Executive Summary:
– Sichuan Wofei Changkong Technology Co., Ltd. (四川沃飞长空科技股份有限公司), a subsidiary of Geely Technology Group, has filed for an IPO on the Shanghai STAR Market, positioning itself as the potential first eVTOL stock in China’s A-share market.
– The low-altitude economy, designated as an emerging pillar industry, is projected to reach a market size of 3.5 trillion yuan by 2035, accelerating eVTOL commercialization and investment.
– Nearly 20 A-share listed companies across sectors like finance, construction, and technology have invested in Wofei Changkong, highlighting broad institutional confidence in the eVTOL first stock narrative.
– Strategic partnerships with firms like Ganfeng Lithium (赣锋锂业) for batteries and Wolong Electric Drive (卧龙电驱) for propulsion systems are crucial for scaling production and achieving airworthiness certification.
– This development underscores convergence in automotive, aerospace, and energy sectors, offering significant opportunities for global investors amid regulatory and technological evolution.
The ambition to list as the “eVTOL first stock” on China’s A-share market is no longer a distant dream but a tangible goal for 沃飞长空 (Wofei Changkong). With its recent filing with the China Securities Regulatory Commission (CSRC, 中国证监会), the company has ignited investor interest in the rapidly evolving low-altitude economy. As electric vertical take-off and landing aircraft promise to revolutionize urban transportation, Wofei Changkong’s move underscores the strategic importance of being the pioneer in this nascent yet high-growth sector. For sophisticated investors worldwide, this potential IPO represents a gateway to participate in China’s technological leapfrog in advanced air mobility, where policy tailwinds and capital momentum are converging to create a multi-trillion yuan industry. The pursuit of the eVTOL first stock status is not just about a listing; it symbolizes a broader shift towards sustainable, efficient transportation solutions in the world’s second-largest economy.
The IPO Pathway: Wofei Changkong’s Bid for the eVTOL First Stock
Regulatory Filing and Market Significance
According to disclosures on the website of the China Securities Regulatory Commission (CSRC, 中国证监会), Sichuan Wofei Changkong Technology Co., Ltd. (四川沃飞长空科技股份有限公司) filed for IPO counseling with the Sichuan Securities Regulatory Bureau on April 2, 2026. The company plans to issue shares and list on the Shanghai Stock Exchange’s STAR Market (科创板), with CITIC Construction Securities (中信建投证券) as the sponsoring institution and Tianjian Accounting Firm (天健会计师事务所) as the auditor. This filing marks a critical step towards becoming the coveted “eVTOL first stock” in China’s A-share market. The STAR Market, designed for science and technology innovation companies, is an ideal venue for Wofei Changkong, given its focus on cutting-edge eVTOL technology. Industry analysts view this move as a bellwether for the sector, potentially unlocking public capital to accelerate research, development, and commercialization efforts. If successful, this could set a precedent for other eVTOL firms seeking public listings, reinforcing China’s leadership in advanced air mobility.
Company Background and Geely’s Strategic Vision
Wofei Changkong was established in September 2020 as a brand under Zhejiang Geely Technology Group Co., Ltd. (浙江吉利科技集团有限公司). Positioning itself as a domestic leader and international top-tier eVTOL original equipment manufacturer (OEM), the company is dedicated to the R&D and commercial operation of global low-altitude smart transportation aircraft. Geely’s backing provides Wofei Changkong with substantial resources and automotive expertise, crucial for scaling production and ensuring safety standards. The parent company’s experience in electric vehicles and global supply chains positions Wofei Changkong favorably in the competitive race to dominate the eVTOL market. This alignment with a major automotive player highlights the convergence of ground and air mobility solutions, reinforcing the potential for Wofei Changkong to emerge as the eVTOL first stock. The company’s mission aligns with Geely’s broader vision of transforming transportation, leveraging synergies in battery technology, autonomous systems, and manufacturing scale.
