The Chinese firm, Zhejiang Wanfeng Auto Wheel Co., put the price tag of the transaction at 10 million euros ($10.9 million), while Volocopter's assets were given a book value of around 42 million euros.
Founded in 2011, Volocopter filed for insolvency in December.
It had wanted to bring its two-seater flying electric taxi "Volocity" to market by 2025 but suffered a setback when it had to cancel test flights at last year's Paris Olympics.
The European Union's Aviation Safety Agency did not certify the aircraft's engine in time for the planned tests.
In a statement earlier this week, Zhejiang Wanfeng Auto Wheel said it would acquire the German company's assets and intellectual property rights, and assume contract rights and obligations under the name of Volocopter GmbH.
AFP has contacted Volocopter for comment.
The acquisition of Volcopter by a Chinese rival for a knock-down price will fuel debate about Germany's support for firms at the technological frontier.
Volocopter CEO Dirk Hoke told Capital magazine last year that "in a sector which is as technologically complex and capital-intensive as ours, we have to look to the state" for support.
In February, Lilium, another German firm making light electric aircraft, lapsed back into bankruptcy proceedings after a rescue deal with investors fell through.
Last year, Lilium tried and failed to secure emergency funding from the German government.
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