More than ten years ago, satellite development was the exclusive domain of the “national team.” Later, with the ice-breaking of policies and more than ten years of development, my country has gradually formed a satellite industry ecosystem in which the national team and private enterprises develop collaboratively. At present, a hundred flowers are blooming, including the Fifth Academy of Aerospace Science and Technology, the Eighth Academy of Aerospace Science and Technology, Aerospace Science and Technology Commercial Star Company, the Second Academy of Aerospace Science and Industry, Microsatellite Innovation Research Institute of the Chinese Academy of Sciences, Changguang Satellite Technology Co., Ltd., Harbin Institute of Technology Satellite Technology Co., Ltd., Galaxy Aerospace (Beijing) Technology Co., Ltd., Beijing Blue Arrow Hongqing Technology Co., Ltd., Zhejiang Spacetime Daoyu Technology Co., Ltd., Beijing Micro-Nano Star Aerospace Technology Co., Ltd., Shanghai Gesi Aerospace Technology Co., Ltd., Chengdu Guoxing Aerospace Technology Co., Ltd., and Beijing Zero-Gravity Space Technology Co., Ltd. jointly form the backbone of my country’s satellite research and development. There are national teams, academics, innovative groups, and purely private enterprises. They each have their own backgrounds and play styles, and together they are leading the new era of the development of my country’s satellite industry.
Fifth Academy of Aerospace Science and Technology
The Fifth Academy was established on February 20, 1968, and its first president was Qian Xuesen. After more than fifty years of development, the Fifth Academy has formed complete spacecraft development capabilities from earth orbit to the moon, Mars, and even further into deep space. It can be said that whether it is manned spaceflight, lunar exploration, Beidou navigation, or now satellite Internet, the Fifth Academy is the absolute main force. At present, the core tasks of the Fifth Academy mainly include three fronts. One is manned spaceflight. The Shenzhou manned spacecraft, Tianzhou cargo spacecraft, space station core module and experimental module are all under the leadership of the Fifth Academy. Although my country’s space station has now entered the normal operation stage, in order to ensure the safety of astronauts staying in orbit for a long time, a large number of space science experiments still need to be carried out. The second is deep space exploration. The Fifth Institute has led the entire process and developed all major tasks of the lunar exploration project and planetary exploration project. From Chang’e 1 to Chang’e 6, breakthroughs have been achieved in the entire chain from orbiting the moon, landing on the moon, and soft landing on the back of the moon to sampling and returning to the front and back of the moon. The third is the batch production and networking of satellite Internet satellites. This is the biggest change in the Fifth Academy in recent years, which has directly brought changes in the production model. In the past, satellite manufacturing was a “handicraft” that was carefully crafted one by one. Now for the purpose of networking, it has turned to “industrial batch production.” The three high-orbit satellites currently deployed by StarNet (Satellite Internet High-Orbit Satellite 01, Satellite Internet High-Orbit Satellite 02, and Satellite Internet High-Orbit Satellite 03) are all developed by the Fifth Academy; in addition, among the 19 sets of low-orbit networking satellites launched by StarNet , there are 11 groups developed by the five institutes, namely satellite Internet low orbit group 01 A-K satellites (10), satellite Internet low-orbit group 02 A-J satellites (9), satellite Internet low-orbit group 03 A-K satellites (10), satellite Internet low-orbit group 03 A-K satellites (10), satellite Internet low-orbit group 02 Networked low orbit 05 group A-E satellites (5), satellite Internet low-orbit group 08 A-K satellites (10), satellite Internet low-orbit group 10 A-J satellites (9), satellite Internet low-orbit group 12 A-J satellites (9), satellite Satellite Internet low-orbit group 14 A-J satellites (9 satellites), satellite Internet low-orbit group 15 A-E satellites (5), satellite Internet low-orbit group 17 A-J satellites (9), satellite Internet low-orbit group 18 A-J satellites (9).
