- Aerofugia has signed tutoring agreement to prepare for Shanghai IPO.
- The move follows a new funding round of nearly 1 billion yuan in February.
Aerofugia Technology, the electric vertical takeoff and landing (eVTOL) aircraft unit backed by Geely, has initiated pre-initial public offering (IPO) tutoring as it prepares to go public.
The company is targeting a listing on Shanghai's STAR Market, often dubbed China's equivalent to the Nasdaq, according to a document disclosed on the China Securities Regulatory Commission's official website on April 2.
The tutoring agreement for the listing preparation was officially signed on April 1, with domestic investment bank CSC Financial assisting the company in completing the relevant compliance and standardization work.
Publicly disclosed documents show that Geely Terrafugia Hubei as the controlling shareholder, currently holds a 40.02% stake in the low-altitude mobility startup.
Preparations for the stock market debut follow a major capital injection completed by the company earlier this year that captured market attention.
On February 2, Aerofugia announced the completion of a new funding round of nearly 1 billion yuan ($146 million), which was notably led by its current tutoring agency, CSC Financial.
The newly raised funds will be primarily used to advance the type certification of its core aircraft products, as well as for its global headquarters and build out its commercial low-altitude mobility business.
As a Geely-affiliated brand, Aerofugia focuses on the research and development of low-altitude aircraft and the manufacturing of pure electric passenger-carrying flying vehicles.
On September 26 last year, the company rolled out the first unit of the AE200-100, China's first pure electric passenger aircraft, at Aerofugia's headquarters in Chengdu, Sichuan province.
The model has a range of 200 kilometers and is designed for business travel and aeromedical transport. Its operating costs are considered significantly lower than those of helicopters of the same size, the company said at the time.
As of the end of last year, the product was in the final and most rigorous stage of safety verification within the airworthiness certification process, and had already amassed a backlog of more than 1,000 commercial orders in the market.
Aerofugia aims to obtain its type certificate between 2026 and 2027, and plans to launch small-scale commercial trial operations thereafter to drive the realization of urban air mobility.
($1 = 6.8727 yuan)
