China Star Aerospace (06935) November 5 to November 10 stock offering is expected to be listed on November 13

According to the Zhitong Finance App, Guoxing Aerospace (06935) will raise shares from November 5 to November 10, 2026. The company plans to sell 30.121 million H shares globally, of which Hong Kong sales account for 10% and international sales account for 90%. The sale price will be HK$24.90 to HK$33.20 per share, 100 shares per lot. It is expected that the shares will start trading on the Stock Exchange on November 13, 2026.

The company is a commercial aerospace enterprise in China. Its strategic focus is on satellites and related services as well as satellite-based solutions. With the company's core strengths in commercial aerospace and artificial intelligence, the company designs and develops commercial satellites to ensure stable operation and management, and provides customized satellite-based solutions to meet the diverse needs of customers.

According to Frost & Sullivan, as an AI satellite pioneer company, the company launched China's first AI application satellite in December 2018, and successfully developed and launched China's first large AI model intelligent computing satellite in September 2024. On May 14, 2025, the company successfully developed and launched the world's first AI intelligent computing satellite constellation composed of 12 AI intelligent computing satellites. This marks an important milestone in the company's efforts to develop a space intelligence constellation and establish an integrated AI space intelligence system. Since its establishment and until the last practical date, the company independently developed 6 AI payloads, 4 AI application satellites, and 26 AI intelligent computing satellites, and successfully completed 15 space missions through launches coordinated by the company or its business partners.

Based on the company's proprietary Spirituality Engine, the company has expanded into satellite-based solution services. Through the application of AI and commercial aerospace technology, the company provides solutions for specific scenarios in various fields such as spatial intelligence and computing services, digital city applications, urban governance, and cultural, tourism and gaming applications.

The company has entered into a cornerstone investment agreement with Jinko Energy Investment and Jinxin. Cornerstone investors have agreed to subscribe for a certain number of shares at the sale price or facilitate their designated entities to subscribe for a total of about HK$60 million (approximately HK$60 million) under certain conditions. Based on the offer price of HK$24.90 per share to be offered, the total number of shares to be purchased by Cornerstone investors will be 2,4096 million H shares.

Assuming that the right to adjust the sale volume and overallotment rights are not exercised, after deducting the underwriting commission and other estimated sale expenses payable by the company for the global sale, assuming that the offer price is HK$29.05 per share (that is, the median of the offer price range of HK$24.90 to HK$33.20), the company estimates that the net proceeds of the global offering will be collected approximately HK$772 million. The company plans to use the net proceeds from the global sale for the following purposes and amounts: Approximately 24.4% of the net proceeds is expected to be used to build the Shenzhen Center. Approximately 35.6% of the net proceeds are expected to be used to enhance the company's R&D capabilities. Approximately 20.0% of the net proceeds are expected to be used to selectively seek strategic investment and acquisition opportunities. Approximately 10.0% of the net proceeds will be used to repay (i) the principal and interest on bank loans to acquire the company's headquarters building in Chengdu in 2024; and (ii) other loans. Approximately 10.0% of the net proceeds are expected to be used as working capital and other general business purposes.