Commercial space giant China Aerospace Science and Technology Corporation's IPO on the Science and Technology Innovation Board has been accepted, planning to raise 4.18 billion yuan.

On March 31st, China Aerospace Technology Corporation Limited (referred to as China Aerospace) submitted its application for an IPO on the Shanghai Stock Exchange Sci-Tech Innovation Board. Guotai Haitong is its sponsor institution, with plans to raise 4.18 billion yuan. The prospectus shows that China Aerospace was established in December 2018, mainly engaged in the research, production, and launch services of a series of medium to large commercial launch rockets, as well as exploring new space economic formats such as space manufacturing, space scientific experiments, and space tourism. China Aerospace has successfully achieved batch production and launch services for the Arrow-1 carrier rocket, focusing on creating a high-frequency, "flight-like" launch capability, significantly enhancing the rapid response and scale deployment level of commercial launch rockets. The company's Arrow-1A carrier rocket successfully launched with "26 satellites" broke the highest record at the time held by the Long March series of rockets for launching multiple satellites with a single rocket, and still holds the record for the most satellites launched by a single rocket by a private commercial rocket company in China. The company's medium to large liquid carrier rocket, Arrow-2, successfully launched the Lightweight Test Vehicle, New Journey-01 satellite, and Tianshi-01 satellite, fully verifying the carrying capacity of the Arrow-2 carrier and is about to enter batch production and launch phase. The company's Hong-1 carrier successfully flew with a prototype of the microgravity metal laser additive manufacturing principle and the payload cabin successfully landed and completed a recovery, marking the first time in China's commercial space industry that a payload was recovered by parachute from a sub-orbital altitude of 100 kilometers, signaling the transition from "concept verification" to "engineering verification" in space manufacturing, and exploring new space economic formats in China. During the reporting period, the company mainly provided commercial rocket launch services directly to customers. These services are usually carried out through methods such as whole rocket launches, combined rocket launches, and payload launches. To expand its market, the company actively contacts potential customers through industry exhibitions, technical exchange meetings, and high-level forums to promote integrated solutions for satellite and rocket. The company mainly obtains sales orders through open bidding, competitive negotiations, and other methods. According to Frost & Sullivan, China's private commercial launch rocket representative companies such as China Aerospace, Galactic Energy, Blue Arrow Aerospace, Galactic Glory, Dongfang Space, and Tianbing Technology have all achieved successful launches. By the end of 2025, China Aerospace had launched a cumulative payload weight exceeding 11 tons, ranking first among Chinese private commercial launch rocket companies, with major order types covering commercial orders, orders from research institutions, national mission orders, and overseas orders. With the core product advantages of "high payload, low cost, high frequency, high reliability", China Aerospace has become a leading enterprise in China's commercial rocket industry. In 2024 and 2025, the company's market share in the domestic private commercial rocket market by launch payload weight was approximately 50% and 63%, respectively, with the launch payload weight and revenue scale ranking first in the private commercial launch rocket industry. As of the date of the prospectus signing, the Arrow-1 carrier rocket has successfully launched 10 times, sending 84 satellites and over 11 tons of payloads into designated orbits, making it one of the most mature commercial operational launch rocket products in China. The net proceeds from this issuance, after deducting issuance expenses, are planned to be invested in the following projects: In terms of finances, in the fiscal years 2022, 2023, 2024, and January to September 2025, the company achieved operating revenues of approximately 5.9529 million yuan, 77.721 million yuan, 244 million yuan, and 84.2239 million yuan, respectively; during the same period, the company recorded net losses of approximately 1.761 billion yuan, 512 million yuan, 861 million yuan, and 749 million yuan, respectively.