Galaxy Aerospace launches IPO: The founder was previously President of Cheetah Mobile, with Lei Jun and Ge Weidong both investing.

Yet another commercial space company in China has kicked off its IPO.

On March 31, according to information shown on the CSRC website, Galaxy Space (Beijing) Technology Group Co., Ltd. (hereinafter “Galaxy Space”) has initiated filings for IPO listing counseling and advising services. The industry classification is spacecraft and launch vehicle manufacturing (code: C3742). The counseling institution is Huatai United Securities Co., Ltd., with the filing date being March 30.

According to the filing report, Galaxy Space was founded in 2019. The company’s founder, Chairman, and CEO Xu Ming directly holds and indirectly holds 22.04% of the company’s shares. Taking into account the company’s special voting rights arrangements and Xu Ming’s direct and indirect shareholding, Xu Ming cumulatively controls 72.87% of the voting rights, making him the company’s actual controller.

According to official materials, Galaxy Space is one of China’s leading providers of satellite internet solutions and a satellite manufacturer. Its founder Xu Ming graduated from Harbin Institute of Technology and previously served as President of Cheetah Mobile. The company is committed to the independent R&D and low-cost mass production of communication payloads, core single-unit components, and satellite platforms. In Xi’an, Chengdu, and Beijing, it has built supporting development and manufacturing capabilities for communication payloads, core single-unit components, and solar wings that are at internationally leading standards. It has also established a new-generation satellite intelligent manufacturing factory in Nantong, achieving mass-production capabilities for hundreds of satellites.

Earlier, Hu Zhao, Chief Model Designer of Galaxy Space, said that the company’s satellite smart factory has built a complete industry ecosystem ranging from satellite component R&D and production to end-to-end integrated testing of the full satellite. The team focuses on improving and optimizing batch-production efficiency. It has developed a satellite collaborative intelligent dispatching system, further shortening the satellite development and manufacturing cycle.

To date, Galaxy Space has累计 launched more than 40 advanced satellites independently developed, and has built China’s first low-orbit broadband communications test constellation, “Xiao Zhizhuwang.” In frontier technology areas such as direct-to-cellphone connectivity, it has reached a level comparable to “Starlink,” and has already validated 128 beams.

Recently, Galaxy Space has completed its shareholding restructuring (share reform). The company name has changed from “Galaxy Space (Beijing) Network Technology Co., Ltd.” to “Galaxy Space (Beijing) Technology Group Co., Ltd.” Its business scope has also been expanded to include satellite mobile communication terminal manufacturing, satellite communication services, small satellite manufacturing and production, as well as the sale of integrated circuit chips and products; manufacturing of specialized equipment for semiconductor devices; and sales of specialized equipment for semiconductor devices, among other businesses.

According to the Tianyancha App, Galaxy Space just completed its Series C round of financing in February this year. To date, it has completed eight rounds of financing in total. Well-known investment institutions such as Shunwei Capital under Lei Jun, IDG Capital, Hillhouse Venture Capital, HunDun Investment under Ge Weidong, 经纬创投 (Sequoia Capital China), Junlian Capital, and CICC Capital have all participated in the investments. Local state-owned capital platforms and “national team” funds have also been present. In 2022, during its B++ round of financing, Galaxy Space’s valuation reached RMB 11 billion. In the 2024 Hurun Global Unicorn List, its valuation was RMB 11.5 billion.

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