According to a disclosure by the Hong Kong Stock Exchange on October 29, Chengdu Guoxing Aerospace Technology Co., Ltd. (referred to as Guoxing Aerospace) has passed the listing hearing for the Main Board of the Hong Kong Stock Exchange, with Guotai Junan International serving as the sole sponsor.
According to the prospectus, based on Frost & Sullivan data, measured by 2025 revenue, Guoxing Aerospace ranks seventh among Chinese private commercial space enterprises engaged in satellite-related business, with a market share of 2.1%.
According to the prospectus, Guoxing Aerospace is a Chinese commercial space industry enterprise with a strategic focus on satellites and related services as well as satellite-based solutions. Leveraging its core strengths in commercial space and artificial intelligence ("AI"), Guoxing Aerospace designs and develops commercial satellites, ensures stable operations and management, and provides customized satellite-based solutions to meet the diverse needs of customers.
According to Frost & Sullivan data, as a pioneer in AI satellites, Guoxing Aerospace launched China's first AI application satellite in December 2018, and successfully developed and launched China's first AI large-model intelligent computing satellite in September 2024. On May 14, 2025, Guoxing Aerospace successfully developed and launched the world's first AI intelligent computing satellite constellation consisting of 12 AI intelligent computing satellites, marking an important milestone in Guoxing Aerospace's efforts to develop a space intelligent computing constellation and establish an integrated AI space intelligent computing system.
Since its establishment and up to the latest practicable date, Guoxing Aerospace has independently developed 6 AI payloads, 4 AI application satellites, and 26 AI intelligent computing satellites, while successfully completing 15 space missions through launches coordinated by Guoxing Aerospace or arranged with its business partners.
During the track record period, certain application scenarios of Guoxing Aerospace's satellite-based solutions fell under the "prohibited categories" of 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) true three-dimensional map compilation; and (ii) geology-related services. According to Guoxing Aerospace's Chinese legal counsel, during the track record period, the company legally conducted business activities related to true three-dimensional map compilation and geology-related services.
In terms of financials, for 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.
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