“航天界拼多多”，来了！

Core Viewpoint - Tianyi Space has completed its IPO counseling filing and is recognized as a leading operator of SAR satellite constellations in China, focusing on cost-effective satellite development and integrated SAR data services [1]. Group 1: IPO Counseling Details - Tianyi Space plans to complete its IPO counseling between May and June 2026, with a structured four-phase plan starting from January 2026 [2]. - The first phase involves reviewing the legality and compliance of Tianyi Space and its subsidiaries, as well as assessing the independence of its assets, business, personnel, and finances [2]. - The second phase focuses on training related to legal regulations, internal controls, information disclosure, and corporate governance [2]. - The third phase includes reviewing revenue recognition methods and verifying shareholder holdings, along with external checks on upstream and downstream clients and suppliers [2]. - The final phase will assess whether Tianyi Space meets the conditions for IPO application [2]. Group 2: Company Ownership and Structure - Tianyi Space was established on May 18, 2015, with a registered capital of 50 million yuan, and is controlled by Yang Feng, who holds a total of 30.15% of the shares [3][4]. - Yang Feng directly owns 9.72% of the shares and indirectly controls an additional 20.43% through employee stock platforms and agreements with co-founder Ren Weijia [3][4]. - The company has successfully completed 21 space missions, launching the first batch of commercial SAR satellites, including "Hai Si No.1," "Chao Hu No.1," "Fu Cheng No.1," and "Shen Qi No.01" and "Shen Qi No.02," totaling 38 satellites [4]. Group 3: Company Evolution - On December 12, 2025, Tianyi Space transitioned from a limited liability company to a non-listed joint-stock company, changing its name from "Changsha Tianyi Space Technology Research Institute Co., Ltd." to "Tianyi Space Technology Co., Ltd." [5]. - The registered capital increased by 240.91% from approximately 14.67 million yuan to 50 million yuan during this transition [5].