Low-Altitude Economy: From Policy Support to Commercial Reality
Market Size Projections and Government Backing
The “low-altitude economy” (低空经济) has been included in the Chinese government’s work report for three consecutive years, upgraded this year from a “new growth engine” to an “emerging pillar industry.” This policy elevation signals strong national commitment to fostering this sector. The Civil Aviation Administration of China (CAAC, 中国民航局) estimates that China’s low-altitude economy reached a market size of 1.5 trillion yuan in 2025, with projections to climb to 3.5 trillion yuan by 2035. This exponential growth is driven by applications in logistics, passenger transport, tourism, and emergency services, with eVTOLs as a central technology. For Wofei Changkong, this policy tailwind accelerates its commercialization timeline, making the goal of becoming the eVTOL first stock more attainable. In July 2023, the company announced a strategic agreement with Huolong Aviation (华龙航空), signing an initial purchase order for 100 AE200 eVTOL aircraft. Such early commercial agreements validate market demand and provide revenue visibility, bolstering the case for its IPO.
Technological Breakthroughs: The “Emei Shan” Engine and “Dadou He” Battery
At the 2026 Wofei Changkong Supply Chain Conference held in Chengdu on March 17, 2026, the company officially launched its core technological products: the aviation electric engine “Emei Shan” (峨眉山) and the aviation power battery “Dadou He” (大渡河). These innovations represent significant advances in safety, economy, comfort, and environmental performance, enabling leapfrog improvements in aircraft capabilities. The development of proprietary powertrain components reduces reliance on external suppliers and enhances competitive moats. By showcasing these technologies, Wofei Changkong demonstrates its R&D prowess and operational readiness, key factors for investors evaluating the potential eVTOL first stock. The integration of high-performance batteries also underscores the synergy with partners like Ganfeng Lithium (赣锋锂业), a global lithium leader. These breakthroughs are critical for meeting stringent airworthiness standards and reducing operational costs, which are essential for mass adoption in the low-altitude economy.
Capital Consortium: Unveiling the A-Share Investors Behind Wofei Changkong
Key Financial and Industrial Backers
Since its inception, Wofei Changkong has completed several funding rounds. In February 2026, it secured nearly 10 billion yuan in a new round of financing, described as the largest single investment in the low-altitude economy sector at the start of the year. This capital infusion is earmarked for airworthiness certification, industrial layout deepening, and commercial落地. According to Qichacha (企查查) equity穿透, investors include prominent institutions like CITIC Construction Securities (中信建投证券), Lianxin Capital (联新资本), and Xiangfeng Investment (祥峰投资), as well as a cohort of A-share listed companies. An incomplete tally by Securities Times (证券时报) reveals nearly 20 A-share companies have invested in Wofei Changkong, spanning non-bank finance, construction decoration, computers, electronics, and media industries. This diverse investor base reflects broad market confidence in the eVTOL first stock narrative and the low-altitude economy’s growth potential.
Market Performance and Financial Health of Investor Companies
As of April 3, 2026, the stock performance of these investor companies has been generally weak year-to-date, with an average decline exceeding 10%. Only Shanghai Construction Group (上海建工) saw a slight increase, while CITIC Construction Securities (中信建投证券) and Jinggong Technology (精工科技) fell over 20%. Southchip Semiconductor (南芯科技) declined nearly 16% but has been researched by 30 institutions in 2026, with the company expressing confidence in growth across automotive electronics and industrial sectors. Xunyou Technology (迅游科技), which indirectly invested through Shenzhen Qianhai Yiqixinyuan Investment Center, fell 5.19%. Financially, six companies including Guotai Junan Securities (国泰君安证券), Huaxi Securities (华西证券), and Zhongxin Group (中新集团) reported net profit growth exceeding 30% year-on-year in 2025. This mixed performance highlights the diverse risk profiles involved, but overall institutional participation underscores the strategic importance of backing the potential eVTOL first stock.
Strategic Alliances: Accelerating eVTOL Commercialization Through Partnerships
Collaborations with Automotive and Aerospace Firms
Several listed companies have publicly disclosed strategic collaborations with Wofei Changkong via investor interaction platforms. Since 2024, approximately 11 companies have announced partnerships. For instance, Farasis Energy (孚能科技) stated in late 2025 that it is deeply cooperating with eVTOL clients including Wofei Changkong, with second-generation semi-solid-state电池 samples delivered to global logistics drone leaders. Wolong Electric Drive (卧龙电驱), with years of布局 in electric aviation, signed a joint venture agreement with Wofei Changkong in 2025 to establish “Zhejiang Longfei Electric Drive Technology Co., Ltd.” (浙江龙飞电驱科技有限公司), focusing on electric propulsion systems for aircraft. Huashi Group (华设集团) entered a strategic partnership in November 2024 to co-create commercial operation solutions and integrated air-ground transportation networks. These alliances are crucial for building a robust supply chain and accelerating the path to commercialization, enhancing Wofei Changkong’s prospects as the eVTOL first stock.