Eighth Academy of Aerospace Science and Technology
The satellite development of the Eighth Institute started in 1969. At that time, the older generation of astronauts designed and sent my country’s first three-axis stable satellite, Changkong-1, to the sky in the old factory on Huaning Road, Shanghai, relying on slide rules and compasses. Today, the Eighth Academy has become the main force of my country’s national team in the development of meteorological, remote sensing, and space science satellites. Especially in the field of meteorological satellites, the Eighth Academy has built two complete sets of operational meteorological satellite systems in polar orbit and geostationary orbit, making my country one of the few countries in the world that possesses both types of meteorological satellites. Take the Fengyun-3H star launched on September 27, 2025 as an example. This star weighs about 2,780 kilograms and runs in a sun-synchronous orbit at an altitude of 830 kilometers. It is the first time in the world to achieve high-precision global greenhouse gas fine detection with a width of 100 kilometers, and the spectral calibration accuracy has reached the picometer level. After it goes up, it will be networked with several other Fengyun-3 satellites in the sky for observation, which can shorten the update time of global weather data from 6 hours to 4 hours, and the timeliness of weather forecasts can be extended by about 24 hours. This means that our ability to capture disastrous weather such as typhoons and heavy rains is stronger. In addition, the Eighth Academy is also developing the world’s first geostationary microwave meteorological satellite. Once successful, it will be able to clearly see the fine structure inside the typhoon. This will be a leap in the history of world meteorological detection. In the past, the Eighth Academy was “the state spent money to do the country’s business.” Now with the rapid development of commercial aerospace, the Eighth Academy has gradually begun to “walk on two legs.” On the one hand, it strives to complete national tasks, and on the other hand, it is also actively exploring commercialization. Taking the 812 Institute as an example, they adopted the “anatomy sparrow-style” cost reduction idea. From structural design, raw material composition to production process, they cut costs step by step. For example, heat dissipation white paint used to be outsourced finished products, but now they make their own, study the formula, and self-developed instead of outsourced. The performance is not reduced, but the cost is reduced.
Aerospace Technology Group Commercial Star Company
The aerospace technology group Shangxing Company was established in Xiongan in September 2024. It can be said to be a landmark product of the “national team” actively embracing commercial aerospace. Shangxing Company takes Xiongan headquarters as its strategic center and coordinates with Beijing and Shanghai R&D bases and Hainan wholesale production base to build a cross-regional layout. In terms of technical capabilities, Shangxing Company has successfully launched a satellite network test satellite into the sky only one year after its establishment (at 09:06 on September 16, 2025, the Satellite Internet Technology Test Satellite Group 08 A-D satellite (a total of 4 satellites) was successfully launched at the Jiuquan Satellite Launch Center aboard the Long March 2C/Yuanzheng 1S, one of which was developed by Shangxing Company). In addition, in terms of mission undertaking capabilities, Shangxing Company is backed by more than 60 years of technological accumulation and engineering experience of the Aerospace Science and Technology Group, which gives it a natural advantage when undertaking national missions and orders from large central enterprises.
