China Science and Space has not yet turned a profit, with 55 private equity firms participating as shareholders. Chairman Yang Yiqiang controls 35% of the shares.

Rui Finance Yan Minghui March 31, Beijing Interstellar Aerospace Technology Co., Ltd. (hereinafter: Interstellar Aerospace) was accepted for an IPO on the STAR Market. The sponsor is Guotai Junan Huathong Securities. The sponsor representatives are Li Yun and Hu Tao. The accounting firm is Tianjian Accounting Firm.

Interstellar Aerospace was founded in 2018. Its registered capital is about RMB 450 million. It is the first domestic mixed-ownership commercial rocket company, and also the only private commercial rocket company in China that has undertaken multiple major national launch missions.

As of the end of 2025, Interstellar Aerospace has accumulated a payload launch weight of more than 11 tons, ranking first among China’s private commercial launch vehicle rocket companies.

Interstellar Aerospace plans to raise RMB 4.18 billion this time, to be used for projects such as the development of reusable large launch vehicles, among which RMB 800 million will be used to repay bank loans and replenish working capital.

As of the date when the prospectus is signed, Interstellar Aerospace has no shareholder that holds a single shareholding of more than 30%, and there is no controlling shareholder. Yang Yiqiang holds in total 34.71% of the voting rights, and is the actual controller of Interstellar Aerospace.

Yang Yiqiang controls 21.98% of the voting rights of the company through Pengyi Junlian. As the executive affairs partner of the employee shareholding platforms Tianjin Tansuo and Huzhou Zhongqing, he controls 1.47% and 1.12% of the voting rights of Tianjin Tansuo and Huzhou Zhongqing, respectively. Zheng Jun controls 10.14% of the voting rights through Guoke Aerospace, and has signed the “Agreement on Acting in Concert” with Yang Yiqiang to confirm that, in decisions made by the shareholders’ meeting, he will keep consistent with Yang Yiqiang. If a unanimous agreement cannot be reached regarding matters related to acting in concert, Yang Yiqiang’s opinion will be the final opinion, and will be implemented accordingly.

Interstellar Aerospace has a total of 82 shareholders, including 55 shareholders that belong to private equity funds or private fund managers.

Yang Yiqiang, Chairman and General Manager of Interstellar Aerospace, holds a doctorate degree. He is a professional enjoying special government allowances from the State Council. In his early years, he served as a model assistant at the China Academy of Launch Vehicle Technology, a scheduling chief of a certain key national model, a deputy chief commander of a certain key national model, a deputy minister of the academy’s scientific research and production department, the minister of the model management department of the academy, the minister of the quality and technology department of the academy, the chief commander of a certain Long March model rocket, and the administrative head of an air-launched launch vehicle rocket. From April 2019 to the present, he has served as the Director of the Aerospace and Flight Technology Center of the Chinese Academy of Sciences and the Director of the Beijing Key Laboratory of Engineering Mechanics and Flight Control of Reusable Launch Vehicles at the Institute of Mechanics. From November 2019 to the present, he has served as Chairman and General Manager of Interstellar Aerospace.

Because the company’s products have not yet achieved large-scale mass production, and also due to factors such as high R&D investment intensity and a large amount of share-based payment, the company has not been profitable during its reporting period.

In terms of performance, from 2022 to 2024 and the first nine months of 2025, the company’s operating revenue was RMB 5.9529 million, RMB 77.7210 million, RMB 244 million, and RMB 84.2239 million, respectively; the net profit attributable to shareholders of the parent company was RMB -1.761 billion, RMB -512 million, RMB -861 million, and RMB -749 million, respectively.