Listing Success | Frost & Sullivan Supports Chengdu Guxing Aerospace Technology Co., Ltd. in Its Successful Listing in Hong Kong (6935.HK)

Chengdu Guoxing Astronautics Technology Co., Ltd. (hereafter referred to as "Guoxing Astronautics") was successfully listed on the stock market on November 13, 2026. The company plans to offer 30.121 million H-share shares for sale, of which 90% will be an international offering and 10% will be a Hong Kong public offering. The maximum issue price per share is HK$33.20, with the maximum total fund raising amount approximately HK$100 million.

During this Hong Kong listing process, Sullivan provided the following key services: helping the issuer accurately and objectively understand its position in the target market, using objective market data to identify, support, and highlight the issuer’s competitive advantages, assisting the issuer, investment banks, and other intermediaries in completing the relevant sections of the prospectus (such as Overview, Competitive Advantages and Strategy, Industry Overview, Business, and other important chapters), aiding the issuer in communicating with the Stock Exchange and investors, helping investors quickly grasp the market ecosystem and competitive landscape, and assisting the issuer in responding to various industry-related questions from the Stock Exchange.

Sullivan has always been a leader in assisting enterprises with their Hong Kong listing. According to the LiveReport Big Data (statistical data as of September 30, 2026), during the statistical period from January to September 2026, and over the past 12 and 36 months, Sullivan provided listing industry advisory services for 76 (market share: 66%), 111 (market share: 68%), and 223 (market share: 69%) Hong Kong IPOs, ranking first in number and possessing rich industry experience, as well as communication expertise with regulatory bodies, exchanges, investment and financing institutions, and related parties.

Commercial aerospace refers to market-driven, profit-oriented aerospace activities undertaken by commercial aerospace companies, including research and development, aircraft manufacturing, rockets and related equipment, and service provision. In the satellite sector, the service scope primarily includes communication services, remote sensing data services, positioning and navigation services, and space computing services. In the rocket sector, the service scope primarily includes satellite and other aircraft launch services. In the ground equipment sector, the service scope primarily includes receiving and transmitting satellite data, enabling ground-based access to space-based information, and supporting the operation and application of satellites and other aircraft. In terms of the nature of market participants, commercial aerospace companies can be divided into private aerospace companies and state-owned aerospace companies.

In recent years, the Chinese government has strongly encouraged the development of the commercial aerospace industry. The output value of China's commercial aerospace industry increased from approximately RMB 1.3 trillion in 2021 to RMB 2.8 trillion in 2025, with a compound annual growth rate of 21.1%, and it is expected to reach approximately RMB 10.9 trillion by 2030, with a compound annual growth rate of 31.2% from 2025 to 2030.

Due to several key factors, the commercial aerospace industry will experience significant growth: (i) Future policies aim to increase private investment in China's aerospace sector by streamlining the licensing management and approval processes for scientific research, rocket production, manned flight, satellite development, and other projects, while eliminating duplicate construction and optimizing regional layout. For example, in 2015, the National Development and Reform Commission issued the 'National Civil Space Infrastructure Medium- and Long-Term Development Plan (2015-2025)', intended to support and guide social capital to participate in space infrastructure construction. In 2025, the Sichuan Provincial Government issued the 'Sichuan Province Commercial Aerospace High-Quality Development Action Plan (2025-2030)', clearly encouraging private enterprises to participate in the commercial aerospace industry. Driven by such policies, China's commercial aerospace industry features a competitive landscape with both state-owned and private enterprises; state-owned enterprises possess aerospace technology expertise, providing a solid technical foundation for the development of commercial aerospace activities, while private aerospace enterprises, leveraging their flexible operational model and strong innovation capabilities, actively explore niche markets. State-owned enterprises, relying on their accumulated technical know-how and resource advantages, maintain a leading position in high-end satellite development and national strategic missions. Meanwhile, private enterprises primarily focus on satellite applications in communications, remote sensing, and space computing, and their satellite development mainly centers on micro and small low-orbit satellites; (ii) The construction of commercial rocket launch facilities and the development of rocket technology (such as multi-satellite launch technology that allows multiple satellites to be deployed using a single rocket, and reusable launch vehicles that can be launched and reused across multiple missions) significantly reduce launch costs and improve efficiency; and (iii) The accelerated deployment of large satellite constellations, thereby driving rapid growth in the demand for satellites and satellite-related solutions.