Second Academy of Aerospace Science and Industry
The Space Engineering General Department of the Second Academy of Aerospace Science and Industry was established in 2017. It was formerly the Space Technology General Design Department of the Second Academy of Aerospace Science and Industry. After the 18th National Congress of the Communist Party of China, driven by both technology and business model innovation, small satellites entered a stage of rapid development. Against this background, the Second Academy of Sciences established the Space Technology Research and Development Center as a strategic research institution and overall unit in the field of platform technology. In 2017, the first satellite “Tiankun-1” independently developed by the Space Technology Overall Design Department of the Second Academy of Sciences was launched at the Jiuquan Satellite Launch Center and successfully entered the predetermined orbit. Subsequently, the Second Academy of Sciences took advantage of the trend and registered the Space Technology Research and Development Center to establish the Space Engineering General Department. In December 2018, my country’s first low-orbit broadband satellite Internet test satellite developed by the Second Academy of Sciences was successfully launched. Based on this satellite, the Second Academy further mastered the Internet satellite overall, space-borne Ka phased array antenna, phased array user terminal, transparent system communication protocol and other transparent forwarding satellite Internet related technologies. Subsequently, in order to meet the rapid production and rapid deployment needs of low-orbit satellite constellations, the Second Academy of Sciences built my country’s first small satellite intelligent production line in Wuhan Satellite Industrial Park, and completed the roll-out of the first satellite in May 2021. Generally speaking, compared with traditional “national team” satellite development units such as the Fifth Academy and the Eighth Academy, the Second Academy is slightly weaker in satellite development. Therefore, the Second Academy’s living environment is very special. It has to face the technical advantages and brand influence of traditional “national teams” such as the Fifth Academy and the Eighth Academy, as well as the flexible mechanisms of emerging commercial companies. The competitive pressure is still quite high.
Microsatellite Innovation Institute, Chinese Academy of Sciences
The history of the Microsatellite Innovation Institute of the Chinese Academy of Sciences can be traced back to 1999, when the Shanghai Institute of Microsystems and the Shanghai Institute of Technology of the Chinese Academy of Sciences joined forces with the Eighth Academy of Aerospace Science and Technology, Shanghai Telecom and other units to establish the “Small Satellite Engineering Department of the Chinese Academy of Sciences”. In December 2003, with the successful launch of my country’s first microsatellite “Innovation No. 1”, the Shanghai Microsatellite Engineering Center was officially established as an institution jointly established by the Chinese Academy of Sciences and Shanghai Municipality. In 2014, the Chinese Academy of Sciences launched the “First Action” plan, and the Shanghai Microsatellite Engineering Center became one of the first five pilot innovation institutes. Then in September 2017, the Microsatellite Innovation Institute of the Chinese Academy of Sciences was officially unveiled. In 2019, the first phase of the Lingang Park of the Small Satellite Research Institute was opened. It has a construction area of more than 95,000 square meters and has 7 satellite assembly halls. It has complete mechanical, thermal, noise, and microwave anechoic chamber environmental test conditions. It can undertake the development of 30-50 ton-class satellites at the same time, and also has the ability to produce more than 100 micro-nano satellites annually. But the most powerful layout of the Small Satellite Research Institute is still in the field of space science satellites. It can be said that most of my country’s most dazzling scientific satellites in the past ten years are produced by the Small Satellite Research Institute: In August 2016, the world’s first quantum science experimental satellite “Mozi” was successfully launched; in October 2022, my country’s first comprehensive spacecraft The dedicated solar detection satellite “Kuafu-1” was successfully launched; in January 2024, the discovery-type X-ray astronomy detection satellite “Einstein Probe Satellite” for time-domain astronomy was successfully launched. It was hailed by “Science” as opening a “new horizon for cosmic X-ray detection” and was selected as one of China’s top ten scientific and technological progress news in 2024. But if we want to talk about the most sensational move of the Small Satellite Research Institute in the past two years, we have to talk about the “Qingzhou” cargo spacecraft. When it came to cargo spacecraft before, everyone only knew the “Tianzhou” of the Fifth Academy. Now the Small Satellite Research Institute has developed another “Qingzhou” cargo spacecraft. Although Tianzhou is powerful (load