The South China Morning Post reports that Aridge, the affiliate of Chinese electric vehicle maker Xpeng has “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,” continued the report. “Xpeng and Aridge declined to comment. The start-up, which rebranded in October, was valued at about USD2 billion after completing a series B1 funding round in mid-2024 when it netted USD150 million from a clutch of investors, according to a source who asked not to be identified.”
The company is developing the A868 eVTOL, featuring a full tilt-rotor configuration powered by XPENG’s Kunpeng Super Extended-Range Architecture. “Its self-developed, aviation-grade hybrid-electric core delivers continuous power, targeting: 500 km range; 360 km/h maximum cruising speed; six-seat cabin designed for executive and business travel,” according to the company’s website.
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(Image: Aridge)