Source: Vendor Analysis

In recent years, the Chinese government has actively promoted the development of the satellite industry, resulting in a significant increase in the number of in-orbit satellites. As of the end of 2025, Chinese entities had submitted frequency and orbit resource registrations for approximately 203,000 satellites to the International Telecommunication Union ('ITU'), reflecting the vast planned capacity of large satellite constellations. According to the Aerospace Science Society's satellite database, the number of Chinese-owned in-orbit satellites increased from 499 as of December 31, 2021, to 1,166 as of December 31, 2025. Low-orbit satellites are an important infrastructure component of China's satellite industry, rising from 389 as of December 31, 2021, to 1,013 as of December 31, 2025, representing a rise from 78.0% to 86.9% of the total number of in-orbit satellites. Over the past few years, China's satellite industry has experienced steady growth. Driven by favorable policies and the rapid deployment of low-orbit satellite constellations, China's commercial aerospace industry has developed rapidly. Based on revenue, the market size of China's satellite industry is expected to maintain significant growth in the future.

Source: Satellite Industry Association, Vendor Analysis

As of December 31, 2025, China has approximately 400 private commercial aerospace companies engaged in satellite-related business, among which about 20 are capable of covering the entire value chain of the satellite industry, while many participants focus solely on single-satellite-related services. China also has approximately 50 private rocket companies. Based on 2025 revenue, the top ten private commercial aerospace companies in China that operate in satellite-related business account for approximately 35.9% of the total revenue of all such companies, with Guoxing Astronautics ranking seventh with a market share of 2.1%.

Source: Annual Report, Vendor Analysis

As of December 31, 2025, China has approximately 20 private commercial aerospace companies that cover the entire value chain of the satellite industry—including satellite development, launch, and operation and application. Based on 2025 revenue, Guoxing Astronautics ranks second among these companies, with a market share of 22.6%. Additionally, Guoxing Astronautics is a pioneer in the development and launch of AI satellites. Since its establishment and until the final practical date, it has successfully launched 35 satellites it developed (including 29 AI satellites), making it the leading company in China's private commercial aerospace companies in terms of the cumulative number of successfully launched AI satellites. Guoxing Astronautics has also developed, launched, and formed a network for the world's first space intelligence computing constellation consisting of twelve satellites located on the same orbital plane.

Policy Support. The Chinese government prioritizes the development of the commercial aerospace industry and the satellite industry and has introduced a series of supportive policies to promote its growth. For example, in 2023, the government proposed a number of strategic emerging industries including commercial aerospace, aimed at accelerating the formation of new industrial drivers and further promoting the development of commercial aerospace. In 2024, the government work report mentioned commercial aerospace for the first time, providing new opportunities for growth for China's commercial aerospace industry. In 2024, the Chengdu Municipal Bureau of Economy and Information Technology, along with two other departments, issued the 'Chengdu Special Policies to Promote the Development of Satellite Internet and Satellite Application Industries', aiming to accelerate the construction of new types of aerospace infrastructure and promote the development of satellite internet and satellite applications. In 2025, the Sichuan Provincial Government issued the 'Sichuan Province High-Quality Development Action Plan for Commercial Aerospace (2025-2030)', which calls for enhancing commercial aerospace launch capabilities, strengthening innovation-driven development, solidifying industrial foundations, expanding application scenarios, and promoting high-quality development in the commercial aerospace industry. In 2025, the National Space Administration issued the 'National Space Administration Action Plan for Promoting High-Quality and Safe Development of Commercial Aerospace (2025-2027)', which incorporates commercial aerospace into the overall national space development framework and further supports, encourages, and regulates the high-quality and safe development of the commercial aerospace industry. In 2026, the '15th Five-Year Plan for National Economic and Social Development' clearly states the need to improve civil space infrastructure, coordinate the development of satellite communications, navigation, and remote sensing systems, and accelerate the deployment of low-Earth orbit satellite internet constellations.