capacity 6-7 tons), it is expensive and large. Sometimes the space station only needs to send some urgently needed experimental samples or a small amount of living supplies. Using Tianzhou is a bit “killing a chicken with a knife” and the cost is too high. Moreover, as the space station enters normal operation, it does need a low-cost, high-frequency, and flexible response supply method, and the “Qingzhou” cargo spacecraft perfectly meets this demand. The total weight of the “Qingzhou” cargo spacecraft is only about 5 tons (Tianzhou is about 13 tons). It adopts an integrated single-cabin configuration. There is no complicated separation structure of the propulsion module and the service module. The structure is extremely simple. It can ascend 1.8 tons and descend 2.6 tons (with a strong return capability). It can not only deliver goods, but also bring waste from the space station and even precious experimental samples back to Earth. This is more flexible than the early Tianzhou. Moreover, the “Qingzhou” cargo spacecraft can realize “pre-launch loading”. The cargo is loaded at the last moment before launch, which is especially suitable for time-sensitive materials such as biological cells and fresh samples. From the perspective of commercial aerospace, although the Small Satellite Research Institute carries the brand of “Chinese Academy of Sciences”, what it has done in recent years is more “commercial” than many purely commercial companies. Their path is very clear, transforming the foundation of the national team into a large business in commercial aerospace. The first one to bear the brunt is the “Qianfan Constellation”. The Small Satellite Research Institute is the main overall development unit of the Qianfan Constellation. Currently, among the 6 groups of network satellites launched by the Qianfan Constellation, 4 groups (72) are developed by the Small Satellite Research Institute. At the same time, the Small Satellite Research Institute has also participated in the satellite network mission. Among the satellites that have been put into the sky, apart from the fifth institute, the Small Satellite Research Institute has the largest number, with a total of 6 groups (Satellite Internet Low Orbit 04 Group A-E satellites (5), Satellite Internet Low Orbit 06 Group A Satellite Internet Low Orbit Group 09 A-E Satellite (5 satellites), Satellite Internet Low Orbit Group 11 A-E Satellite (5 satellites), Satellite Internet Low Orbit Group 13 A-J Satellite (9 satellites), Satellite Internet Low-Orbit Group 16 A-J Satellite (9 satellites)).
Harbin Gongda Satellite Technology Co., Ltd.
Harbin Institute of Technology Satellite Technology Co., Ltd. was established in December 2020. It is not the kind of startup company that starts from scratch, but a serious Harbin Institute of Technology satellite technology achievement transformation platform – jointly initiated and established by the core technical team of Harbin Institute of Technology Asset Management Co., Ltd. and the Satellite Technology Research Institute. Harbin Institute of Technology’s small satellite technology started in the 1990s. In 2004, it launched my country’s first small satellite independently developed by a university. By 2020, Harbin Institute of Technology has successfully launched 20 satellites. The technology has matured and the country encourages commercial aerospace. Therefore, at the end of 2020, the technical backbone of the Satellite Technology Research Institute left the laboratory and entered the market, establishing Harbin Institute of Technology Satellite Technology Co., Ltd. In June 2023, China’s first flat-panel new system communication test satellite developed by Gongda Satellite was successfully launched, verifying key technologies such as flat-panel satellites, regenerative low-orbit satellite-to-ground high-speed communications, on-board regenerative processing, and network slicing. In September of the same year, the Gongda Satellite Headquarters Base started construction, equipped with a flexible manufacturing production line, including three final assembly test workshops and an environmental test workshop, which can achieve an annual production of 180 satellites of 500 kilograms. Generally speaking, compared with traditional national teams, scientific research in universities is often limited by funding and volume, which forces them to make things extremely small and light. Therefore, the structure-thermal-electricity integration design level of the ICAO satellite is very high, and the space utilization rate has reached the extreme. However, due to its background, Gongda Satellite has some unavoidable problems, the most prominent of which is the talent issue. It is located in Harbin. Although it has the support of Harbin Institute of Technology in terms of talent reserves, it still has certain disadvantages compared with the Yangtze River Delta and the Pearl River Delta in terms of supply chain support, financing environment, and information exchange. Although Gongda Satellite is making up for it by setting up overseas branches, it is undeniable that this geographical disadvantage still exists.
Galaxy Aerospace (Beijing) Technology Co., Ltd.
