Core Viewpoint - Jiangsu Tianbing Aerospace Technology Co., Ltd. (Tianbing Technology) is advancing in the commercial aerospace sector with significant achievements in liquid rocket engine development and large-scale liquid launch vehicles, recently completing a successful financing round to support its growth [1][3]. Group 1: Company Overview - Tianbing Technology is recognized as a leading high-tech enterprise in China's commercial aerospace field, focusing on the development of next-generation liquid rocket engines and medium to large liquid launch vehicles [1]. - The core team of Tianbing Technology consists of experienced industry experts, with an average age of 38 years, 67% holding senior titles, and 95% possessing master's degrees or higher [1]. Group 2: Recent Achievements - In April 2023, Tianbing Technology's self-developed Tianlong-2 medium liquid launch vehicle successfully completed its maiden flight, marking it as the first private liquid rocket company globally to achieve this milestone in over 20 years [1]. - In September 2023, the company conducted a successful full-system sea test of the Tianlong-3 large liquid launch vehicle's first-stage power system, setting a new domestic record for liquid rocket engine thrust [1]. Group 3: Market Position and Future Prospects - The Tianlong-3 rocket is expected to achieve over 20 tons of near-Earth orbit capacity, comparable to SpaceX's Falcon 9, and is designed to meet the demand for low-cost, high-reliability satellite internet launches [2]. - Tianbing Technology has established a comprehensive industrial chain for rocket research, large-scale manufacturing, and dedicated launch facilities, aiming for an annual production capacity of 50 Tianlong series rockets and 500 Tianhu series engines [2]. Group 4: Financing and Investment - On October 9, 2023, Tianbing Technology announced the completion of nearly 2.5 billion RMB in Pre-D and D round financing, involving several well-known institutions, to support the mass production of rockets and engines and further technological advancements [3]. - The controlling shareholder of Tianbing Technology is Kang Yonglai, holding a direct stake of 23.49% [4].

Core Viewpoint - Jiangsu Tianbing Aerospace Technology Co., Ltd. (referred to as "Tianbing Technology") has completed its IPO guidance filing with the Jiangsu Securities Regulatory Bureau, marking a significant step in its growth within China's commercial aerospace sector [1][4]. Company Overview - Tianbing Technology was established on April 11, 2019, with a registered capital of 390 million yuan. The legal representative and controlling shareholder is Kang Yonglai, who holds a direct shareholding of 23.49% [1][4]. - The company is a high-tech enterprise that specializes in the development of next-generation liquid rocket engines and medium to large liquid launch vehicles, positioning itself as a leader in the commercial aerospace industry [4][5]. Leadership and Team - Kang Yonglai, a PhD in engineering, has nearly 20 years of experience in rocket technology research and project management. He has held significant positions at the China Academy of Launch Vehicle Technology [4]. - The core team of Tianbing Technology consists of industry veterans, with an average age of 38. Notably, 67% of the team holds senior professional titles, and 95% have a master's degree or higher [5]. Industry Position and Achievements - Since its inception, Tianbing Technology has rapidly ascended to the top tier of the commercial aerospace sector in China. The successful maiden flight of its self-developed Tianlong-2 medium liquid launch vehicle occurred in April 2023 [5]. - The Tianlong-3 large liquid launch vehicle is expected to achieve a payload capacity exceeding 20 tons to low Earth orbit, comparable to SpaceX's Falcon 9, and is designed to meet the demands of China's satellite internet deployment [5][6]. Recent Developments - In August 2023, Tianbing Technology, along with Blue Arrow Aerospace and CAS Space, was selected for the "Thousand Sails Constellation" project, with the highest comprehensive score among the bidders [6]. - The company has established a comprehensive industrial chain for rocket research, large-scale manufacturing, and dedicated launch facilities, aiming for an annual production capacity of 50 Tianlong series rockets and 500 Tianhu series rocket engines [6]. Financing and Valuation - Tianbing Technology has completed multiple rounds of financing, with its recent Pre-D and D rounds raising nearly 2.5 billion yuan, supported by several well-known institutions [6][7]. - In June 2024, the company is set to complete an additional 1.5 billion yuan in C+ round financing, further solidifying its financial position in the industry [7].

Group 1 - Beijing Tianbing Technology Co., Ltd. has recently completed nearly 2.5 billion RMB in Pre-D and D round financing, with participation from multiple institutions [1] - The total financing amount for Tianbing Technology has reached approximately 7 billion RMB, with over 3 billion RMB raised in 2023 alone [1] - Tianbing Technology was founded in June 2015 and has become a leading player in China's commercial aerospace sector, ranking first in the Chinese commercial aerospace list of the 2024 Hurun Global Unicorn List [1] Group 2 - The Tianlong-3 large liquid launch vehicle is expected to achieve a near-Earth orbit capacity of over 20 tons, comparable to SpaceX's Falcon 9, and can launch 36 satellites in a single mission [4] - The company has established a full industry chain layout for the Tianlong series rockets, with an annual production capacity of 50 Tianlong rockets and 500 Tianhu engines [4] - The commercial aerospace sector in China is experiencing accelerated financing, with significant investments in private rocket companies, indicating a growing trend in the industry [2][4] Group 3 - The commercial aerospace industry in China is expected to enter a golden development period driven by policy support, technological innovation, and capital empowerment [5] - The industry is projected to achieve a "civilian space economy" by 2030, reshaping the industrial landscape through collaboration and global expansion [5] - The future of China's commercial aerospace will not only extend national strategies but also serve as a core infrastructure for digital economy and smart society development [5]