又一商业火箭“独角兽”启动IPO征程

Core Viewpoint - Jiangsu Tianbing Aerospace Technology Co., Ltd. (referred to as "Tianbing Technology") has completed its IPO guidance filing with the Jiangsu Securities Regulatory Bureau, marking a significant step in its growth within China's commercial aerospace sector [1][4]. Company Overview - Tianbing Technology was established on April 11, 2019, with a registered capital of 390 million yuan. The legal representative and controlling shareholder is Kang Yonglai, who holds a direct shareholding of 23.49% [1][4]. - The company is a high-tech enterprise that specializes in the development of next-generation liquid rocket engines and medium to large liquid launch vehicles, positioning itself as a leader in the commercial aerospace industry [4][5]. Leadership and Team - Kang Yonglai, a PhD in engineering, has nearly 20 years of experience in rocket technology research and project management. He has held significant positions at the China Academy of Launch Vehicle Technology [4]. - The core team of Tianbing Technology consists of industry veterans, with an average age of 38. Notably, 67% of the team holds senior professional titles, and 95% have a master's degree or higher [5]. Industry Position and Achievements - Since its inception, Tianbing Technology has rapidly ascended to the top tier of the commercial aerospace sector in China. The successful maiden flight of its self-developed Tianlong-2 medium liquid launch vehicle occurred in April 2023 [5]. - The Tianlong-3 large liquid launch vehicle is expected to achieve a payload capacity exceeding 20 tons to low Earth orbit, comparable to SpaceX's Falcon 9, and is designed to meet the demands of China's satellite internet deployment [5][6]. Recent Developments - In August 2023, Tianbing Technology, along with Blue Arrow Aerospace and CAS Space, was selected for the "Thousand Sails Constellation" project, with the highest comprehensive score among the bidders [6]. - The company has established a comprehensive industrial chain for rocket research, large-scale manufacturing, and dedicated launch facilities, aiming for an annual production capacity of 50 Tianlong series rockets and 500 Tianhu series rocket engines [6]. Financing and Valuation - Tianbing Technology has completed multiple rounds of financing, with its recent Pre-D and D rounds raising nearly 2.5 billion yuan, supported by several well-known institutions [6][7]. - In June 2024, the company is set to complete an additional 1.5 billion yuan in C+ round financing, further solidifying its financial position in the industry [7].