Galaxy Aerospace was established in Beijing in 2018, and its founder is Xu Ming. Xu Ming is an out-and-out Internet person, so Galaxy Aerospace had the typical characteristics of “Internet people doing aerospace” when it was founded. Therefore, many people were not optimistic about them at the beginning. They felt that aerospace’s ten-year sharpening cycle could not be integrated with the Internet’s rapid iteration of thinking. But the final facts proved that “cross-border” can also find new ways. Although the boss is from the Internet, the core technical backbone of Galaxy Aerospace are basically all from the national team, so Galaxy Aerospace’s technical foundation was not weak when it started. In January 2020, Galaxy Space launched the “Galaxy Space First Star”, which is my country’s first low-orbit broadband communication satellite with a communication capability of 24Gbps. It completed the country’s first low-orbit Q/V band feed load application verification, and also proved that private enterprises can also handle difficult communication loads. Then in March 2022, Galaxy Space launched 6 more mass-produced satellites, which together with the first satellite formed my country’s first low-orbit broadband communication test constellation-“Little Spider Web”, and built a satellite-ground integrated 5G test network. In July 2023, they launched the “Galaxy Space Lingxi 03”, which is my country’s first flat-panel communication satellite using flexible solar wings. It has verified multi-satellite stack launch technology in orbit for the first time. What’s more important is the endorsement given to them by the StarNet mission. Among the satellites currently deployed by StarNet, Galaxy Aerospace is the only private satellite company among the stars that have already been launched into the sky. At 18:21 on August 4, 2025, the satellite Internet low-orbit 07 group A-J satellites (9 satellites) developed by Galaxy Aerospace were successfully launched aboard the Long March 12 Y2 at the No. 2 station of the Hainan Commercial Space Launch Site. At 15:48 on January 19, 2026, 19 groups of A-J satellites (9 satellites) in the low orbit of the satellite Internet were successfully launched aboard the Long March 12 Y5 at the second station of the Hainan Commercial Space Launch Site.
Beijing Blue Arrow Hongqing Technology Co., Ltd.
Blue Arrow Hongqing was established in Shanghai in November 2017. It was originally called Shanghai Blue Arrow Hongqing Technology Co., Ltd. In 2025, Blue Arrow Hongqing completed the relocation, and its headquarters moved to Yizhuang, Beijing, while adding branches in Shenzhen and Xi’an. Compared with private satellite companies such as Galaxy Aerospace, Blue Arrow Hongqing has a unique advantage, and that is “Star-Arrow Synergy”. In the traditional satellite development model, satellite companies design satellites and then find rocket adaptations. However, sometimes they often face problems such as mismatched interfaces, incorrect center of gravity, and waste of fairing space. Moreover, the communication cost is high, which also gives satellite companies a headache. However, Blue Arrow Hongqing has an advantage in this regard. As the leading domestic private rocket company, Blue Arrow Aerospace can allow Blue Arrow Hongqing to fully optimize the interface, capacity curve, fairing size, etc. of the Suzaku series rockets from the beginning of the satellite design. Moreover, rockets and satellites belong to the same parent company. With the mass production of Suzaku series rockets and satellites, marginal costs will also drop rapidly. But to say that the most popular thing about Blue Arrow Hongqing is the Honghu-3 constellation. In May 2024, Blue Arrow Hongqing submitted the Honghu-3 constellation plan to the International Telecommunications Union, planning to launch a total of 10,000 satellites in 160 orbital planes. This news also made Blue Arrow Hongqing quickly become popular.
Changguang Satellite Technology Co., Ltd.
