AHTHGC(SZ:000901) Zheng Quan Shi Bao Wang·2025-10-23 06:32Core Insights - Beijing Xinghe Power Aerospace Technology Co., Ltd. has filed for listing guidance with the Beijing Securities Regulatory Bureau, with Huatai Securities as the advisory institution [1] - Founded in 2018, Xinghe Power is the first private commercial aerospace company in China to achieve rocket mass production and high-density launches, accounting for 51.3% of the total successful launches in the domestic private rocket sector [1] - The company has successfully launched 85 commercial satellites for 27 clients, leading in four key metrics: launch frequency, number of clients served, number of satellites launched, and success rate [1] Company Overview - Xinghe Power provides efficient and reliable launch services for domestic and international aerospace clients, with core products including the "Zhishen" series of medium and large reusable liquid rockets and the "Gushen" series of small solid rockets [1] - The company has achieved several industry milestones, including being the first to enter various orbits and successfully implementing sea launches [1] - Xinghe Power is recognized as the leading private commercial rocket company in China, accelerating the industrialization of private commercial launch vehicles [1] Financing and Shareholding - Xinghe Power completed its D round of financing in September 2023, raising a total of 2.4 billion yuan, with investors including various regional investment funds [2] - The funds will primarily be used to accelerate the development and production of the "Zhishen" series and "Gushen No. 2" rockets [2] - The shareholding structure indicates that Liu Baiqi and Liu Jianshe are the actual controllers of the company, holding 32.36% of the shares [2] Industry Context - The push for IPOs among leading commercial aerospace companies is supported by increased policy backing, with the China Securities Regulatory Commission enhancing support for emerging industries [3] - New policies aim to expand the applicability of listing standards to more frontier technology sectors, including commercial aerospace [3]