秘密递表、大小摩联席，小鹏汇天或成“国内载人飞行器公司第二股”

Group 1 - Xpeng's flying car division, Xpeng Huitian, has hired banks to assist in its IPO in Hong Kong, with Morgan Stanley and JPMorgan selected as underwriters, and the IPO could be completed within the year [1] - If successful, Xpeng Huitian will become the second manned flying vehicle company to go public in China since EHang in 2019 [1] - Xpeng Huitian has completed four rounds of financing totaling nearly $900 million, making it a leading player in the low-altitude travel sector in China [2] Group 2 - The company was valued at approximately 10 billion RMB after a Series A funding round in 2022, which was the largest single financing in Asia's low-altitude manned flying vehicle sector at the time [2] - Xpeng Huitian's valuation reached about 11 billion RMB in 2024, as it aims to separate its valuation framework from its parent company, Xpeng Motors, to align more with aerospace technology firms [3] - The company has received 7,000 pre-orders for its flagship product, the "Land Carrier," which is expected to be delivered globally in the second half of 2026 [4][5] Group 3 - The "Land Carrier" features a unique split design, requires only a C license for ground driving, and has a range exceeding 1,000 kilometers, with the ability to charge while stationary [5] - The production facility in Guangzhou has an initial capacity of 5,000 units per year, scalable to 10,000 units, marking it as the world's first mass production line for flying cars [5] - The low-altitude economy is recognized as a trillion-dollar industry, with China actively supporting its development through various policies and initiatives [6] Group 4 - Xpeng Huitian's approach targets individual users, contrasting with EHang's focus on enterprise-level markets, which presents higher legal and technical barriers [7] - The company must demonstrate not only the technological advancement of its flying cars but also its ability to deliver on a sustainable business model that meets regulatory requirements [8]