IPO News | China Star Aerospace once again submitted to the Hong Kong Stock Exchange to launch the world's first AI intelligent computing satellite constellation composed of 12 AI intelligent computing satellites

The Zhitong Finance App learned that according to the Hong Kong Stock Exchange's disclosure on August 25, Chengdu Guoxing Aerospace Technology Co., Ltd. (abbreviation: Guoxing Aerospace) handed over the Hong Kong Stock Exchange main board, with Cathay Pacific Junan International as the sole sponsor. The company submitted a statement to the Hong Kong Stock Exchange on January 27.

According to the prospectus, Guoxing Aerospace is a full chain participant in China's commercial space industry, and its strategic focus is on satellites and related services as well as satellite-based solutions. With commercial space and artificial intelligence (“AI”) as its core advantage, the company designs and produces commercial satellites, ensures stable operation and management, and provides customized satellite-based solutions to meet the diverse needs of customers.

According to Frost & Sullivan, the company ranked second among all Chinese private commercial space companies managing the entire value chain of the satellite industry in terms of revenue in 2024. As a leader in the research, design and production of AI intelligent computing satellites in China, the company launched China's first AI application satellite in December 2018, and China's first AI intelligent computing satellite in February 2024. On May 14, 2025, the world's first AI intelligent satellite constellation composed of 12 AI intelligent computing satellites was successfully launched.

According to reports, as of the last practical date, China Star Aerospace has independently developed 6 AI payloads, 4 AI application satellites, and 16 AI intelligent computing satellites, and successfully completed 14 space missions at the same time. Among them, according to Frost & Sullivan data, XSD-15 became the world's first satellite to verify a large model of AI operation in orbit.

On the financial side, for the six months ended June 30 in 2022, 2023, 2024 and 2025, the company's revenue was approximately RMB 177 million, RMB 508 million, RMB 553 million, and RMB 241 million, respectively. In the same period, the year/period losses were approximately RMB 90,9707 million, RMB 139 million, RMB 177 million, and RMB 192 million, respectively.

According to China Star Aerospace, the loss situation is mainly due to the combined effects of the following factors: (i) relatively high R&D expenses, (ii) fluctuations in gross margin of satellites and related services, and (iii) relatively high management costs, which mainly include non-cash equity incentive arrangements. At the same time, the company's revenue increased 9.0% from 508 million yuan in 2023 to 553 million yuan in 2024, mainly due to increased revenue from satellites and related services, mainly due to confirmed revenue from all or part of the six AI satellites launched in 2024. The increase in sales of these satellites reflects customer recognition of the company's technological progress and capabilities, particularly in the field of AI intelligent computing satellites.