1. Basic information<\/p>\n
Blue Arrow Aerospace has a purely private background. From a technical perspective, Blue Arrow Aerospace is striving for “liquid oxygen methane + recyclability”. On July 12, 2023, Zhuque 2 was successfully launched and became the world’s first liquid oxygen methane rocket to successfully enter orbit. On December 3, 2025, Zhuque 3 made its first flight and successfully completed orbit, but the recovery failed. In terms of the use of funds raised from the listing, Blue Arrow Aerospace is all aiming at “mass production + reuse”, betting on large-scale cost reduction. Once the recovery is successful, the cost will fall off a cliff.<\/p>\n
China Aerospace is backed by the Institute of Mechanics of the Chinese Academy of Sciences, has a deep pedigree in the national team, and has strong resource integration capabilities within the system. On the technical route, China Aerospace is following the safe route of “solid start + liquid iteration + recyclability and reuse”. The main rockets are Lijian 1 (solid) and Lijian 2 (liquid). Among them, Lijian 1 has been launched 13 times (1 failure), with a launch success rate of 92.31%; Lijian 2 successfully completed its first flight on March 30, 2026. In terms of the use of funds raised from the listing, China Aerospace is mainly used for liquid rocket research and development and production expansion.<\/p>\n
From the perspective of identity and background, China Aerospace has a smoother path to national missions, and China Aerospace has achieved a closed-loop profit by relying on solid rockets (although it is still investing in liquids overall). Its customers include major national projects, and repayments are relatively guaranteed. From a technological forward-looking perspective, the technological generation gap of Blue Arrow Aerospace is relatively smaller. China Aerospace\u2019s solid rockets cannot be recycled, and there is a cost ceiling. If Blue Arrow Aerospace\u2019s liquid oxygen methane rocket recovery technology comes through, China Aerospace\u2019s solid rocket advantages may be quickly eliminated within a few years.<\/p>\n
2. Listing standards<\/p>\n
Blue Arrow Aerospace chose the fifth paragraph of Article 2.1.2, Paragraph 1 of the “Science and Technology Innovation Board Listing Rules”, which stipulates that the market value is expected to be no less than RMB 4 billion, and the main business or products must be approved by relevant national departments. The market space is large, and phased results have been achieved so far.<\/p>\n
Blue Arrow Aerospace achieved the first successful launch of a medium-to-large launch vehicle using reusable technology into orbit: On December 3, 2025, the Zhuque-3 Yaoyi launch vehicle was launched from the Dongfeng Commercial Aerospace Innovation Test Zone and completed the flight mission according to procedures. The second stage of the rocket successfully entered the predetermined orbit, and the first stage conducted a test of returning to the recycling site.<\/p>\n
China Science and Technology Aerospace chose the second set of listing standards specified in Article 2.1.2 of the “Shanghai Stock Exchange Science and Technology Innovation Board Stock Listing Rules”, which is “(2) The expected market value is not less than RMB 1.5 billion, the operating income in the last year is not less than RMB 200 million, and the cumulative R&D investment in the last three years accounts for no less than 15% of the cumulative operating income in the last three years.”<\/p>\n
The post-investment valuation corresponding to the latest external equity financing of China Aerospace is 14.984 billion yuan, and the post-issuance market value is expected to be no less than 1.5 billion yuan; China Aerospace will achieve operating income of 244 million yuan in 2024, and the operating income in the most recent year will be no less than RMB 200 million; China Aerospace\u2019s cumulative R&D investment from 2022 to 2024 accounted for 184.05% of the cumulative operating income, not less than 15%.<\/p>\n
Judging from the choices of the two companies:<\/p>\n
China Science and Technology Aerospace chose the second set of standards. The core logic is “a certain commercial foundation + high-intensity R&D.” The company needs to have an annual operating income of at least 200 million yuan while maintaining a high R&D intensity. Both are indispensable. It is suitable for companies that have clear commercial revenue sources but are still in the loss stage or have insufficient profit scale. From a practical perspective, companies such as Cambrian, SMIC, and BeiGene have passed the second set of standards for listing.<\/p>\n
Blue Arrow Aerospace chose the fifth set of standards. The core logic is “technological leadership + industrial transformation expectations” and takes “market value \u2265 4 billion yuan + core technology breakthroughs + phased results” as the main evaluation method. The fifth set of standards is the only one among the five listing standards on the Science and Technology Innovation Board that does not require operating income, providing companies with a path to “listing with losses and zero revenue.” From a practical perspective, from the launch of the Science and Technology Innovation Board in July 2019 to 2023, a total of 20 companies have been successfully listed using the fifth set of standards, all of which are biopharmaceutical companies. From 2024 to June 2025, due to the phased tightening of the review policy, the fifth set of standards was suspended, but it was announced to restart on June 18, 2025. After the restart, Wuhan Heyuan Biotech became the first company to pass the meeting and the registration became effective, and innovative pharmaceutical companies such as Zhuhai Technomax and Beijing Anshi Biotech have successively been accepted.<\/p>\n
In comparison, the second set of standards (market value of 1.5 billion + revenue of 200 million + 15% R&D intensity) has more pragmatic thresholds and more controllable risks; the fifth set of standards (market value of 4 billion + no revenue requirements) has higher strategic value, but the risks and challenges are also greater. The second set of standards serves as one of the main channels for listing unprofitable companies on the Science and Technology Innovation Board, with many reference cases and a relatively mature path. For companies whose financial data meets the standards, this standard review process is relatively predictable, and the reporting rhythm is easier to control.<\/p>\n