Rapid Growth of Private Commercial Aerospace Companies. Following the release of the 'Medium- and Long-Term Development Plan for Civil Space Infrastructure (2015-2025)' in 2015, this plan supports and guides social capital to participate in the construction of space infrastructure, transforming China's commercial aerospace industry from a state-led model to a mixed model with state-owned and private companies. This model encourages market-oriented activities, catalyzing rapid expansion in the industry and the rapid growth of private companies in commercial aerospace. These factors effectively enhance the vitality of the commercial aerospace industry, stimulate capital investment, promote technological innovation, and provide broad potential for growth for private enterprises in niche markets such as remote sensing and in-orbit computing satellite applications, as well as the development of micro and small low-orbit satellites. Currently, private enterprises play a key role in the development of the satellite industry, reducing costs, enhancing scalability, and accelerating innovation. The increasing number of private satellite companies contributes to the sustained growth of the industry.

Rapid Deployment of Low-Orbit Satellite Constellations. The recent accelerated deployment of low-orbit satellite constellations has driven the development of the satellite industry. The gradual deployment of low-orbit satellite constellations can provide ground users with uninterrupted global satellite observation and satellite communications. Remote sensing satellite constellations can offer comprehensive remote sensing information services. Communication speed also improves due to the continuous development of satellite constellations. Satellites equipped with integrated communication and remote sensing functions can meet customers' diverse application needs, thereby stimulating rapid growth in the demand for satellite services.

Technological Progress. With the ongoing advancement of satellite technology, the next-generation satellites offer transmission speeds that can rival or even exceed those of terrestrial broadband. The adoption of more efficient transmission technologies and advanced satellites enables them to meet customers' demands for high-bandwidth applications, such as high-speed data download and live video streaming. Meanwhile, as the computing power of a single satellite increases, the total computing power of space computing infrastructure is also expected to increase accordingly. Such progress increases customers' demand for satellite services, turning them into an important infrastructure that generates broader applications and growing market demand.

Development of Space Intelligence Computing. Driven by the increasing demand for in-orbit computing, the development of space intelligence computing is accelerating. The continuous expansion of satellite deployments and the exponential growth of space-generated data are leading to a surge in demand for space intelligence computing. At the same time, as the demand for AI-driven computing increases, ground-based computing architectures are increasingly constrained by bandwidth limitations, energy efficiency considerations, and the latency associated with transmitting large amounts of data from space to the ground, thereby further enhancing the strategic importance of space computing. As industry leaders increasingly prioritize the establishment of a space intelligence computing network, the global commercial aerospace industry is rapidly entering the space-based computing era. A global leading commercial aerospace company has recently announced plans to develop a space intelligence computing network, deploying up to one million satellites specifically for space-based computing and AI workloads. Additionally, a global leading AI computing provider has announced plans to develop a large in-orbit data center composed of 88,000 satellites, with a target capacity of 5 gigawatts, designed to support the development of space intelligence computing infrastructure. Therefore, AI intelligence computing satellites are expected to become an important trend in the satellite industry. With the rapid development of space intelligence computing infrastructure, global commercial aerospace companies will increase their research and development investments in AI intelligence computing satellites, particularly those for AI intelligence computing.

Sky-Ground-Sea Integrated Network. In 2020, the National Development and Reform Commission first included satellite internet in the 'New-Type Infrastructure', which serves as a communication network infrastructure. The accelerated deployment of space infrastructure will enable multi-dimensional communication interconnection between sky-based, ground-based, air-based, and sea-based platforms, providing users with comprehensive information services across all airspace and time zones, facilitating accurate information acquisition, rapid processing, and efficient transmission. The sky-ground-sea integrated network will also empower the satellite industry, offering customers broader, smarter, and more efficient information services.

Expanding Application Scenarios. With the advancement of satellite development technology and the integration of satellite functions, satellite applications have expanded to diverse uses, including smart cities, marine communications, emergency rescue services, culture, tourism, and gaming. For example, in remote areas such as the ocean, desert, and mountain regions, people can directly connect to satellites via mobile phones to access high-quality data services; in the event of natural disasters, rescue personnel can obtain critical information and act more quickly; in urban transportation, air traffic management and autonomous driving can enhance traffic efficiency and safety.