Leading commercial aerospace companies accelerate their listing process

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Our reporter Li Wanchengxi

On March 31, the Shanghai Stock Exchange official website announced that China Aerospace Science and Technology Corporation’s Sci-Tech Innovation Board IPO application has been officially accepted. The company plans to raise 4.18 billion yuan in this IPO, marking a significant event in the recent commercial aerospace sector.

Zhang Xiaorong, Director of the Deep Technology Research Institute, told Securities Daily that commercial aerospace is currently at a critical point where policies, technology, and market benefits are overlapping. The capital influx and companies rushing to IPO are not short-term trends but important signs that the industry is moving from technology validation to large-scale commercial use, indicating that China’s commercial aerospace has officially entered a new stage of industrialization and capitalization acceleration.

Initial Formation of Industry Ecosystem

“From launch vehicles and satellite development to space applications and core supporting materials, a collaborative and linked commercial aerospace industry ecosystem has begun to take shape,” said Wu Zewei, a special researcher at the Su Commercial Bank, in an interview with Securities Daily. “As leading companies in the industry chain accelerate their IPO processes, industry growth expectations become clearer, which will continue to boost the primary and secondary markets; meanwhile, capital inflows can support technological iteration and capacity expansion, forming a virtuous cycle of ‘policy empowerment—capital aggregation—industry upgrading.’”

The 2026 Government Work Report explicitly listed “aerospace” as a new pillar industry. In November 2025, the China National Space Administration officially established the Commercial Aerospace Department and issued the “Action Plan for Promoting High-Quality and Safe Development of Commercial Aerospace (2025–2027),” providing a clear path for high-quality, standardized industry development.

At the local level, proactive responses include Beijing, Shanghai, Xi’an, Hainan, and other regions planning commercial aerospace industrial parks, supporting special industry funds, R&D subsidies, and tax incentives, creating cluster development effects, and effectively increasing long-term capital allocation to the commercial aerospace field.

According to data from the China National Space Administration, in 2025, China’s commercial aerospace sector completed 50 launches, accounting for 54% of the country’s total annual space launches. Among these, 25 were commercial launch vehicle launches. A total of 311 commercial satellites were launched, accounting for 84% of China’s total satellites launched that year. In terms of financing, data from the Zhongguancun Leading Innovation Commercial Aerospace Industry Alliance shows that China’s commercial aerospace financing totaled approximately 18.6 billion yuan in 2025, a 32% increase year-over-year.

Technological breakthroughs are the core confidence behind the rise of the commercial aerospace industry. Since 2025, Chinese private aerospace companies have successively conducted technological validations in fields such as rocket engines, reusable technology, and mass production of satellites, achieving key breakthroughs in some areas. For example, in April last year, the 140-ton reusable liquid oxygen-methane engine developed by the Sixth Research Institute of China Aerospace Science and Technology Corporation completed its first full-system test, marking a breakthrough in the development of China’s hundred-ton class liquid oxygen-methane engines. In January this year, the Li Hong-1 remote sensing spacecraft successfully completed its first flight, including re-entry and deceleration validation of the return payload, as well as precise landing point control technology for the spacecraft’s suborbital stages.

Zheng Lei, Chief Economist at Samoyed Cloud Technology Group, told Securities Daily that commercial aerospace is transitioning from the technology validation stage to a new industrial phase characterized by order fulfillment, mass launches, and controllable costs, which is also the core driver of accelerated capital aggregation.

“From communication navigation to remote sensing, from smart city construction to national defense security, from agricultural yield estimation to disaster monitoring, the application scenarios of commercial aerospace are continuously expanding, and market space is gradually being unlocked. Downstream demand has shown rigid growth,” said Guo Tao, Deputy Director of the China E-Commerce Expert Service Center, in an interview with Securities Daily.

According to data from CCID Think Tank, in 2025, China’s commercial aerospace market size reached 2.83 trillion yuan, a 21.7% increase year-over-year; it is expected to reach 3.5 trillion yuan in 2026, with growth continuing to exceed 20%.

Industry Companies Accelerate IPOs

“Driven by policy support and the demand for industrial scale expansion, the IPO process for commercial aerospace companies has significantly accelerated, with companies involved in launch vehicles, satellite development, and core supporting industries advancing in stages,” said Gao Chengyuan, Chairman and CEO of Diaoyuan Marketing Consulting, in an interview with Securities Daily.

In June 2025, the China Securities Regulatory Commission issued the “Opinions on Setting Up the Sci-Tech Innovation Board’s Growth Layer to Enhance Systemic Inclusiveness and Adaptability,” supporting more frontier technology companies in fields like artificial intelligence, commercial aerospace, and low-altitude economy to qualify under the fifth set of listing standards for the Sci-Tech Innovation Board. On December 26 of the same year, the Shanghai Stock Exchange issued the “Guidelines for the Application of the Shanghai Stock Exchange’s Listing Review Rules No. 9—Support for Commercial Rocket Companies under the Fifth Set of Listing Standards,” supporting high-quality commercial rocket companies that have not yet achieved certain revenue scales to list on the Sci-Tech Innovation Board.

Under this context, publicly available information shows that leading private rocket companies such as Beijing Xinghe Power Aerospace Technology Co., Ltd. and Interstellar Glory Aerospace Technology Group Co., Ltd. have completed IPO counseling filings and are steadily advancing their IPO preparations.

Satellite internet companies are also speeding up their IPO plans. On March 30, Galaxy Aerospace (Beijing) Technology Group Co., Ltd. completed IPO counseling filing with the Beijing Regulatory Bureau of the China Securities Regulatory Commission.

Additionally, core supporting aerospace companies are also accelerating their listing processes. As a national-level specialized and innovative “Little Giant” enterprise in the field of commercial aerospace thermal protection materials, Hubei Hangju Technology Co., Ltd. has entered the IPO counseling stage.

Qiu Sisheng, Chief Economist at Shenzhen Wanzhong Consulting Management Co., Ltd., told Securities Daily that commercial aerospace is a typical heavy-asset, long-cycle industry, requiring continuous large-scale investments in rocket development and satellite networking. Therefore, entering the capital market is a key choice for companies to break through funding bottlenecks and seize industry high ground. In the future, the industry will accelerate differentiation, with companies possessing core recyclable technologies, mature cost control, and commercial implementation capabilities continuing to outperform in the market.