The fifth set of standards is one of the most institutionally groundbreaking designs of the Science and Technology Innovation Board, and it is also the path with the highest risks. As a landmark arrangement for the innovation of the Science and Technology Innovation Board system, the fifth set of standards carries the country’s strategic intention to support the development of hard technology companies, and has been subject to a certain degree of policy tilt during the review, especially in areas that are in line with the national strategic orientation. But the delisting pressure of the fifth set of standards is the most prominent (four-year agreement): for companies listed under the fifth set of standards, starting from the fourth full fiscal year from the date of listing, if the non-net profit is negative and the operating income is less than 100 million yuan, or the net assets at the end of the period are negative, the delisting process will be initiated. This means that companies must complete the critical leap from R&D to commercialization within 4 years, otherwise they may face the risk of delisting. In addition, although there is no performance threshold, the review is extremely strict on the advancement of core technologies, market space calculations, and the authenticity of phased results. Companies need to provide sufficient evidence to prove technological leadership and commercialization feasibility, and the demonstration pressure is high.<\/p>\n
3. Risk analysis<\/p>\n
The first is the risk issue mentioned in both prospectuses. The first is the risk of high customer concentration among operating risks. This also reflects the characteristics of the commercial rocket industry. To put it bluntly, the current main customers of rocket companies are StarNet and Yuanxin. This is a characteristic of the entire industry. Not only Blue Arrow Aerospace and China Science and Technology Aerospace, but other rocket companies also have the risk of high customer concentration. High customer concentration will bring about a big problem. If StarNet and Yuanxin’s constellation plans do not meet expectations, or their demand drops due to a decline in industry prosperity, it will have a very big impact on rocket companies. Second, in terms of technical risks, the two prospectuses basically mentioned the risks of product upgrades and technology updates. Timely and accurate grasp of industry technology trends and change directions, or lagging behind competitors in the development and application of new technologies, will have a relatively large impact on the company’s capital chain and market competitiveness. Third, in terms of financial risks, both companies mentioned the risk of unprofitable and accumulated uncompensated losses, the risk of inventory depreciation losses, and the risk of changes in preferential tax policies, which shows that this is also an unavoidable risk point for the entire rocket industry. Regarding the data disclosure of these risk points, Blue Arrow’s data disclosed is still more sufficient. Fourth, in terms of legal risks, both companies mentioned “intellectual property risks.”<\/p>\n
Secondly, there are risk issues mentioned separately by the two companies. In terms of operational risks, Blue Arrow Aerospace also mentioned “the risk of commercialization or sales and production not being as good as expected, the risk of continued losses and profit uncertainty”, and China Science and Technology Aerospace also mentioned “supply chain risks, and the risk of loss of R&D personnel.” In terms of financial risks, China Science and Technology Aerospace mentioned the risk of recovery of accounts receivable. At the end of each reporting period, the book values \u200b\u200bof accounts receivable were 2.8476 million yuan, 25.4678 million yuan, 51.3531 million yuan, and 70.2569 million yuan respectively, showing a rapid growth trend. The reason given by China Science and Technology Aerospace was due to factors such as the increase in the frequency of rocket launches and the continued expansion of sales scale. Blue Arrow Aerospace also mentioned the risk of insufficient funds, the risk of continued negative cash flow from operating activities, and the risk of large expected liabilities (the cost of a single launch of the Suzaku-2 series launch vehicle is relatively high, and it is expected that the commercial launch contract executed accordingly will form a loss-making contract). In this regard, Blue Arrow Aerospace has analyzed itself quite deeply. In terms of legal risks, Blue Arrow Aerospace also mentioned “the risk of special voting rights shares or similar special arrangements for corporate governance”, and China Science and Technology Aerospace mentioned “the risk of the business premises being leased.”<\/p>\n
In general, the high risk of Blue Arrow Aerospace lies in “technological closed loop + cash flow + one dominant player”, which is a technological breakthrough risk. Success will lead to skyrocketing, and failure will lead to serious injury. The high risk of China Aerospace lies in “system dependence + technological independence + profit quality”. It is a mixed ownership + commercial transformation risk, which is stable but has a limited ceiling. Judging from the writing content of the prospectus, Blue Arrow Aerospace has been more harsh on itself in terms of risk factors, and the data is relatively richer.<\/p>\n","protected":false},"excerpt":{"rendered":"
1. Basic information Blue Arrow Aerospace has a purely private background. From a technical perspective, Blue Arrow Aerospace is striving for “liquid oxygen methane + recyclability”. On July 12, 2023, Zhuque 2 was successfully launched and became the world’s first liquid oxygen methane rocket to successfully enter orbit. On December 3, 2025, Zhuque 3 made […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[2],"tags":[],"class_list":["post-25286","post","type-post","status-publish","format-standard","hentry","category-news"],"acf":[],"_links":{"self":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts\/25286"}],"collection":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/comments?post=25286"}],"version-history":[{"count":0,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts\/25286\/revisions"}],"wp:attachment":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/media?parent=25286"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/categories?post=25286"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/tags?post=25286"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}