by MA Yueran
LandSpace Technology and Yee-Space have become the latest players to initiate IPO preparations, joining a growing list of Chinese commercial space companies tapping into capital markets amid a revival of the fifth listing standard on Shanghai's STAR Market.
On July 29, LandSpace filed for IPO guidance with the China Securities Regulatory Commission (CSRC), with CICC acting as its sponsor. Three days later, Jiangsu-based Yee-Space also filed with the Jiangsu branch of the CSRC, with Minsheng Securities as its advisor.
The fifth listing standard on the STAR Market, designed for pre-profit tech firms, was officially reinstated in late July. It specifically supports emerging sectors such as artificial intelligence, commercial spaceflight, and low-altitude economy. Trinomab, a biotech firm, became the first company to be accepted under the revised rule.
The policy shift has breathed new life into an industry long constrained by capital intensity, slow R&D cycles, and limited revenue visibility. Commercial space companies—especially private rocket startups—have struggled to meet conventional IPO thresholds for profitability and revenue.
The CSRC's recent "1+6" policy package introduced additional measures to accommodate early-stage tech firms, including trial mechanisms like a pre-IPO review system and participation from experienced institutional investors.
The new policy is already gaining traction. According to information obtained by Jiemian News, several other commercial space companies are also preparing IPOs beyond LandSpace and Yee-Space, suggesting broader momentum within the sector. As of the first quarter of 2025, China is home to 12 commercial space unicorns, highlighting the sector's growing appeal to investors.
China's commercial space sector spans five major areas—launch vehicles, satellites, manned spaceflight, deep space exploration, and space stations—with the current market dominated by rockets and small satellites.
LandSpace, founded in 2015, is one of China's leading private rocket companies. Its Zhuque-2 rocket became the world's first liquid oxygen–methane rocket to reach orbit after a successful 2023 launch, a milestone in developing cost-effective propulsion systems.
The company is now preparing for the maiden flight of its reusable Zhuque-3 rocket in the third quarter of 2025. In an earlier interview with Jiemian News, founder and CEO ZHANG Changwu said LandSpace is in a strong position to lead in reusable liquid rockets, although the company remains focused on its own pace rather than racing for firsts.
According to Tianyancha data, LandSpace has completed 17 funding rounds and was once backed by investors including Sequoia Capital China, Hillhouse Capital, Matrix Partners China, and Country Garden Venture Capital. In April, Country Garden sold its 11.06% stake in LandSpace for 1.3 billion yuan, exiting its position with a pre-tax gain of 370 million yuan.
Despite its prominence, LandSpace remains unprofitable. According to Country Garden's disclosure, the company posted net losses of 1.18 billion yuan in 2023 and 1.02 billion yuan in 2024, though net assets rose to 3.9 billion yuan by end-2024.
Yee-Space, established in 2018, specializes in micro- and small-satellite control and communications systems. It also engages in software development, IC design, satellite payloads, and IT consulting. Its satellite IoT modules have been deployed across multiple Chinese satellite constellations, with over 10 billion messages transmitted annually. The company supplied payloads for 26 low-orbit satellites in 2024 alone.
The commercial space sector is also drawing significant private capital. According to the 2025 China Commercial Space Innovation Ecosystem Report by Bestla Analysis, the sector recorded 138 investment events in 2024, with total disclosed funding reaching 20.2 billion yuan. Satellite applications, rocket manufacturing, and satellite production attracted the most interest.
