On June 18, the China Securities Regulatory Commission issued the “Opinions on Setting up a Science and Technology Innovation Growth Layer on the Science and Technology Innovation Board to Enhance the Inclusiveness and Adaptability of the System”, restarting and expanding the application of the fifth set of listing standards for the Science and Technology Innovation Board, and including the three major fields of commercial aerospace, low-altitude economy, and artificial intelligence within the scope of application.
Today we will talk about the “growth layer” set up on the Science and Technology Innovation Board. Who will be the first commercial aerospace company to “eat crabs”?
01
Technological innovation growth layer and restarting the fifth set of listing standards
On June 18, the official website of the China Securities Regulatory Commission issued the “Opinions on Setting up a Science and Technology Innovation Growth Layer on the Science and Technology Innovation Board to Enhance the Inclusiveness and Adaptability of the System” (hereinafter collectively referred to as the “Opinions”), officially setting up a science and technology innovation growth layer on the Science and Technology Innovation Board, restarting and expanding the application of the fifth set of listing standards on the Science and Technology Innovation Board, and including the three major fields of commercial aerospace, low-altitude economy, and artificial intelligence within the scope of application.
At the 2025 Lujiazui Forum held in Shanghai from June 18 to 19, Wu Qing, chairman of the China Securities Regulatory Commission, also said that the Science and Technology Innovation Board will better play its role as a “test field”, coordinate the promotion of comprehensive reform of investment and financing and the protection of investor rights, and accelerate the construction of a capital market ecosystem that is more conducive to supporting comprehensive innovation.
This is the first time since the release of the fifth set of listing standards for the Science and Technology Innovation Board that commercial aerospace has been included in the scope of application. Outsiders believe that the issuance of the “Opinions” aims to enhance the capital market’s support for the development of the commercial aerospace industry. There are two starting points:
1. Establish a science and technology innovation growth layer. The purpose is to focus on serving technology-based enterprises that have made major breakthroughs in technology, have broad business prospects, and have continued to invest heavily in R&D, but are still in the pre-profit stage. 2. Restart and expand the scope of application of the fifth set of listing standards. Based on industrial development and market demand, support enterprises in more cutting-edge technology fields such as artificial intelligence, commercial aerospace, and low-altitude economy to apply the fifth set of listing standards on the Science and Technology Innovation Board. This means that the Science and Technology Innovation Board has given the green light to unprofitable technology companies such as commercial aerospace, and the commercial aerospace field will soon have the first domestically listed shares.
02
Why do commercial aerospace companies urgently need to go public?
First of all, commercial aerospace is a typical high-tech, high-investment, long-cycle, high-risk industry. Investments of billions are bound to put start-up companies on the road of “financing”, and the demand for funds is huge. Secondly, as an emerging industry in the Chinese market, commercial aerospace lacks clear enough and broad market demand to drive industry development, resulting in a long profit return cycle for companies. These two reasons jointly create financing difficulties for commercial aerospace companies. However, whether it is the Science and Technology Innovation Board or the main board, the domestic public financing market has strict requirements for corporate profitability. As a result, it is difficult for companies in the start-up stage to access the public financing market to obtain long-term and stable financial support, and they can only enter the private equity market. However, the private equity market lacks a risk management and control mechanism. The lack of clear exit channels for shareholders has further increased the difficulty of financing in the commercial aerospace market and entered a vicious cycle of capital. Therefore, the Science and Technology Innovation Board has set up a science and technology growth layer to give the green light to emerging industries such as commercial aerospace and low-altitude economy. It enhances investor confidence by strengthening information disclosure and risk warnings, improves shareholder exit channels, and weakens investment risks to promote industrial financing efficiency. It can effectively improve the resource allocation issues of industrial development and safeguard the development of the commercial aerospace market.
03
Can going public really solve the dilemma of commercial aerospace development?
The truth is this, but the question is: in practice, can listing financing really solve the dilemma of commercial aerospace development?
In fact, when the Science and Technology Innovation Board was first established, it launched the fifth set of listing standards of “market value + R&D”, taking the first step in the domestic capital market to allow the issuance and listing of non-revenue and unprofitable companies. Judging from the actual results, this set of policies has been effective in helping innovative companies break through funding bottlenecks and accelerate the transformation of R&D results.
By the end of 2024, all companies listed through the fifth set of standards have achieved listing of core products (including acceptance of product listing applications).
According to statistics from Wind Information, all 20 companies that have successfully applied for listing on the Science and Technology Innovation Board using the fifth set of listing standards have raised a total of 42.871 billion yuan in IPO funds, and have invested a total of nearly 30 billion yuan in R&D in the past three years. Innovation achievements continue to emerge.
The above-mentioned 20 companies will achieve a total of 9 new drug products approved in 2024, 5 of which are Category 1 new drugs (the first in the world). According to preliminary statistics, since 2018, relevant companies have launched 17 Class 1 new drugs on the market, accounting for approximately 12% of the total number of domestic innovative drugs approved during the same period, and have grown into the backbone of my country’s pharmaceutical innovation.
At present, companies that originally entered the capital market based on the fifth set of listing standards on the Science and Technology Innovation Board have entered a virtuous development cycle.
With the construction of two major 10,000-star Internet constellations, Xingwang and Qianfan, China’s commercial aerospace has entered a stage of rapid development in 2025, and the process of commercial aerospace industrialization has entered a critical node.
However, in the face of the industry’s high-tech, high-investment, high-risk and long-term characteristics, in the critical period of leapfrog development, commercial aerospace development urgently needs precise support from the capital market, especially in terms of financing channels, risk sharing and long-term capital supply.
In order to better serve the national strategy and support a new round of technological innovation, on March 11, 2025, the Party Committee of the China Securities Regulatory Commission held an enlarged meeting. It is proposed to steadily restore the application of the fifth set of standards for the Science and Technology Innovation Board, launch typical cases with demonstrative significance as soon as possible, and promote the integrated development of scientific and technological innovation and industrial innovation.
On April 18, 2025, the Shanghai Stock Exchange (hereinafter referred to as the “Shanghai Stock Exchange”) held a symposium for commercial aerospace industry enterprises and had in-depth exchanges with 10 leading companies in the field of commercial rockets and commercial satellites to jointly discuss how the capital market can serve the high-quality development of commercial aerospace.
Combined with the current development status of commercial aerospace and other industries, the release of this “Opinion” is undoubtedly a major benefit to the development of commercial aerospace.
04
Who will be the first company to “eat crabs”?
As early as December 23, 2022, Changguang Satellite’s IPO application was accepted by the Shanghai Stock Exchange. However, after its review status was changed to “inquiry” in January of the following year, it began to stagnate. During this period, the review was suspended twice because “the financial information has expired” and was terminated on December 4, 2024.
On January 27, 2025, Nationstar Aerospace submitted its application to the main board of the Hong Kong Stock Exchange and applied for listing on the Hong Kong stock market. Guotai Junan International is its sole sponsor.
On June 17, 2025, the official website of the China Securities Regulatory Commission showed that Tianjin Aisida Aerospace Technology Co., Ltd. submitted an IPO counseling filing to the Tianjin Securities Regulatory Bureau, and the counseling agency was CICC.
After the “Opinions” were released, leading domestic commercial rocket companies Galaxy Power and Tianbing Technology also expressed their intentions to the China Securities Journal: “actively act, formulate listing plans, and strive to apply for listing as soon as possible.”
From satellite and satellite companies to “hidden champions” represented by ASTAR, commercial aerospace companies have an urgent need to go public for financing, and they also have a demonstration and driving effect on the entire industry.
As for who will be the first company to “eat crabs”? We’ll see.
