XPeng Huitian secretly submits listing application, seeks IPO approval

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Author | Chai Xuchen

Editor | Zhou Zhiyu

As the low-altitude economy sweeps the global capital markets, a "unicorn" is quietly adjusting its take-off posture.

Recently, news of HT Aero's impending IPO in Hong Kong has spread rapidly in the market. It is reported that it has hired JPMorgan Chase and Morgan Stanley as joint sponsors and has secretly submitted its listing application, with hopes of going public as early as this year. HT Aero did not comment on this to Wallstreetcn, but also did not deny it.

The so-called secret filing is a provision of the Hong Kong Stock Exchange. Some investors noted that last year, the Hong Kong Securities Regulatory Commission and HKEX introduced the "Tech Companies Route" to boost listings for specialized technology and biotech firms, allowing them to submit applications confidentially, with disclosures being delayed to later stages to protect their research and business secrets.

HT Aero’s choice to file confidentially at this time is a result of the balancing act between the approaching technology monetization cycle and massive R&D investment. Building flying cars is a classic capital-intensive game: from flight control system development, power redundancy design, to the critical airworthiness certification—every step demands continuous capital injection.

Although XPeng Motors has provided strong support in supply chain and manufacturing capabilities, in the context of fierce price wars and squeezed profit margins in the NEV (new energy vehicle) industry, it is difficult to simply rely on financial support to sustain such large-scale expansion for HT Aero. Thus, seeking independent financing through an IPO not only alleviates financial pressure, but more importantly, prepares for the company’s eventual growth into a true industry unicorn.

Industry insiders told Wallstreetcn that globally, companies like Joby Aviation, Archer, and EHang have already entered the capital market. As Asia's largest flying car firm, if XPeng HT Aero succeeds in completing its IPO this year, it will secure a scarce leading status in the “low-altitude economy” sector in Hong Kong stocks—the "first stock" premium often means a higher valuation.

On the product strategy front, XPeng HT Aero has shown a unique approach compared to traditional aviation companies.

For now, HT Aero’s first move is the split-type flying car "Land Aircraft Carrier"; its flying module (X3-F) is in the critical process of applying for a type certificate. HT Aero takes a pragmatic view, recognizing the real pain points of pure eVTOLs: short range and lack of ground connectivity.

Thus, the “Land Aircraft Carrier” is designed as a “car with a plane”; the mothership provides mobile charging for the flying module, resolving energy replenishment anxiety during outdoor flights. Meanwhile, users can drive the “carrier” to the outskirts and release the flying module for a flight experience, lowering user entry barriers.

Presently, the X3-F's TC application is HT Aero’s strategic focus. Once approved, it means the technological approach has regulatory and legal recognition—making it the last critical ticket to commercialization.

If the "Land Aircraft Carrier" is a compromise for today, then the first full tilt-rotor flying car A868 launched last November is HT Aero's ultimate vision for the future. Tilt-rotor technology is recognized as the “crown jewel” of eVTOLs, combining helicopters' vertical take-off/landing with the high-speed cruise of fixed-wing planes. This product targets longer distances and more complex urban air mobility scenarios.

Beyond product, the key advantage that outsiders often overlook when discussing industry leadership is HT Aero’s inherited manufacturing capability from the automotive industry.

Traditional aviation is “artisan workshop”-style boutique manufacturing—high cost and low efficiency. HT Aero's core logic is to manufacture flying cars like automobiles. According to HT Aero, their products share a high degree of supply chain reuse with XPeng Motors in battery systems, smart cockpit, and parts.

This means HT Aero can use automotive-scale procurement to distribute the cost of flying car components. While competitors struggle to source bespoke high-priced motors, HT Aero may have already acquired aviation-grade modified automotive high-performance motors.

Zhao Deli, HT Aero’s founder, told Wallstreetcn that the first batch of equipment is now in debugging, with current capacity at one aircraft per hour; when the second batch arrives, this could drop to 30 minutes per unit; the annual output could reach 10,000 units—a figure that’s astronomical in aviation.

Once mass production of the Land Aircraft Carrier is realized, its cost curve will steeply decline. HT Aero's goal is to use scaled manufacturing to push flying car prices into the “million-yuan” range or even lower, thus disrupting the industry’s pricing system.

The key to leadership ultimately lies in who can be the first to validate the business model. Currently, most eVTOL firms focus on B2B operations or government emergency services, primarily promoting the “air taxi” concept. XPeng HT Aero, however, boldly chooses a “first to consumer” model.

HT Aero believes that with urban airspace and regulations not yet fully open or mature, selling to individual consumers as “high-end toys” or “adventure tools” is a more realistic monetization path. The “Land Aircraft Carrier” targets high net worth groups like off-road enthusiasts and tech geeks—less price sensitive but very demanding on experience.

To support this strategy, HT Aero is proactively building flight camps—much like Tesla’s early installation of superchargers. HT Aero is collaborating with governments and partners nationwide to weave a “flying network,” so when users buy the car and know where to legally and safely fly, a closed business loop naturally forms.

Thus news of XPeng HT Aero's Hong Kong IPO might be just the tip of the iceberg. In the race for low-altitude economy, HT Aero has shown the traits of a sector leader—seeking first-mover advantage in capital markets to set a valuation anchor, building technical barriers with TC certification and tilt-rotor technology, and using automotive manufacturing systems for disruptive cost reduction.

However, for ordinary people, flying cars remain a novel and somewhat distant concept. How to convince the public of the absolute safety of “cars” flying overhead, and whether prices can eventually be lowered enough to trigger mass market adoption—these issues still need years of industry-wide effort and investment to gradually resolve.

Despite the ongoing challenges, with the helping hand of the capital market and successful delivery of the Land Aircraft Carrier this year, HT Aero could break through the scaling problem of aircraft manufacturing and become the defining leader of the “flying car” category.

Risk Reminder and DisclaimerThe market has risks, investment should be cautious. This article does not constitute personal investment advice and does not consider the particular investment objectives, financial situation, or needs of individual users. Users should consider whether any opinion, viewpoint or conclusion in this article fits their specific circumstances. Investing based on this is at one's own risk.```