{"text":[[{"start":7.65,"text":"When it comes to electric vertical take-off and landing (eVTOL) vehicles, Shanghai Volant Aerotech Co. Ltd. certainly looks like a company that’s quite well fueled up in terms of industry prowess, investor backing and its path to a Hong Kong IPO. The company has just completed its C+ series funding, raising a fresh sum of nearly 1 billion yuan ($148 million), just a month after raising $300 million in its series C round, according to media reports."}],[{"start":40.25,"text":"Despite its short history, only founded in 2021, Volant also has a big list of backers, both private and government-linked, which we’ll review shortly. Its founding team reads like a who’s-who of people from the Chinese and foreign aviation sectors. And last but perhaps most important, it appears to have a product that is rapidly moving towards flight certification, as well as a strong order book from companies that have expressed interest in its products."}],[{"start":67.95,"text":"All this seems to point to an IPO in the not-to-distant future, and Chinese media have reported Volant has set its sights set on Hong Kong, citing insider sources. Such a listing looks likely to value Volant at more than $1 billion, given that it has raised 5 billion yuan to date, equal to about $740 million."}],[{"start":87.25,"text":"All that said, we’ll take a closer look at this high-flying company’s credentials, which really do look quite impressive. Volant is zooming into an increasingly crowded global eVTOL market, though also one that’s expected to grow rapidly as such small vehicles become increasingly common for the types of short flights well suited for air taxis, delivery vehicles and at scenic spots."}],[{"start":109.75,"text":"Many countries are putting strong emphasis on their low-altitude economy for such functions, which means Volant and its peers will get strong policy support, especially in China where the sector has been singled out as a development priority. The sector is expected to grow between 30% and 50% annually through 2030, according to different forecasts, reaching anywhere from $5 billion to as much as $15 billion by the end of that period."}],[{"start":138.85,"text":"Volant’s flagship product, the VE25-100, looks quite typical of the types of eVTOLs being developed. The aircraft can seat up to six, and carry commercial payloads weighing up to 500 kilograms. It runs using eight electric motors, and has a range of 200 kilometers to 400 kilometers, according to the company website."}],[{"start":160.04999999999998,"text":"According to the latest reports, investors in the company’s C and C+ series fundings included names like Legend Capital and HSG, formerly known as Sequoia China, as well as Dubai-based Stone Venture. Equally important, the company also has very strong government backing from investors including SAIC, Shanghai’s leading government-owned carmaker; and Futeng Capital, which also has strong ties to the Shanghai government."}],[{"start":188.24999999999997,"text":"Such government backing is often critical to any company’s success in China, ensuring everything from access to funding, to other resources like permits and land. In this case, the government connections are especially important as Volant seeks the critical flight certificates it will need for companies to commercially operate its eVTOLs in China. To date, one of the few to receive a certificate is EHang (EH.US), one of the industry’s oldest players whose Nasdaq listing dates back to 2020."}],[{"start":220.04999999999998,"text":"Destination Hong Kong"}],[{"start":222.24999999999997,"text":"While EHang has found a place on the Nasdaq, the environment on Wall Street has become increasingly uneasy these days for Chinese companies in leading-edge tech industries like eVTOLs. EHang’s stock has gyrated in sync with the rising and falling sentiment over its own fortunes, as well as the changing sentiment on Wall Street. The company is currently worth just $770 million, though it was briefly worth five times that amount at a peak back in 2021, and was also worth nearly double that amount as recently as early 2025."}],[{"start":257.29999999999995,"text":"The increasingly difficult environment on Wall Street is probably a major factor steering Volant to Hong Kong, which still provides access to global investors, unlike China’s domestic A-share markets in Shanghai and Shenzhen that are largely closed to foreigners. That’s an important distinction for companies like Volant, which are developing their business in China, but clearly have a longer-term eye to the global market and want to build global investor bases."}],[{"start":283.99999999999994,"text":"Volant doesn’t publicly disclose any financial information, and its revenue is probably quite limited so far due to its youth and lack of aircraft certification. The company’s type-certificate application for the VE25-100 has been accepted by the East China Regional Administration of the CAAC, and the application remains under review, according to media reports."}],[{"start":305.74999999999994,"text":"According to its website, the company has received confirmed orders and letters of intent for 1,900 of its aircraft from potential customers including China Southern Airlines, Asian Express and ABC Finance Leasing. It says the potential orders are worth more than 47.5 billion yuan, though the vast majority of that is probably just letters of intent without any firm commitment."}],[{"start":330.04999999999995,"text":"Then there’s the company’s list of top executives, which really does look quite impressive, including people with experience in both the private and government sectors. The latter is quite important, as it means Volant will have good access to the aviation regulators whose approvals will be critical to its success or failure."}],[{"start":348.74999999999994,"text":"Founder and CEO Dong Ming previously worked at leading aircraft engine maker GE, as well as domestic aircraft maker Avic, where he worked on the C919, which is trying to challenge the Boeing 737 and Airbus A320 in the global marketplace. The company’s technical leader Yu Wei, who also uses the name William, has background as the technical manager of aviation systems at CAAC, China’s aviation regulator, as well as at Honeywell, according to his LinkedIn profile."}],[{"start":380.99999999999994,"text":"The company is flying into an increasingly crowded eVTOL sector, not only at home but also globally. At home, it faces competition not only from EHang but also from XPeng AeroHT, owned by electric carmaker XPeng; and Aerofugia, which is backed by automaker Geely. Globally it faces competition from the likes of Joby Aviation (JOBY.US) and Beta Technologies (BETA.US), both of which, like EHang, have already started generating revenue."}],[{"start":410.29999999999995,"text":"While Volant is clearly a relative latecomer to the eVTOL game, its strong connections in China’s aerospace industry and government contacts certainly look like strong selling points for its future development. Accordingly, the company could be quite attractive to Hong Kong investors, who are especially interested these days in tech offerings from emerging industries with strong government support."}],[{"start":438.44999999999993,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1780374536_8500.mp3"}