The domestic unicorn valued at 10 billion RMB is striving to become the "first space AI stock".

On the 29th, updated documents on HKEXnews show that Chengdu Guoxing Aerospace Technology Co., Ltd. (hereinafter referred to as "Guoxing Aerospace") has passed the listing hearing on the main board of the Hong Kong Stock Exchange, and released the post-hearing information document, with Guotai Junan International as its exclusive sponsor.

This means that this commercial aerospace enterprise based in Chengdu, Sichuan has entered the final stage before the Hong Kong stock IPO issuance after submitting listing applications for three times. If the follow-up process goes smoothly, it is expected to become the "first space AI stock" on the Hong Kong stock market.

The latest prospectus discloses several key operating data: as of October 20, 2026, Guoxing Aerospace holds 114 pending AI satellite delivery orders with a total contract value of 3.475 billion yuan. In the first half of 2026, the gross profit margin of satellites and related services reached 53.3%, and net cash inflow was realized from operating activities. The company's space computing power business is moving from the technology verification stage to the operation implementation verification stage.

Helmed by a post-80s PhD, controlling 30.77% of voting rights

Founded in 2018, Guoxing Aerospace's core business covers AI satellite R&D and manufacturing, on-orbit measurement, operation and control, and space-based solutions. It is one of the early commercial aerospace enterprises in China that laid out the on-satellite AI computing and space intelligent computing tracks.

Lu Chuan, the founder, chairman and executive director of the company, was born in 1983 and has nearly 20 years of research experience in the fields of artificial intelligence, aerospace and communication engineering. Lu Chuan studied for his bachelor's and master's degrees at University of Electronic Science and Technology of China, and worked there before starting his business.

In 2019, Lu Chuan jointly initiated the establishment of the first domestic AI satellite research institution -- the Satellite Industry Technology Research Institute of University of Electronic Science and Technology of China, and served as its dean.

In terms of equity structure, Lu Chuan controls a total of 30.77% of voting rights through two shareholding platforms, Beijing Xingrong Aerospace and Beijing New Era Space, making him the single largest shareholder group. Among other major shareholders, Galaxy Industrial Group holds about 5.41% of shares; Sheng Xitai, founder of Ameba Capital, holds a total of about 7.93% of shares through multiple funds under his name; institutions such as Shenzhen Venture Capital and Chengdu SEARI are also among the shareholders.

Since its establishment, Guoxing Aerospace has completed at least 8 rounds of financing in total. In April 2026, on the eve of the third submission of listing application, the company completed a Pre-IPO round of financing with a scale of 3.55 billion yuan, with a post-investment valuation of 11.554 billion yuan, which is one of the largest single private equity financings in China's commercial aerospace satellite track in recent years.

Passed the hearing after three submissions, satellite business revenue proportion rises to 57.7%

This is already Guoxing Aerospace's third attempt to list on the Hong Kong Stock Exchange. The company first submitted its prospectus in January 2025, updated the application materials in August the same year, submitted the listing application for the third time in May 2026, and finally passed the hearing after nearly 6 months.

In terms of financial data, from 2023 to the first six months of 2026, Guoxing Aerospace's operating revenue was 508 million yuan, 553 million yuan, 703 million yuan and 226 million yuan respectively; the net losses in the same period were 139 million yuan, 177 million yuan, 256 million yuan and 151 million yuan respectively, with a cumulative loss of more than 570 million yuan in three years.

In terms of revenue structure, Guoxing Aerospace's business is mainly divided into two major sectors: satellites and related services, and space-based solutions. Space-based solutions have long been the main revenue contributor, generating 444 million yuan of revenue in 2025, accounting for 63.2%. The revenue of satellites and related services has grown rapidly: the proportion of total revenue was only 0.6% in 2023, rose to 36.5% in 2025, and further reached 57.7% in the first half of 2026. The satellite business has become the main source of the company's revenue.

In terms of gross profit margin, from 2023 to 2025, Guoxing Aerospace's overall gross profit margin was 14.0%, 38.0% and 20.4% respectively, and the 2025 figure dropped by 17.6 percentage points compared with the previous year. The company explained that the loss mainly stems from the fact that the business is in the climbing stage, the early investment in satellite R&D and constellation construction is large, and R&D expenditure remains high. From 2023 to 2025, R&D expenditure was 53.48 million yuan, 142 million yuan and 152 million yuan respectively, with a cumulative investment of more than 340 million yuan.

114 pending delivery orders, the Star Computing Plan targets 2800 satellites

In terms of orders, as of October 20, 2026, Guoxing Aerospace holds 114 pending AI satellite delivery orders with a total contract value of 3.475 billion yuan. On October 14, 2026, the company just sent 8 Star Computing satellites into orbit via the modified Zhuque-2 rocket, continuously promoting the constellation networking of the "Star Computing Plan".

According to the plan, the constellation of the "Star Computing Plan" will eventually deploy 2800 AI intelligent computing satellites, focusing on running large models directly on the satellite, building a space-based native computing power network, and breaking through the bandwidth bottleneck of traditional remote sensing satellites' satellite-ground data transmission.

In terms of industry status, according to data from Frost & Sullivan, calculated by 2025 revenue, Guoxing Aerospace ranks second among Chinese private commercial aerospace enterprises covering the full value chain of satellites.

Capitalization of commercial aerospace accelerates, listing is expected in mid-to-late November

With Guoxing Aerospace passing the listing hearing, the capitalization process of China's commercial aerospace track has been further accelerated. At present, rocket enterprises such as LandSpace and CAS Space are in the application or inquiry stage on the Sci-Tech Innovation Board of the A-share market, while satellite manufacturing and operation players generally choose the Hong Kong stock market as their listing destination.

An investor in the commercial aerospace field told the reporter of Sci-Tech Innovation Board Daily that landing on the Hong Kong stock market not only opens up financing channels, but also means that Guoxing Aerospace's "space computing power" business model will be tested by the public market. At present, domestic commercial satellite enterprises are generally faced with common problems such as large investment in constellation construction, long return cycle, and downstream application scenarios not fully opened. High customer concentration, risk of satellite launch failure, and technology iteration falling short of expectations are also common risk points in the industry.

According to the usual rhythm of Hong Kong stock IPOs, under the premise of a stable market environment, enterprises will usually promote issuance work such as roadshows and prospectus offering and complete listing within 2 to 3 weeks after passing the listing hearing. This means that Guoxing Aerospace may land on the main board of the Hong Kong Stock Exchange in mid-to-late November 2026.

This article is from the WeChat official account "Sci-Tech Innovation Board Daily", author: Li Mingming, published with authorization from 36Kr.