The Role of Ganfeng Lithium in Powering the eVTOL Ecosystem
Ganfeng Lithium (赣锋锂业), the world’s largest metal lithium producer with a market capitalization approaching 160 billion yuan, saw its stock rise nearly 27% year-to-date as of April 3, 2026. The company reported a 177.77% year-on-year net profit growth in 2025, driven by rising lithium prices and improved battery business profitability. In February 2026, Wofei Changkong signed a strategic cooperation agreement with Zhejiang Fengli (浙江锋锂), a subsidiary of Ganfeng Lithium, to jointly build an aviation-grade power ecosystem. This partnership ensures a stable supply of high-performance batteries, a critical component for eVTOL safety and efficiency. East China Securities (东吴证券) noted that Ganfeng Lithium’s profit elasticity is high, and its involvement bolsters the entire value chain, making the eVTOL first stock narrative more compelling for investors. The collaboration highlights how lithium giants are strategically entering the low-altitude economy, leveraging their resources to capture new growth avenues.
Investment Implications: Navigating the Risks and Rewards of the eVTOL First Stock
Sectoral Analysis and Competitive Landscape
The push for an eVTOL first stock reflects broader trends in China’s equity markets, where innovation-driven sectors receive premium valuations. However, investors must assess competitive dynamics, as other players like EHang (亿航) and international firms are also advancing in the eVTOL space. Regulatory hurdles, particularly airworthiness certification from the CAAC, remain a key risk. Wofei Changkong’s progress in this area, supported by its funding and partnerships, will be closely watched. The low-altitude economy’s growth is also dependent on infrastructure development, such as vertiports and air traffic management systems, which require further investment and policy coordination. For those eyeing the eVTOL first stock, understanding these interdependencies is essential for evaluating long-term viability and market positioning.
Forward-Looking Guidance for Institutional Investors
For institutional investors and fund managers, the potential listing of Wofei Changkong as the eVTOL first stock offers a unique opportunity to gain early exposure to a high-growth niche. Key considerations include:
– Monitoring the IPO timeline and regulatory approvals on the CSRC and STAR Market platforms, accessible via official websites like http://www.csrc.gov.cn.
– Evaluating the financial health and strategic alignment of investor companies like CITIC Construction Securities and Ganfeng Lithium, using resources such as exchange filings and analyst reports.
– Assessing technological milestones, such as the certification of the “Emei Shan” engine and “Dadou He” battery, through company announcements and industry conferences.
– Diversifying across the low-altitude economy ecosystem, including components, infrastructure, and service providers, to mitigate sector-specific risks.
Given the volatility in related stocks, a long-term perspective is essential, with attention to policy developments and commercial deployment schedules. The eVTOL first stock could serve as a catalyst for broader market interest, but prudent risk management is advised.
Synthesis and Strategic Outlook for the eVTOL First Stock
Wofei Changkong’s journey to become the eVTOL first stock is more than just an IPO story; it is a testament to China’s ambition to lead in next-generation transportation. The convergence of policy support, capital influx, and strategic partnerships creates a fertile ground for innovation, but also entails execution risks. The revelation of nearly 20 A-share backers and alliances with industry giants like Ganfeng Lithium underscores the widespread confidence in this vision. As the low-altitude economy matures, investors should prepare for increased market activity and potential regulatory shifts. The success of the eVTOL first stock could pave the way for more listings in this sector, driving further consolidation and technological advancements.
Call to Action: Stay informed by following official announcements from the CSRC and company disclosures. Conduct due diligence on the entire value chain, from battery suppliers to aerospace manufacturers. Engage with expert analysis to navigate the complexities of this emerging sector, and consider positioning portfolios to capture the growth potential of the eVTOL first stock and its ecosystem. For real-time updates, subscribe to financial news platforms and monitor regulatory databases to make timely, informed investment decisions in China’s dynamic equity markets.