China Science and Space Technology has not yet turned a profit before IPO: senior management's total compensation exceeds 10 million, and Chairman Yang Yi's salary has not been disclosed.

Rui Finance — Yan Minghui — On March 31, China Aerospace Technology Co., Ltd. (hereinafter referred to as “China Aerospace”) had its STAR Market IPO application accepted. The sponsor is Guotai Junxin Securities, and the sponsor representatives are Li Yun and Hu Tao. The accounting firm is Tianjian Certified Public Accountants.

China Aerospace was established in 2018. With registered capital of approximately RMB 450 million, it is the first mixed-ownership commercial rocket company in China, and also the only private commercial rocket company in China that undertakes multiple major national launch missions.

By the end of 2025, China Aerospace has cumulatively launched payload weight exceeding 11 tons, ranking first among China’s private commercial launch vehicle rocket companies.

China Aerospace plans to raise RMB 4.18 billion in this offering, to fund projects such as the R&D of reusable large-scale launch vehicles, among which RMB 800 million will be used to repay bank loans and replenish working capital.

As of the date of signing of the prospectus, China Aerospace has no shareholder holding 30% or more of the shares individually, and therefore no controlling shareholder. Yang Yiqiang collectively controls 34.71% of the shares’ voting rights, making him the actual controller of China Aerospace.

Yang Yiqiang controls 21.98% of the shares’ voting rights through Pengyi Junlian. As the executive affairs partner of the employee shareholding platforms Tianjin Tansuo and Huzhou Zhongqing, he controls 1.47% and 1.12% of the shares’ voting rights through Tianjin Tansuo and Huzhou Zhongqing, respectively. Zheng Jun controls 10.14% of the shares’ voting rights through Guoke Aerospace, and has signed an “Acting-in-Concert Agreement” with Yang Yiqiang, confirming that when decisions are made at the shareholders’ meeting, voting will be consistent with Yang Yiqiang. When no agreement can be reached on matters requiring acting in concert, Yang Yiqiang’s opinion shall be the final opinion, which will then be implemented accordingly.

China Aerospace has a total of 82 shareholders, of which 55 are private equity funds or private fund managers.

Yang Yiqiang is the chairman and general manager of China Aerospace. He holds a PhD degree, and is an expert who enjoys the special government allowance from the State Council. In the early years, he served as a model assistant in the China Academy of Launch Vehicle Technology, a dispatch chief of a certain key national model, deputy chief commander of a certain key national model, deputy minister of scientific research and production department at the academy, minister of the model management department, minister of the quality and technology department, chief commander of a certain Long March rocket model, and the administrative overall head of the air-launched launch vehicle. From April 2019 to the present, he has served as director of the Aerospace Flight Technology Center of the Chinese Academy of Sciences, and director of the Beijing Key Laboratory of Engineering Mechanics and Flight Control for Reusable Launch Vehicles at the Institute of Mechanics. Since November 2019, he has served at China Aerospace as chairman and general manager.

Due to the fact that the company’s products have not yet achieved large-scale mass production, and also because of factors such as high intensity of R&D investment and large amounts of share-based payments, the company has not been profitable during the reporting period.

In terms of performance, in 2022 to 2024 and the first nine months of 2025, the company’s operating revenue was RMB 5.9529 million, RMB 77.7210 million, RMB 244 million, and RMB 84.2239 million, respectively; the net profit attributable to shareholders of the parent company was RMB -1.761 billion, RMB -512 million, RMB -861 million, and RMB -749 million, respectively.

The company has 9 directors. In each period of the reporting period, the total remuneration of directors, supervisors/audit committee members, and senior management were RMB 7.5374 million, RMB 8.7063 million, RMB 10.8325 million, and RMB 7.5586 million, respectively. However, the prospectus does not disclose the specific remuneration details of directors, supervisors, and senior executives.