The Long March 12B carrier rocket successfully completed its maiden flight on June 1st, marking the formal entry into service of China's most powerful single-core rocket to date.
Launched from the Dongfeng Commercial Space Innovation Test Zone, the rocket successfully deployed the tenth batch of satellites for the Qianfan constellation into their intended orbit.
Developed by China Aerospace Science and Technology Corporation Commercial Rocket Co., Ltd., the Long March 12B is a new-generation, reusable, single-core, four-meter-class rocket designed for commercial launch demands such as large-scale internet constellation deployment.
With a low Earth orbit payload capacity of approximately 20 tons, the rocket's successful deployment provides new launch capacity support for subsequent high-frequency launches and massive constellation networking.
The domestic commercial space sector is now entering a critical window for scaled development.
International Telecommunication Union data shows China has applied for frequency and orbit resources for over 200,000 low Earth orbit satellites, creating a rigid demand for low-cost, high-capacity, and high-frequency launch services.
Market research indicates China's commercial space market size reached 2.83 trillion yuan in 2025 and is projected to exceed 3.5 trillion yuan in 2026.
Numerous domestic companies are active across the industry chain, including rocket manufacturing, satellite development, and application services.
Leading domestic companies in the reusable rocket segment are intensifying efforts towards initial public offerings.
Globally, SpaceX has formally submitted its IPO registration statement to the U.S. Securities and Exchange Commission, with a potential valuation estimated between $1.75 trillion and $2 trillion.
Analysts believe that with a complete rocket and satellite industry chain and clear collaboration pathways, China's commercial space sector is poised for rapid growth as reusable rocket technology matures and launch costs decrease, benefiting companies across the value chain.
**GOLDWIND (HKEX: 02208)**
GOLDWIND holds an 8.3% stake in LandSpace, a leading domestic private commercial rocket company whose IPO application for the Science and Technology Innovation Board has been accepted.
**SHANGHAI FUDAN (HKEX: 01385)**
SHANGHAI FUDAN is a leading domestic supplier of FPGA products, which are standard components in space satellites, with applications in 5G communications, artificial intelligence, and data centers.
**CIMC ENRIC (HKEX: 03899)**
CIMC ENRIC's commercial space business focuses on core cryogenic and high-pressure storage, transportation, and refueling equipment, providing propellant handling and gas supply systems for rocket launches.
**APT SATELLITE (HKEX: 01045)**
APT SATELLITE, a subsidiary of China Satcom, currently operates multiple satellites including APT 5C, 6C, 7, and 9, and co-operates APT 6D and 6E satellites through a joint venture.
**DRINDA (HKEX: 02865)**
DRINDA is actively developing its space+photovoltaics business, advancing R&D for CPI film and perovskite-silicon tandem products and acquiring a stake in a satellite technology company, with a robust order book covering remote sensing, communications, and computing satellites.
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