Tianyi Space Technology Co., Ltd., referred to as the "PDD of the aerospace sector" for its low-cost satellite development, has completed its IPO counseling filing with the Hunan Securities Regulatory Bureau, according to disclosures on the China Securities Regulatory Commission website. The counseling institution is Guotai Haitong Securities Co., Ltd. The company is a leading Chinese SAR (Synthetic Aperture Radar) satellite constellation operator dedicated to providing cost-effective SAR constellation construction and integrated SAR satellite data services.
The IPO counseling plan is scheduled for completion between May and June 2026. The counseling filing report indicates that on January 27, 2026, Tianyi Space signed a counseling agreement with Guotai Haitong Securities. The planned counseling work is divided into four stages, spanning from January to June 2026.
The first stage, from January to February 2026, involves reviewing the legality and compliance of Tianyi Space's establishment and historical equity changes; verifying the independence of the company's assets, business, personnel, finance, and organization; analyzing its business development framework, and formulating feasible fundraising projects.
The second stage, from February to March 2026, includes training for Tianyi Space on laws and regulations, internal control standards, information disclosure, and corporate governance; improving the company's decision-making systems and enhancing corporate governance structures such as shareholder meetings and the board of directors.
The third stage, from March to April 2026, will focus on reviewing and standardizing Tianyi Space's methods and basis for revenue recognition, verifying shareholders' equity holdings, and completing external checks on upstream and downstream customers and suppliers.
The fourth stage, from May to June 2026, entails a comprehensive assessment to determine if Tianyi Space meets the conditions for filing a listing application.
Details of the controlling shareholder's stake have been revealed. The counseling report shows that Tianyi Space was founded on May 18, 2015, with a registered capital of 50 million yuan. The controlling shareholder and actual controller is Yang Feng, who collectively controls 30.15% of the company's shares.
Specifically, Yang Feng directly holds 9.72% of Tianyi Space's shares, indirectly controls 11.40% through employee持股 platforms Tianyi Partnership and Tianxing Partnership, and indirectly controls another 9.03% through a concerted action relationship with co-founder Ren Weijia.
Public information indicates that Tianyi Space has successfully completed 21 space missions, launching China's first batch of commercially networked SAR satellites, including "Haisi-1," "Chaohu-1," "Fucheng-1," "Shenqi-01," and "Shenqi-02," totaling 38 satellites.
The core team members at Tianyi Space primarily come from major aerospace institutions such as China Aerospace Science and Technology Corporation and China Aerospace Science and Industry Corporation, alongside international aerospace talent, with cumulative experience participating in nearly 100 domestic and international aerospace projects (including satellites, spacecraft, and space stations).
According to Tianyancha data, on December 12, 2025, Tianyi Space's market entity type changed from "Other Limited Liability Company" to "Other Joint Stock Company (Non-listed)," and its corporate name was updated from "Changsha Tianyi Space Technology Research Institute Co., Ltd." to "Tianyi Space Technology Co., Ltd."
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