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Aeronautics Inc.’s First Flying Car Made Its Debut Test Flight in Asia Unlocking the Infinite Potential of the Low-Altitude Economy

(Hong Kong, April 15, 2025) Hosted by the Shenzhen Low Altitude Economy Industry Association, Green Future Innovation Alliance, Hong Kong PropTech Association, the Urban Land Institute, and co-hosted by the Chinney Group, the half day forum “How Flying Cars Will Reshape the Future of Cities” was held at Shenzhen Futian Hon Kwok Center earlier last month, successfully demonstrated the infinite possibilities of the low-altitude economy.

Honourable guests including Mr. Yu Feng, Deputy Head of Futian District People’s Government of Shenzhen, Mr. Frank Liu, Secretary of CPC Branch, Director of the Fund Committee, Shenzhen Low Altitude Economy Industry Association, Mr. James Wong, Chairman of the Chinney Group, Mr. Jim Dukhovny, CEO and Founder of Alef Aeronautics Inc, and Mr. Guobin Shen, Chief Engineer, Low-Altitude Economy Research institute, The Hong Kong University of Science and Technology (Guangzhou), together discussed how flying cars could change the way we travel in the future from multiple perspectives.

At the 74th floor of Hon Kwok Centre, Alef Aeronautics Inc. successfully conducted a demo flight of their model flying car, demonstrated key operations including vertical take-off, forward flight, hovering, vertical backward flight, rotation and vertical landing. This was also the first time that Alef Aeronautics Inc’s flying car had been unveiled and flown in China.

Alef Aeronautics Inc. had achieved a Special Airworthiness Certification from the Federal Aviation Administration (FAA) in 2023 and successfully completed the world’s first urban public road test flight in the United States at the beginning of the year, with more than 3,000 pre-sales order received. Jim Dukhovny, co-founder and CEO of Alef Aeronautics Inc., detailed the driving and flying principles of the flying car at the event, highlighted its differences from other eVTOLs. He also shared his vision for future urban air mobility (UAM), ‘Flying cars not only save travel time and boost efficiency but also enable low-carbon mobility with their energy-efficient design, making them the most environmentally friendly vehicles in history.’

As one of the founding investors in Alef Aeronautics Inc, Chinney Group is also highly optimistic about the growth prospects of the low-altitude economy. At the forum, Mr. James Wong, Chairman of Chinney Group, mentioned that low-altitude economic navigation is an inevitable trend for the future. Office buildings will no longer rely solely on WiFi and 5G infrastructure but may also require dedicated navigation systems for low-altitude airspace networks and additional landing points – paving the way for an integrated smart mobility ecosystem for the industry.

Chinney Group previously announced its official partnership with Alef Aeronautics Inc., to be its Greater China strategic partner and the Group will be leading the current round of US$20 million Asia tranche of Series A funding. This collaboration aims to trailblaze the world’s first electric drivable car that can perform vertical take-off and forward flight to consumers.

Alef Aeronautics Inc.首款飛行車首度在亞洲試飛 展現低空經濟無限可能

（2025年4月15日，香港） 由深圳市低空經濟產業協會、Green Future Innovation Alliance、香港房地產科技協會（HKPTA），聯同城市土地學會（ULI） 主辦，建業集團合辦，上月底假深圳福田區漢國中心舉行的「飛行汽車如何重塑城市未來研討會」已完滿舉行，充分展示低空經濟的無限可能。

活動獲多位嘉賓出席支持，包括深圳市福田區人民政府副區長余楓先生、深圳市低空經濟產業協會黨支部書記劉永佳先生、建業集團主席王承偉先生、Alef Aeronautics Inc.聯合創辦人及首席執行官Jim Dukhovny、以及香港科技大學（廣州）低空經濟研究院主任工程師沈國斌先生，他們從多個角度探討飛行汽車如何改變未來出行的方式。

在漢國中心74層會場上，飛行車公司Alef Aeronautics Inc.成功進行了他們研發的飛行車模型試飛，順利完成了垂直升空、飛行前進、懸停、垂直後飛、旋轉及降落等關鍵操作，表現卓越。這亦是Alef Aeronautics Inc. 的飛行汽車首次在中國亮相及飛行。

在2023年已獲得美國聯邦航空管理局（FAA） 特殊適航認證的Alef Aeronautics Inc. Model A飛行車剛於年初在美國完成全球首次城市公共道路試飛，目前預售已破3,000個訂單。Alef Aeronautics Inc. 聯合創辦人及首席執行官Jim Dukhovny在活動上詳細展示該飛行車的駕駛及飛行原理，以及與其他電動垂直起降飛行器（eVTOL）的分別，更分享他對城市空中交通（UAM）發展的願景：「飛行汽車不僅能更節約出行時間，提升效率，更能憑藉低能耗實現低碳出行，是史上最環保的汽車。」

