估值200亿，科创板商业航天第一股要来了

Core Viewpoint - Blue Arrow Aerospace Technology Co., Ltd. (Blue Arrow Aerospace) is preparing for its initial public offering (IPO) on the Sci-Tech Innovation Board, with a valuation of 20 billion yuan, making it the leading company in the commercial aerospace sector in China [1][3][4]. Group 1: Company Overview - Blue Arrow Aerospace was established on June 1, 2015, with a registered capital of 360 million yuan [2]. - The company is classified under the manufacturing industry for railways, ships, aerospace, and other transportation equipment [2]. - The controlling shareholder is Zhang Changwu, who holds 14.68% of the shares through his controlled entity, Huai'an Tianhui Technology Information Consulting Center [2][8]. Group 2: Financial and Investment Highlights - Blue Arrow Aerospace has raised over 3.5 billion yuan in cumulative financing, attracting prominent investors such as Sequoia Capital and Matrix Partners [5]. - The company was recently valued at approximately 11.796 billion yuan based on a significant share transaction where a previous investor sold 11.063% of its stake for 1.305 billion yuan [7]. Group 3: Technological Advancements - Blue Arrow Aerospace has successfully developed and tested 100 liquid oxygen-methane engines, marking a significant milestone in the commercial aerospace sector [10]. - The company has established a complete industrial chain for rocket development, manufacturing, testing, and launching, with 101 related inventions and 71 authorized patents [10]. - The TQ-12B engine has completed 550 seconds of ground testing, demonstrating key performance metrics for the upcoming reusable rocket, Zhuque-3, which is scheduled for its first flight in the second half of this year [12]. Group 4: Market Position and Future Plans - Blue Arrow Aerospace aims to become the first commercial aerospace company listed on the Sci-Tech Innovation Board, capitalizing on the supportive regulatory environment for unprofitable enterprises in cutting-edge technology sectors [3][4]. - The company has signed contracts with international partners for satellite launches and in-orbit delivery, with total contract amounts exceeding 100 million yuan [12].