天兵科技启动上市辅导，中国商业航天IPO版图进一步扩容

Core Viewpoint - Jiangsu Tianbing Aerospace Technology Co., Ltd. (Tianbing Technology) has initiated its IPO process, marking a significant step in the expansion of China's commercial aerospace sector [1][4]. Group 1: IPO and Financing - Tianbing Technology has completed IPO counseling registration with the Jiangsu Securities Regulatory Bureau, with CITIC Securities as the counseling agency [1]. - The company recently raised nearly 2.5 billion yuan (approximately 0.35 billion USD) in Pre-D and D rounds of financing, with notable investors including Guoyu Gaohua, Jishan Group, and others [1]. Group 2: Technological Advancements and Safety Measures - In September, Tianbing Technology successfully conducted a full-system sea trial of the Tianlong-3 large liquid launch vehicle's first-stage propulsion system, setting a new domestic record for thrust in commercial aerospace [1][3]. - Following a serious accident in June 2022, the company implemented 127 technical improvements and upgraded its safety management system, enhancing the reliability of its rocket systems [3][4]. - The company has adopted a "zero-day" safety control plan and conducted multiple emergency drills in collaboration with local authorities to ensure safety during trials [4]. Group 3: Strategic Developments - Tianbing Technology has transitioned from land-based testing to sea-based hot testing, successfully overcoming key technical challenges related to wind and salt spray [4]. - The introduction of redundancy and margin principles in rocket design aims to prevent single-point failures from leading to mission failures or safety incidents, thereby establishing a more robust safety assurance system [4].