Major commercial aerospace giant IPO approved!

【Intro】AVIC Aerospace Science and Technology’s STAR Market IPO has been accepted by the Shanghai Stock Exchange

China Securities Journal reporter Lu Lingying

After the Long March II-2 Yao-1 space launch vehicle successfully launched on March 30, AVIC Aerospace Science and Technology’s STAR Market IPO was accepted by the Shanghai Stock Exchange on March 31.

On the same day, Blue Arrow Aerospace’s STAR Market IPO was suspended, because the financial information recorded in the documents for its issuance and listing application had passed its validity period and needed to be supplemented and submitted.

Previously, Blue Arrow Aerospace had been leading in terms of IPO progress and had become the subject of the loudest calls to become the “first commercial space company.” However, with AVIC Aerospace’s IPO currently accepted and Blue Arrow Aerospace’s IPO suspended, the “first commercial space company” narrative has suddenly taken an unexpected turn.

Plans to raise RMB 4.18 billion

AVIC Aerospace mainly engages in R&D, manufacturing, and launch services for a series of large and medium-sized commercial launch vehicles, and also develops new space-economy business formats such as space manufacturing, space science experiments, and space tourism.

For this IPO, the company plans to issue no fewer than 50 million shares, accounting for no less than 10% of total share capital after issuance; total share capital after issuance will be no less than 49,952.93 million shares; it plans to raise RMB 4.18 billion, all of which will be used for its core business and working capital replenishment. After deducting issuance expenses, the proceeds from this fundraising will be used for “research and development projects for reusable large launch vehicles,” “research and development projects for reusable launch vehicles and spacecraft,” “a reusable liquid rocket engine industrial base,” and “repaying bank loans and replenishing working capital.”

At present, AVIC Aerospace has successfully achieved mass production launch services for the Long March I launch vehicle, focusing on building high-frequency, “flight-style” launch capabilities, significantly enhancing the level of rapid response and large-scale deployment of commercial launch vehicles. Among them, the Long March I Yao-2 launch vehicle was successfully launched with the “one rocket, 26 satellites” mission, breaking the highest record at the time maintained domestically by the Long March series rockets for one rocket carrying multiple satellites—and it still remains the highest record today for one rocket carrying multiple satellites among China’s private commercial rockets.

Who will become the “first commercial space company”?

Against the backdrop of the state strongly supporting commercial space, a number of private commercial space companies are racing to go public. This includes both commercial rocket companies and commercial satellite companies.

The day before AVIC Aerospace and Blue Arrow Aerospace released their latest IPO updates, Galaxy Aerospace, which completed the shareholding restructuring not long ago, officially began its listing advisory process on March 30. The company is a commercial satellite manufacturer and is the first unicorn enterprise in China’s commercial space sector.

In terms of IPO progress, Blue Arrow Aerospace was first accepted on December 31, 2025, and was asked questions on January 22, 2026. Therefore, before that, the calls for it to become the “first commercial space company” were the strongest. Next is AVIC Aerospace, which was accepted on March 31, 2026. These two companies can be said to be in the first echelon racing to become the “first commercial space company.”

Others such as Xinghe Power, Xingji Glory, Galaxy Aerospace, and so on are either at the stage of filing for IPO advisory, or still in the process of listing advisory.

Therefore, with AVIC Aerospace’s IPO currently accepted and Blue Arrow Aerospace’s IPO suspended, more people are looking favorably on AVIC Aerospace becoming the “first commercial space company.”

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