作為Alef Aeronautics Inc. 的早期投資者之一，建業集團也對低空飛行經濟的發展前景十分樂觀，在圓桌論壇上，建業集團主席王承偉先生提到，未來低空經濟導航是必然趨勢，辦公大樓將不僅依賴於WiFi及5G等基礎設施，或要加裝適用於低空飛行網路的導航系統、增設停泊點等，打造立體化智慧出行的行業新生態。

建業集團早前宣佈與Alef Aeronautics Inc. 正式達成合作，成為其大中華區戰略合作夥伴，並為其主導2000萬美元的亞洲區A輪融資。是次合作旨在引領全球首款可垂直起降並進行前向飛行的電動汽車進入消費市場。

PDF (Eng) and PDF (CN)

Pioneering Smart Mobility Solutions for the Future

(Hong Kong, March 20, 2025) The low-altitude economy is a formidable trend and has the potential to be the force multiplier for both Hong Kong and Mainland economies. Within the low-altitude economy, there are broad applications and one of the most exciting parts is in the area of flying vehicles. From this backdrop, the Chinney Group is thrilled to announce its official partnership with Alef Aeronautics Inc, a U.S.-based startup, to be its Greater China strategic partner. This collaboration aims to trail blaze the world’s first electric drivable car that can perform vertical takeoff and forward flight to consumers.

With a legacy spanning over 50 years in Hong Kong and with the theme of “Building for The Future”, the Chinney Group is at the forefront of integrating advanced technologies into the construction industry, focusing on automation, digitization, artificial intelligence, and sustainable practices. Five years ago, the Group began its journey in the Greater Bay Area, expanding into the drone and low-altitude flying vehicle businesses. The partnership with Alef Aeronautics Inc is the next step towards embracing the LAE, which the Group views a potential market valued in trillions of dollars by 2040. An electric flying car has the potential to solve environmental challenges by reducing the amount of carbon dioxide emitted; providing greater mobility; creating access to jobs by expanding touch points; and improving general quality of life.

As one of the founding investors in Alef Aeronautics Inc, the Chinney Group shares their objectives in providing safe, legal, and quiet airborne transportation through its innovative flying cars. In 2023, Alef Aeronautics Inc achieved a Special Airworthiness Certification from the Federal Aviation Administration (FAA), positioning itself as a leader ready to operate legally on streets in the near future. To deepen its collaboration with Alef Aeronautics Inc, Chinney Group will be leading the current round of US$20 million Asia tranche of Series A funding. In this round of fund raising, the key milestones are to reach a transition flight of a full-size model and achieving a vertical takeoff with a human being within.

Mr. James Wong, Chairman of Chinney Group, remarked, “Our mission extends beyond constructing physical spaces. We are actively pursuing my vision of sustainable development that bridges the ground and the skies. Alef Aeronautics Inc exemplifies my group’s vision of the low-altitude economy.” Chinney Group remains committed to investing in promising startups and harnessing innovative technologies to drive transformation, ensuring a brighter and more prosperous future for all.

開創未來智慧出行新篇章

（2025年3月20日，香港）低空經濟的發展趨勢近年迅速崛起，並有望成為香港與內地經濟的強力助推器。在低空經濟領域中，應用場景廣泛，其中最令人關注的莫過於飛行汽車的發展。在此背景下，建業集團欣然宣佈與美國初創企業Alef Aeronautics Inc正式達成合作，成為其大中華區戰略合作夥伴。此次合作旨在引領全球首款可垂直起降並進行前向飛行的電動汽車進入消費市場。
以香港為基地，建業集團成立至今50年，一直致力「築 · 見未來」，將先進科技融入建築業務及地產發展項目，包括自動化、數碼化、人工智能及可持續綠色科技發展的實踐。早在五年前，集團已開始在大灣區佈局，涉足無人機及低空飛行汽車業務。此次與Alef Aeronautics Inc的合作更體現集團對低空經濟的發展充滿信心，我們相信這個市場的未來潛力無限，至 2040年市場規模或高達數萬億美元。與此同時，電動飛行汽車有助減少碳排放，可減輕對環境負擔，同時為大眾帶來更方便出行，通過擴展交通觸點以提升就業機會，並改善整體生活質素。

