China Aerospace Science and Technology Commercial Launch Vehicle Group Co Ltd, a state-owned launch commercialization firm for the domestic market, is looking to raise external capital in the not-too-distant future.
To do so, relevant documents have been submitted to the exchange to be reviewed by December 1st, as part of the standard preliminary disclosure phase to ensure good legal standing. Only after the review can plans to raise capital proceed, in accordance with boundaries outlined by the exchange and other market authorities.
By seeking external capital, funding can come from enterprises beyond those under the approval of the China Aerospace Science and Technology Corporation, the state-owned space giant and one of its shareholders. Those would be other state-owned firms, various government investment groups, and potentially, boundaries allowing, private entities.
What the Commercial Launch Vehicle Group is doing is not entirely unprecedented even at large state-owned enterprises, although private actors have not participated in those as of late. Through the 2010s, mixed-ownership to create state-controlled enterprises was pursued across several sectors in the name of becoming market-oriented.
As the review is still ongoing, the Commercial Launch Vehicle Group has not said what it plans to do with to-be-raised capital or how much it is looking for. Those may be revealed after the review or after the completion of the capital raise.
Ahead of applying to raise external capital, three capital increases from organizations under the China Aerospace Science and Technology Corporation have taken place in January, July, and October. Those have allowed the Commercial Launch Vehicle Group to gain around 5.89 billion Yuan (883 million United States Dollars, as of November 5th) so far this year.
Those increases have resulted in, according to disclosed information for the upcoming raise, the Shanghai Academy of Spaceflight’s bloc controlling 43.0628% of the total shares, China Long March Rocket Co Ltd , the China Academy of Launch Vehicle Technology’s commercialization arm, holding 23.9575%, the China Aerospace Science and Technology Corporation itself owning 17.8692%, Xi’an-based entities with 11.363%, and six minority investors possessing 3.7469%.
Additionally for it, the Group has revealed it presently has 810 staff employed, along with the first two years of its financial history, after being founded in late September 2024. That detailed 12.6 million Yuan (1.88 million United States Dollars) of revenue in 2024 and a rise to 350 million (52.47 million United States Dollars) in 2025, although a net loss of 2.39 million (358,310 United States Dollars) was recorded in 2024 that grew to 36.86 million (5.52 million United States Dollars) in 2025. Despite the losses in those years, assets being managed grew to 3.572 billion (535.52 million United States Dollars) Yuan by the end of 2025, up from 1.139 billion (170.76 million United States Dollars) at the time of their establishment.
While active to date, the Commercial Launch Vehicle Group has maintained that its purpose is to commercialize state-owned launch solutions on the domestic market, with its July capital increase making it the favored organization by the Shanghai Academy. That is in addition to the operations of its so far once-flown Long March 12B, which is heavily supported by state-owned space enterprises. After October’s raise, it quietly started to do the same for the China Academy of Launch Vehicle Technology.
In pouring capital into the Group this year, state-owned enterprises with a vested interest in maintaining the China Aerospace Science and Technology Corporation’s dominant position in China’s space sector could be forming a ‘national team’ on the launch market to better compete with increasingly competitive, capable, and well-backed commercial options. Political leadership has favored the growth of commercial firms to grow space as a new economic pillar in recent years.