Founded in 2014, Changguang Satellite is my country’s first full-industry chain commercial remote sensing satellite company that integrates satellite R&D and manufacturing, operation management and remote sensing information services. The founding team comes from the Changchun Institute of Optics and Mechanics of the Chinese Academy of Sciences. The core project of Changguang Satellite is the “Jilin-1” constellation, which is the world’s largest sub-meter commercial remote sensing satellite constellation. In the field of communication satellites, at 12:00 on April 1, 2025, the satellite Internet technology test satellite 0001-0004 was successfully launched at the Jiuquan Satellite Launch Center aboard the Long March 2 Ding Y78. Two of the satellites were developed by Changguang Satellite. At the same time, in May of the same year, the world’s first direct-connected mobile phone broadband video call based on the 5G NTN standard was achieved, accumulating key technologies and practical experience for the subsequent construction of the space-terrestrial integrated satellite Internet system. However, in the capital market, Changguang Satellite’s journey is a little bumpy. When Changguang Satellite rushed to the Science and Technology Innovation Board in 2022, its valuation once reached 26.8 billion. Now the market valuation has fallen back to 12 billion. In three years, the market value of tens of billions has evaporated. The reasons are complicated. There are two obvious ones. The first is the problems left over from history. The original shareholder Gao Fubo was sentenced to 2 years in a corruption case. In 2000, the equity holding history involved in the case has always been an indelible shadow of Changguang Satellite. Secondly, there is the “constant” relationship between Changguang Satellite and Changchun Institute of Optics and Mechanics. In the early days, a large number of core technical personnel came from Changchun Institute of Optics and Mechanics, resulting in continuous related transactions between the two parties. The issue of related transactions is the focus of regulatory agencies when reviewing the IPO of the Science and Technology Innovation Board.
Zhejiang Spacetime Daoyu Technology Co., Ltd.
Spacetime Daoyu was founded in 2018 with a very special background. Backed by Geely Group, he was born with the gene of car manufacturing. Spacetime Daoyu has two core advantages. One is the industrial production line. Because Spacetime Daoyu carries the shadow of Geely, it allows them to move the pulsating assembly line logic of automobile manufacturing into aerospace manufacturing; the other is application scenarios. Geely’s Lynk & Co, Jikrypton, Volvo and other brands, future high-end autonomous driving will require space-based high-precision positioning and low-latency communications. This makes Spacetime Daoyu’s commercial blood-generating capabilities much stronger than that of purely start-up commercial satellite companies. In addition, unlike other commercial satellite companies, Spacetime Daoyu did not squeeze the “high-throughput broadband” market, but focused on low-orbit satellite Internet of Things. In September 2023, Jikrypton 001FR equipped with space-time Daoyu satellite communication technology will be mass-produced and launched, allowing car owners to send messages and make calls even in areas without ground network. Subsequently, many Geely Automobile models have been equipped with this capability, enabling vehicle communication, alarms and data backhaul in areas without terrestrial network coverage. At the end of September 2025, the first phase of the “Geely Constellation” was completed, with global real-time communication coverage capabilities except the North and South Pole, becoming the first low-orbit satellite communication constellation in China with large-scale commercial capabilities. In addition, Spacetime Daoyu launched an AI remote sensing test satellite as early as 2021, which can directly process data on the satellite and only transmit useful information back to the ground, greatly reducing bandwidth pressure. Just a few days ago, the high-computing power payload developed by Spacetime Daoyu successfully completed full-dimensional on-orbit technology verification, laying a core technology foundation for the large-scale deployment of the space-ground integrated computing power network.
Beijing Micro-Nano Star Technology Co., Ltd.
Micro-Nano Star was established in the Yongfeng Industrial Base in Zhongguancun, Beijing, in August 2017. It is one of the earliest private commercial aerospace companies in China that focuses on the development of complete satellites. It follows the path of “high technology, high investment, and high performance.” Since its establishment in 2017, MicroStar has successively launched a number of iconic products, including the country’s first 0.5-meter resolution optical remote sensing satellite Taijing 3-01 developed by a private enterprise, the country’s first X-band commercial synthetic aperture radar (SAR) satellite Taijing 4-01, and the country’s first commercial Ku-band phased array radar remote sensing satellite Taijing 4-03. These three “domestic firsts” have proven its technical strength. In addition, at 09:06 on September 16, 2025, the Satellite Internet Technology Test Satellite Group 08 A-D (4 in total) was successfully launched at the Jiuquan Satellite Launch Center aboard the Long March 2C/Yuanzheng 1S. One of the stars was developed by Micro-Nano Star. In terms of production capacity layout, Micro-Nano Star is following the path of “Beijing R&D, manufacturing in multiple places”. Currently, it has extensive deployment in Beijing, Changchun, Wuxi, Chengdu and other places, building a fully closed loop of “research, production, and testing” for star-making covering entire satellites, payloads and components. In the capital market, Micro-Nano Star is also moving relatively fast. It has completed the IPO guidance and filing with the Beijing Securities Regulatory Bureau on September 15, 2025, and plans to be listed on the Science and Technology Innovation Board.