作為Alef Aeronautics Inc的早期投資者之一，建業集團高度認可其通過創新飛行汽車提供安全、合法且安靜的空中交通的目標。在2023年，Alef Aeronautics Inc已獲得美國聯邦航空管理局（FAA）的特殊適航認證，成為未來可在街道上合法運營的領先企業。為深化與其合作，建業集團將主導本輪2000萬美元的亞洲區A輪融資。本輪融資的關鍵里程碑包括實現全尺寸模型的過渡飛行以及完成載人垂直起降測試。

建業集團主席王承偉先生表示：「我們的使命不僅僅是建造實體空間，還要拓展新的願景，創造從地面延伸至天空的可持續發展業務。Alef Aeronautics Inc完美體現了我們對低空經濟的願景。」

建業集團將繼續致力於投資有潛力的初創企業，並利用創新技術推動轉型，為所有人創造更美好、更繁榮的未來。

PDF (Eng) and PDF (CN)

PDF (Eng) and PDF (CN)

PDF (Eng) and PDF (CN)

It is with profound sorrow that we announce the passing of Dr. James Wong Sai-Wing, Founding Chairman of the Chinney Group, on February 16, 2025. He passed peacefully surrounded by his family, at the age of 86.

Dr. Wong was born in Shanghai and raised in Hong Kong. He studied at the Pui Ching Middle School where he placed first in the Hong Kong Chinese School Certificate Examination in 1957. After a short time at the Hong Kong Baptist College, he left Hong Kong to pursue further studies at Baylor University in the United States. He earned a BSc in Physics and Mathematics from Baylor University and was presented with the University’s Distinguished Achievement Award in 2012. He went on to earn a PhD in Mathematics from the California Institute of Technology, where he was among the first Hong Kong PhD graduates. He was also awarded that University’s highest honor of Distinguished Alumni Award in 2014.

Upon the passing of his father and on the encouragement of his father-in-law Mr. Cha Chi Ming, Dr. Wong gave up his academic tenure to return to Hong Kong in 1974 to manage the family businesses.

He took on the dual role of Managing Director of the Cha family’s China Dyeing Works Limited plus the Chairman of the Chinney Construction Group. Dr. Wong led the Cha Textiles Group for two decades, including taking several companies public, before resigning to run the Chinney Group full-time at the end of the 1980’s.  The Chinney Group initially focused on real estate, building construction, and building maintenance. In 1980s, the group expanded into the garment industry, with factories in China, the Philippines, and Indonesia. In 1985, it acquired Hon Kwok Land Investment Company, Limited to grow the property investment business. At the same time, the group further extended its operations into foundation works, piling, drilling, electrical and mechanical building services, implementing a comprehensive strategy of ‘one-stop’ vertically integrated construction services. In the 1990s, the group expanded into the mainland real estate market, actively positioning itself in first-tier cities. By the millennium, it officially developed its hotel and serviced apartment businesses.

With outstanding management skills and a forward-looking vision, Dr. Wong has led the group to greater heights. The Chinney Group has four companies listed on the Main Board of The Stock Exchange of Hong Kong Limited: Chinney Investments, Limited (0216.HK), Hon Kwok Land Investment Company, Limited (0160.HK), Chinney Alliance Group Limited (0385.HK) and Chinney Kin Wing Holdings Limited (1556.HK). The Group employs over 2,300 staff members across Mainland China, Hong Kong, Japan, and Macau. With a strong footing in Hong Kong for over half a century, Dr Wong expanded the Chinney Group’s investment portfolio to manage assets over HKD 26 billion.

In addition to his business acumen, Dr. Wong has also achieved remarkable success in academia, publishing over 100 papers and editing several mathematical journals. As early as 1980, he was appointed as an Honorary Research Associate in the Department of Mathematics of the University of Hong Kong and had served as an Honorary Professor since 2004, actively promoting academic research and exchange. He has also served the University as a Member of Council and the Committee Review Committee and has been a Member of the Finance Committee. For his contributions, he was awarded the Honorary University Fellow in 2013.

Dr. Wong’s research specialized in differential equations, qualitative and oscillatory theory, and functional analysis. His research and contributions to the academic community have far-reaching impacts on the mathematical community. He was appointed the Honorary Editor of the Journal of Mathematical Analysis and Applications in 2012. And he served as a Trustee of the Fields Foundation in Canada.

Dr. Wong personified the business philosophy of “Truth, Fairness, and Freedom.” These core values not only reflected his personal beliefs but also serve as the cornerstone of the Chinney Group culture.

