IPO News | Guoxing Aerospace ranked 7th among Chinese private commercial space companies engaged in satellite-related business through Hong Kong Stock Exchange hearing

The Zhitong Finance App learned that according to the Hong Kong Stock Exchange's disclosure on October 29, Chengdu Guoxing Aerospace Technology Co., Ltd. (abbreviation: Guoxing Aerospace) passed the Hong Kong Stock Exchange's main board listing hearing, and Guotai Junan International was the sole sponsor. According to the prospectus, according to Frost & Sullivan data, in terms of revenue for 2025, China Star Aerospace ranked 7th among Chinese private commercial space companies engaged in satellite-related business, with a market share of 2.1%.

According to the prospectus, Guoxing Aerospace is a commercial space enterprise in China. Its strategic focus is on satellites and related services as well as satellite-based solutions. With its core advantages in commercial space and artificial intelligence (“AI”), China Star Aerospace designs and develops commercial satellites to ensure stable operation and management, and provides customized satellite-based solutions to meet the diverse needs of customers.

According to Frost & Sullivan, as a pioneer AI satellite company, China Star Aerospace launched China's first AI application satellite in December 2018, and successfully developed and launched China's first large AI model intelligent computing satellite in September 2024. On May 14, 2025, China Star Aerospace successfully developed and launched the world's first AI intelligent satellite constellation composed of 12 AI intelligent computing satellites. This marks an important milestone in China Star Aerospace's efforts to develop a space intelligence constellation and establish an integrated AI space intelligence system. Since its establishment and until the last practical date, China Star Aerospace has independently developed 6 AI payloads, 4 AI application satellites, and 26 AI intelligent computing satellites. At the same time, it has successfully completed 15 space missions through launches arranged by China Star Aerospace or its business partners.

During the track record period, several application scenarios of Guoxing Aerospace's satellite-based solutions fell under the “Prohibited Categories” in the “Special Administrative Measures for Foreign Investment Access (Negative List) (2024 Edition)” (“Negative List”) issued by the National Development and Reform Commission and the Ministry of Commerce, namely (i) preparation of true three-dimensional maps; and (ii) geology-related services. According to Guoxing Aerospace's legal adviser in China, during the track record period, the company lawfully carried out business activities related to the preparation of true 3D maps and geology-related services.

On the financial side, in 2023, 2024, 2025 and the six months ended June 30, 2026, the company's revenue was approximately RMB 508 million, RMB 553 million, RMB 703 million and RMB 226 million respectively; losses for the period were approximately RMB 139 million, RMB 177 million, RMB 256 million and RMB 151 million, respectively.