected to obtain the certification in 2026. This 6 - seat tilt - rotor eVTOL completed its first full - scale tilt - transition flight test in China in 2024 and will be mainly applied in scenarios such as urban transportation, low - altitude cultural and tourism, and emergency rescue in the future.
To accelerate the certification process, the company is proactively meeting regulatory requirements in advance by establishing its own design assurance system and promoting operational compliance reviews, and is also deeply involved in the formulation of multiple industry standards, which has improved the efficiency of airworthiness reviews to a certain extent.
On the commercialization front, Volflyer is also promoting "scenario verification" in parallel. It is reported that the company has cooperated with cultural and tourism groups, airlines, and transportation platforms to explore diverse implementation models. For example, in the low - altitude cultural and tourism field, direct routes between scenic spots can be opened, significantly reducing travel time; in the urban transportation scenario, it can achieve rapid connections between airports and core business districts; in the emergency medical field, it can build an efficient air transportation channel relying on its vertical take - off and landing capabilities.
This article is from the WeChat official account "Dongsi Shitiao Capital", author: Wei Xianghui. Republished by 36Kr with permission.