Dr. Wong actively participated in various public services, dedicated to promoting and enhancing the development and progress of Hong Kong. He has served as a Member of the Labour Advisory Board, the Textile Advisory Board where he represented Hong Kong in the WTO’s Multifiber Arrangement, the Council for Academic Accreditation, and the Research Grants Council, as well as being a Council Member of the Hong Kong Baptist University, and the former Open University of Hong Kong (now known as Hong Kong Metropolitan University). In 1987, Dr. Wong was appointed a Justice of the Peace for his exceptional performance in public service, highlighting his profound impact and selfless dedication to Hong Kong.

The Chinney Group will continue to honor Dr. Wong’s legacy: striving for excellence; be pragmatic and progressive: and forging ahead to make greater contributions to our society. We extend our deepest condolences to Dr. Wong’s family during this difficult time.

The Chinney Group
Chinney Investments, Limited
Hon Kwok Land Investment Company, Limited
Chinney Alliance Group Limited
Chinney Kin Wing Holdings Limited

In Mourning

建業集團沉痛宣告，集團創辦人王世榮博士於2025年 2 月 16 日在家人的陪伴下安然辭世，享壽 86 歲。

王世榮博士於上海出生，在香港成長，曾於培正中學就讀，並在1957年考獲香港中文中學會考第一名。他於香港浸會學院就讀過一段短時間，隨後赴美國深造，在美國貝勒大學完成物理及數學理學士學位，並在2012年榮獲貝勒大學頒發最高榮譽傑出成就獎。其後他在加州理工學院深造，完成哲學博士（數學）學位，成為該校首批來自香港的博士畢業生。在2014年，王博士也榮獲加州理工學院最高榮譽傑出校友獎。

在先父過世後，王博士於岳父查濟民先生的鼓勵下放棄了在美國的學術教學，於1974年起管理家族生意。

回港後，王博士肩負起查氏家族的中國染廠有限公司董事總經理，同時也擔任建業集團主席。王博士管理了查氏紡織集團將近二十年，包括將幾家旗下的公司上市。到了八十年代末，王博士才辭去查氏紡織集團的職位，專心打理建業集團的業務。建業集團最初主要從事房地產、建築維修業務；至八十年代，業務擴展至製衣業務，遍佈中國內地，菲律賓和印尼；1985 年收購漢國置業有限公司，投資物業，與此同時，建業集團並進一步拓展至地基、打樁、鑽探、機電工程等領域，落實建築服務「一條龍」策略。九十年代，集團放眼內地房地產市場，積極佈局國內一線城市；與千禧年代，酒店及服務式公寓業務正式起動。

王博士憑藉卓越的管理能力和前瞻眼光，帶領集團業務更上一層樓。目前建業集團旗下有四間公司現於香港聯合交易所有限公司主板上市，分別為建業實業有限公司（股份代號216）、漢國置業有限公司（ 股份代號160）、建聯集團有限公司（股份代號385），以及建業建榮控股有限公司（股份代號1556），在中國內地、香港、澳門及日本多地共有約2,300 餘名員工，投資和管理資產高達港幣260多億元。

除了經營生意有道，王世榮博士在學術界亦成就斐然，出版了超過100份學術文章和參與了各大重要數學學術雜誌的交流。早於1980年，王博士已獲香港大學數學系委任為名譽附屬研究員，及至2004年，擔任港大數學系名譽教授，持續推動學術研究與交流。他曾出任港大校務委員會,委員會審查委員會的委員，以及財務委員會委員。在2013年，王博士獲頒發香港大學名譽大學院士。

王博士的研究專精於多個數學領域，包括微分方程、定性與振盪原理及功能分析等，有關研究對數學界深遠影響。在 2012 年，他更獲邀擔任《數學分析與應用期刊》的榮譽編輯。王博士也擔任加拿大菲爾茲基金會的受託人。

王博士始終堅持著「真理、公平、自由」的經營哲學，這些核心價值不僅是他個人的信念，更是建業集團文化的基石。

王博士積極參與多項公職，致力於推動香港社會的發展與進步。他曾出任多個委員會成員，包括香港勞工諮詢委員會、香港紡織諮詢委員會（曾經代表香港參加世界貿易組織關於多種纖維協定）、香港學術評審會、研究資助局，以及香港浸會大學校董會，和香港公開大學（香港都會大學前身）校董會成員1987年，王博士因其在公共服務領域的傑出表現而獲委任為太平紳士，彰顯王博士對香港社會的深遠影響與無私奉獻。

建業集團將繼續秉承王博士的精神，精益求精、務實求進，砥礪前行，為社會做出更多的貢獻。在此，我們深切哀悼王博士的離世，並向他的家人表達最誠摯慰問。

建業集團
建業實業有限公司
漢國置業有限公司
建聯集團有限公司
建業建榮控股有限公司

敬輓