Core Viewpoint - Beijing Xinghe Power Aerospace Technology Co., Ltd. has submitted an IPO counseling record to the Beijing Securities Regulatory Bureau, marking a significant step for the company as a leading private commercial rocket enterprise in China [1] Group 1: Company Overview - Xinghe Power is the first domestic company to achieve mass production and high-density launches of rockets, with a success rate of 51.3% of all successful launches in the private rocket sector in China [1] - The company primarily focuses on solid rockets, while its liquid rocket technology is still under development [2][1] Group 2: Liquid Rocket Development - Liquid rockets offer advantages such as reusability and higher payload capacity compared to solid rockets [2] - Xinghe Power is set to launch the "Zhishen-1," which is one of the first domestic reusable liquid launch vehicles capable of approximately 30 reuses, potentially leading to significant reductions in launch costs [4] Group 3: Recent Financing and Future Plans - The company recently completed a D-round financing of 2.4 billion yuan, aimed at accelerating the development of its "Zhishen" series of reusable liquid rockets and the "Gushen-2" medium solid launch vehicle [5] - The financing will also support related production, testing, and launch capabilities [5] Group 4: Industry Context - The private commercial aerospace sector in China is expected to experience a wave of IPOs, with several companies, including Starry Sky Glory and Blue Arrow Aerospace, currently in the IPO counseling phase [5] - However, challenges such as long R&D cycles, high investment requirements, and difficulties in achieving short-term profitability pose risks to the IPO process [5][6] Group 5: Regulatory Environment - Recent policy changes have eased the path for commercial aerospace companies to go public, with the China Securities Regulatory Commission supporting the listing of unprofitable companies in the sci-tech innovation board [7] - This regulatory shift may lead to the emergence of the first commercial aerospace company on the sci-tech innovation board soon [8]