至少10家商业航天企业，开启IPO进程

Core Viewpoint - The Shanghai Stock Exchange has released guidelines for commercial rocket companies to apply the fifth listing standard on the Sci-Tech Innovation Board, aiming to support the development of high-quality commercial rocket enterprises that have not yet formed a certain revenue scale, thereby accelerating the innovation in commercial aerospace and actively serving the national strategy for a strong aerospace industry [4][5]. Group 1: Listing Standards and Guidelines - The new standards specify that the main business or products of the issuer should be in a continuous research and development or technology transformation stage, with at least one successful launch of a medium to large reusable rocket payload into orbit as a milestone achievement [5]. - It is required that commercial rocket companies hold a leading position in the industry chain and gain high recognition from relevant market entities, with investment from experienced professional institutional investors being a significant consideration [5]. - In June, the China Securities Regulatory Commission issued opinions to enhance the inclusiveness of the Sci-Tech Innovation Board by setting up a growth layer, allowing unprofitable companies in fields like artificial intelligence and commercial aerospace to apply for listing under the fifth standard [5]. Group 2: IPO Progress of Commercial Aerospace Companies - At least 10 commercial aerospace companies have initiated the IPO process, with 5 focusing on launch vehicles, including Blue Arrow Aerospace, Interstellar Glory, China Aerospace Science and Technology Corporation, Star River Power, and Tianbing Technology [6]. - Blue Arrow Aerospace successfully launched its reusable rocket, Zhuque-3, into orbit in December this year, marking a significant milestone in domestic reusable rocket technology [6][8]. - The IPO progress of various companies includes completed IPO counseling or filing, with several companies planning to list on the Sci-Tech Innovation Board [7]. Group 3: Cost Reduction and Technological Development - The high cost of hardware in commercial aerospace makes rocket reusability a crucial path for cost reduction [8]. - Blue Arrow Aerospace's Zhuque-3 is the first domestic attempt at a first-stage recovery rocket, with further attempts expected from both private companies and state research institutes [8]. - Current private rocket companies in China have completed the maiden flight of liquid rockets similar to Falcon 1, with the next phase aiming to develop a reusable medium-lift rocket comparable to Falcon 9, potentially breaking through the bottlenecks in rocket capacity and launch costs [8].