XPeng Affiliate Aridge Eyes Hong Kong Listing as Flying Cars Near Takeoff
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Aridge’s modular flying car, the Land Aircraft Carrier, makes its debut public flight during a preview of the 2024 Airshow China in Zhuhai, Guangdong province. Photo: VCG
Aridge, the flying car unit of XPeng Inc. formerly known as AeroHT, has tapped investment banks to prepare for an initial public offering in Hong Kong, according to people familiar with the matter.
The company declined to comment. Market speculation about a possible listing began in June 2025, when Aridge appointed Du Chao as chief financial officer. Du, a veteran with nearly two decades of experience in investment banking and corporate finance, previously served as CFO of 17 Education & Technology Group Inc., where he led the firm through its Nasdaq debut. His appointment is widely viewed as a strategic move aimed at paving the way for Aridge’s IPO.
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- Aridge, XPeng Inc.'s flying car unit, is preparing for a Hong Kong IPO after raising nearly $750 million, including a $250 million Series B round in July 2025.
- Its Land Aircraft Carrier, priced at about $285,000, has 7,000 orders; mass production is planned for 2026 at a Guangzhou factory with an initial capacity of 5,000 units.
- Commercial rollout depends on regulatory approval and increased pilot licensing; only 3,139 people in China held Sport Pilot Licenses as of end-2024.
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Who’s Who
- Aridge
- Aridge, formerly known as AeroHT, is the flying car unit of XPeng Inc. It is China's most-funded flying car startup, having raised nearly $750 million. The company is preparing for an IPO in Hong Kong, aiming for mass production of its dual-mode flying vehicle in 2026.
- XPeng Inc.
- XPeng Inc. (now XPeng AeroHT, or Aridge) is a Chinese electric vehicle manufacturer. Its flying car unit, Aridge, is preparing for an IPO in Hong Kong. Aridge is developing a dual-mode flying vehicle, the Land Aircraft Carrier, aiming for mass production in 2026. The company has raised nearly $750 million in funding.
- 17 Education & Technology Group Inc.
- 17 Education & Technology Group Inc. is a company that Du Chao previously served as Chief Financial Officer (CFO). During his tenure, he successfully led the firm through its Nasdaq debut. His experience is viewed as relevant for Aridge's potential IPO in Hong Kong.
- IDG Capital
- IDG Capital is an investment firm that participated in Aridge's Series A fundraising round in October 2021. This round successfully raised over $500 million, making it the largest single fundraising effort in China's manned low-altitude aircraft sector. The investment valued Aridge at more than $1 billion.
- 5Y Capital
- 5Y Capital (肆玖资本) is an investor in Aridge, the flying car unit of XPeng Inc., formerly known as AeroHT. They participated in Aridge's Series A funding round in October 2021, which raised over $500 million, valuing the company at over $1 billion.
- HongShan Capital Group
- HongShan Capital Group is an investor in Aridge (formerly AeroHT), the flying car unit of XPeng Inc. They participated in Aridge's Series A funding round in October 2021, which raised over $500 million, valuing the company at over $1 billion.
- Eastern Bell Capital
- 东方富海 (Eastern Bell Capital) is an investor in Aridge, the flying car unit of XPeng Inc. They participated in Aridge's Series A funding round in October 2021, which raised over $500 million and valued the company at over $1 billion.
- GGV Capital
- GGV Capital is an investor in Aridge, the flying car unit of XPeng Inc. It participated in Aridge's Series A funding round in October 2021, which raised over $500 million.
- GDD Holding Group Ltd.
- GDD Holding Group Ltd., an entity backed by local governments, participated in Aridge's Series B funding round in July 2025. It contributed to a combined $150 million investment, alongside Guangzhou Finance Holdings Group Co. Ltd. and GDD Investment Group, as part of the total $250 million raised in that round.
- Guangzhou Finance Holdings Group Co. Ltd.
- Guangzhou Finance Holdings Group Co. Ltd. is one of the state-owned funds from Guangzhou that has supported Aridge. They participated in Aridge's $250 million Series B funding round in July 2025, contributing along with GDD Holding Group Ltd. and GDD Investment Group.
- GDD Investment Group
- GDD Investment Group is an investor in Aridge, the flying car unit of XPeng Inc. In July 2025, GDD Investment Group contributed to a $250 million Series B funding round for Aridge, providing a combined $150 million alongside GDD Holding Group Ltd. and Guangzhou Finance Holdings Group Co. Ltd.
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What Happened When
- October 2021：
- Aridge completed its Series A round, raising over $500 million and valuing the company at over $1 billion.
- End of 2024：
- There were 3,139 people in China holding Sport Pilot Licenses (SPL).
- June 2025：
- Aridge appointed Du Chao as chief financial officer, sparking speculation about a possible IPO.
- July 2025：
- Aridge closed a $250 million Series B round, including $150 million from Guangzhou-based investors.
- October 12, 2025：
- Aridge had received 7,000 orders for its Land Aircraft Carrier.
- November 2025：
- Aridge completed trial production at its new manufacturing facility in Guangzhou’s Huangpu district.
- 2025：
- Hong Kong stock market hosted 119 IPOs, raising HK$285.8 billion ($36.8 billion), more than double the previous year’s total.
- By 2026：
- Aridge's dual-mode flying vehicle targets mass production and deliveries.
- As of 2026：
- Aridge’s aircraft module had not yet received airworthiness certification from civil aviation authorities.
- 2026：
- Regulators are expected to develop specific training standards for the Land Aircraft Carrier.
- 2026：
- Aridge is confident it will clear certification for the flying module during this year.
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