China commercial aerospace
1. The fifth set of standards for the Science and Technology Innovation Board has been restarted, bringing major benefits to commercial aerospace.
On June 18, Wu Qing, chairman of the China Securities Regulatory Commission, stated at the 2025 Lujiazui Forum that a science and technology innovation growth layer will be set up on the Science and Technology Innovation Board, and unprofitable companies will be restarted to be eligible for the listing of the fifth set of standards on the Science and Technology Innovation Board, and the scope of application will be expanded to support companies in more cutting-edge technology fields such as artificial intelligence, commercial aerospace, and low-altitude economy.
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Commercial aerospace companies generally face the dilemma of “long R&D cycles, large initial investments, and lagging profits” and rely heavily on capital transfusions. The establishment of a “science and technology innovation growth layer” is undoubtedly a timely blessing for the commercial aerospace field, opening up the “capital channel” for the entire industry.
2. Aisida Aerospace launches IPO on Science and Technology Innovation Board
On June 17, 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.
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While general companies such as rockets and satellites encounter obstacles in going public, a number of leading commercial aerospace component companies such as ASTAR Aerospace have clear business models, good profitability, and clear market development prospects. They will surely shine in the capital market and inject a boost into the development of the commercial aerospace industry.
3. The nine-machine parallel ground ignition test of the Zhuque-3 first-level power system was successful.
On June 20, 2025, Blue Arrow Aerospace’s self-developed reusable rocket Zhuque 3 first-stage power system test rocket successfully completed a nine-machine parallel ground ignition test at the Blue Arrow Aerospace liquid oxygen methane rocket launch station No. 2 in the Dongfeng Commercial Aerospace Innovation Test Zone.
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This power system test uses 9 Blue Arrow Aerospace self-developed Tianque-12A liquid oxygen methane engines. The total thrust of 9 engines in parallel reaches 7542 kN. It is the largest and most automated nine-engine parallel ground ignition test in my country to date, fully covering the ground test and launch process. The first-stage ground ignition is the most important ground test before rocket launch. The success of this test means that the countdown to the first flight of Suzaku-3 within the year has begun.
4. A new breakthrough for manned moon landing, the “Dream Boat” zero-altitude escape flight test was successful
On June 17, my country’s new generation manned spacecraft “Mengzhou” successfully completed a zero-altitude escape flight test at the Jiuquan Satellite Launch Center.
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The zero-altitude escape flight test is an important test before the Mengzhou spacecraft can move from the initial prototype to the full prototype development stage, marking an important breakthrough for my country’s manned moon landing.
5. my country’s first semi-fixed rocket sea launch test platform was officially unveiled
Recently, my country’s first semi-fixed rocket sea launch test platform HOS-1 “Oriental Spaceport No. 1” was officially unveiled in Haiyang, Shandong.
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This platform is mainly used for the full-process test of the liquid rocket first stage, allowing a maximum test time of 200 seconds. It can flexibly adapt to most small and medium-sized rocket designs, marking a key step in my country’s rocket sea test technology. In addition, the platform can also be used for launch test missions of recyclable rockets.
6. Chengdu innovates a new model of “Chain Master Fund Investment” to accelerate industrial agglomeration
On June 18, the 2025 “Invest in Chengdu” global investment conference officially opened. At the conference, Chengdu innovated a new model of “chain master fund investment”. By cooperating with leading companies to establish chain master funds, it leveraged more social capital to participate in the entire investment chain, and promoted on-site centralized signing of contracts between main companies in the satellite industry chain and national supply chain companies.
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The signed projects include the “Star Computing” plan global headquarters project that Nationstar Aerospace plans to invest in and build, which will establish a R&D center, manufacturing center and operation center in Chengdu, driving the clustering of Chengdu’s satellite Internet and satellite application upstream and downstream industries. This method of relying on chain master enterprises and industrial chain funds to accurately attract upstream and downstream supporting facilities and achieve industrial agglomeration is worth learning from.
7. Hua Magnesium Titanium, a developer of liquid crystal phased array antennas, completed Pre-A round financing of nearly 100 million yuan
Recently, Beijing Hua Magnesium Titanium Technology Co., Ltd. announced the completion of nearly 100 million yuan in Pre-A round financing, led by Xingxiang Capital, followed by Guoke Jiahe, Xiangjiang Group Dakecheng Fund, and Leyi Capital.
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Huamei Titanium is a global technology company that develops new system antenna terminals and software platforms. It focuses on the R&D and manufacturing of low-cost, low-power consumption, and miniaturized liquid crystal phased array antennas. This round of financing will be used for the construction of a liquid crystal phased array antenna module factory, team expansion and market expansion.
8. Orbital Chenguang Technology completed 140 million yuan in financing
Recently, Beijing Orbital Chenguang Technology Co., Ltd. completed its first and additional rounds of financing, with a total amount of 140 million yuan.
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Orbital Sunlight is the first industrial project incubated and implemented by Beijing Xingchen Future Space Technology Research Institute. Its core mission is to launch and deploy computing satellites in the earth’s twilight orbit to form a space data center, develop space intelligence, and realize “computing the sky and the sky” and “computing the earth and the sky.”
international commercial aerospace
1. The starship exploded during static ignition.
On June 19, SpaceX Starship S36 exploded during a static ignition test.
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According to a preliminary statement from SpaceX, the explosion originated from the unexpected failure of the nitrogen composite pressure vessel (COPV) in the tail area of the spacecraft when it fell below the verification pressure. If confirmed to be true, it would be the first time a starship has encountered such a problem.
The explosion destroyed the core facilities of the Messi test site, which is expected to take 3-6 months to repair. It directly led to the indefinite postponement of the low-temperature test of S37 and S38 and the tenth test flight. The Block 3 version of the booster test bed under construction was also affected, which may delay the development cycle of the next generation starship.
2. Japan’s Honda self-developed reusable rocket completed 300-meter VTVL test
On June 17, Honda announced that it successfully completed the 300-meter VTVL test of its self-developed Reusable Launch Vehicle (RLV) prototype.
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This test flight reached an altitude of 271.4 meters, the landing point error was 37 centimeters, and the entire flight took 56.6 seconds. It was the first time that a Japanese private company successfully completed a 300-meter VTVL test. Honda plans to achieve a 100-kilometer suborbital flight capability in 2029.
