Galaxy Space Initiates IPO Process: Founder Previously Served as Cheetah Mobile President, Backed by Lei Jun and Ge Weidong

Another domestic commercial aerospace enterprise has commenced its IPO journey. On March 31, according to the China Securities Regulatory Commission (CSRC) website, Galaxy Space (Beijing) Technology Group Co., Ltd. has initiated the filing for IPO listing guidance. The company is classified under the industry of spacecraft and launch vehicle manufacturing (Code: C3742). The advising institution is Huatai United Securities Co., Ltd., with the filing date recorded as March 30.

The filing report indicates that Galaxy Space was founded in 2019. The company's founder, Chairman, and CEO, Xu Ming, directly and indirectly holds 22.04% of the company's shares. Considering the company's special voting rights arrangement and Xu Ming's direct and indirect shareholdings, he collectively controls 72.87% of the voting rights, making him the actual controller of the company.

According to official information, Galaxy Space is a leading provider of satellite internet solutions and a satellite manufacturer in China. Founder Xu Ming is a graduate of the Harbin Institute of Technology and previously served as the President of Cheetah Mobile. The company is dedicated to the independent research and development and low-cost mass production of communication payloads, core components, and satellite platforms. It has established internationally advanced capabilities for the development of communication payloads, core components, and solar arrays in Xi'an, Chengdu, and Beijing, respectively. Furthermore, it is building a new-generation intelligent satellite manufacturing facility in Nantong, having already achieved a mass production capacity for hundreds of satellites.

According to previous introductions by Hu Zhao, Chief Model Designer at Galaxy Space, the company's smart satellite factory has established a complete industrial ecosystem spanning from the R&D and production of satellite components to the integration and testing of complete satellites. The team focuses on enhancing and optimizing mass production efficiency and has developed an intelligent collaborative scheduling system for satellites, further shortening the satellite development cycle.

To date, Galaxy Space has successfully launched over 40 self-developed advanced satellites, constructing China's first low-orbit broadband communication test constellation named "Little Spider Web." The company has reached a level comparable to "Starlink" in cutting-edge technology areas such as direct-to-cellphone connectivity, having already validated 128 beams.

Recently, Galaxy Space completed its shareholding system reform. The company name was changed from "Galaxy Space (Beijing) Network Technology Co., Ltd." to "Galaxy Space (Beijing) Technology Group Co., Ltd." Its business scope has also been expanded to include the manufacturing of satellite mobile communication terminals, satellite communication services, the production and manufacturing of microsatellites, as well as the sales of integrated circuit chips and products; the manufacturing of specialized semiconductor equipment; and the sales of specialized semiconductor equipment.

According to data from Tianyancha App, Galaxy Space just completed its Series C financing round in February of this year. To date, the company has completed a total of 8 financing rounds. Prominent investment institutions including Shunwei Capital (backed by Lei Jun), IDG Capital, Gaorong Capital, Huniu Investment (backed by Ge Weidong), Matrix Partners China, Legend Capital, and CICC Capital have participated in the investments. Local state-owned capital platforms and "national team" funds have also been involved. In 2022, during its B++ financing round, Galaxy Space was valued at 11 billion RMB. In the 2024 Hurun Global Unicorn Index, its valuation stands at 11.5 billion RMB.