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Xpeng’s flying car unit readies Hong Kong IPO for take-off
Aridge, formerly AeroHT, eyes listing this year as it aims to accelerate its efforts in the low-altitude market, sources say
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Daniel Renin Shanghai
Aridge, the affiliate of Chinese electric vehicle maker Xpeng formerly known as AeroHT, is likely to spearhead a listing bonanza of flying car businesses in Hong Kong as its share offering plan edges closer to the runway.
The Guangzhou-based company, controlled by Xpeng co-founder and CEO He Xiaopeng, confidentially filed an initial public offering (IPO) plan with the Hong Kong stock exchange and hired JPMorgan Chase and Morgan Stanley to underwrite the share sale, according to two people with knowledge of the deal.
It is highly likely that the bellwether in mainland China’s eVTOL (electric vertical take-off and landing) sector will become the first such company – and first drone maker – to raise funds in Hong Kong.
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Xpeng and Aridge declined to comment.
The start-up, which rebranded in October, was valued at about US$2 billion after completing a series B1 funding round in mid-2024 when it netted US$150 million from a clutch of investors, according to a source who asked not to be identified.
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The sources said the IPO would be conducted this year, as Aridge accelerated its commercialisation process.
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