Shanghai Gesi Aerospace Technology Co., Ltd.
Gerth Aerospace was established in Songjiang, Shanghai in January 2022. Although it was established relatively late, Gerth Aerospace has a good reputation in the commercial aerospace circle. This is mainly due to his background. Gerth Aerospace was jointly established by Shanghai Zhongke Chenxin Satellite Technology Co., Ltd. and Shanghai Yuanxin Satellite Technology Co., Ltd. Behind Zhongke Chenxin is the Microsatellite Innovation Institute of the Chinese Academy of Sciences, not to mention Shanghai Yuanxin. Due to the background of the shareholders, Shanghai Gesi’s positioning is very clear, which is to build satellites for the Qianfan constellation. Among the 6 groups of network satellites that have been launched by Qianfan Constellation, 2 groups of satellites (Qianfan Polar Orbit 02 satellites (18 satellites) and Qianfan Polar Orbit 04 satellites (18 satellites in total)) were developed by Shanghai Gesi. It is also because of its shareholder background that compared with other commercial satellite companies, Shanghai Gesi’s strategy is very unique. It uses Qianfan Constellation orders as a driving force to drive the upstream market-oriented supply chain companies to gather, reduce procurement costs through scale effects, and thus build its own core competitiveness.
Chengdu Guoxing Aerospace Technology Co., Ltd.
NationStar Aerospace was established in Chengdu High-tech Zone in May 2018. Its positioning is very interesting – “AI Satellite Internet Technology Company”. In December 2018, NationStar Aerospace successfully launched my country’s first AI application satellite; in February 2024, NationStar Aerospace successfully launched my country’s first AI intelligent computing satellite; on May 14, 2025, NationStar Aerospace successfully launched 12 satellites of the world’s first space computing constellation 021 mission. From a technical point of view, Nationstar Aerospace does have its own unique features, but the capital market not only looks at technology, but also looks at whether the business model can be run through, whether cash flow can be turned positive, customer concentration, profitability and other issues. This has to be mentioned about Nationstar Aerospace’s road to listing. On January 27, 2025, Nationstar Aerospace submitted its listing application to the Hong Kong Stock Exchange for the first time. At that time, the market had high hopes for it and shouted the slogan of “the first commercial aerospace stock in Hong Kong”. However, subsequent facts showed that Nationstar Aerospace’s road to listing was The journey was not smooth. On June 20, 2025, Nationstar Aerospace received feedback from the China Securities Regulatory Commission on overseas listing filings, requesting additional information on the business scope and actual business of the company and its subsidiaries, as well as the specific circumstances of holding relevant qualifications and licenses. In the end, because the listing process failed to be completed within 6 months of the prospectus, the listing application automatically expired on July 27, 2025. Less than a month after the expiration, on August 25, 2025, Nationstar Aerospace once again submitted a listing application to the Hong Kong Stock Exchange. However, as of now, Nationstar Aerospace has not passed the hearing of the Hong Kong Exchange and has not yet completed the listing.
Beijing Zero Weight Space Technology Co., Ltd.
Zero Gravity Space was established in Yizhuang, Beijing, in October 2016. The technical team is mainly from the national team. Zero Gravity Space’s strategy is also very special. They started with CubeSat core components and gradually built their own remote sensing constellation. At the same time, they extende
