"National Team" Joins the Race: Commercial Space Capitalization Adds Another "Hardcore" Major Player! Galaxy Space's Shareholding and Partner Companies Revealed

The commercial space race is once again welcoming significant capital infusion.

Recently, according to Qichacha information, the well-known commercial aerospace company Galaxy Aerospace underwent a corporate change. The company name changed from “Galaxy Aerospace (Beijing) Network Technology Co., Ltd.” to “Galaxy Aerospace (Beijing) Technology Group Co., Ltd.,” and the market entity type changed from “Other Limited Liability Company” to “Other Joint Stock Company (Non-listed).” This indicates that Galaxy Aerospace has completed its share reform, adding another major player to the domestic commercial space capitalization “legion.”

Multiple Key Technologies Verified

Along with the share reform, Galaxy Aerospace’s business scope has also expanded. The new scope includes manufacturing of satellite mobile communication terminals, satellite communication services, micro-satellite production, and sales of integrated circuit chips and products; manufacturing of specialized semiconductor device equipment; sales of specialized semiconductor device equipment, among other high-tech manufacturing activities, further completing its industry chain layout.

According to the company’s official website, Galaxy Aerospace is a leading satellite internet solution provider and satellite manufacturer in China. It is the country’s first unicorn in the commercial space sector, dedicated to independent R&D and low-cost mass production of communication payloads, core single units, and satellite platforms.

To date, Galaxy Aerospace has launched over 40 advanced satellites independently developed, successfully verified multiple key technologies, built China’s first low-orbit broadband communication test constellation “Little Spider Web,” and reached the level of “Starlink” in cutting-edge fields such as direct mobile phone connectivity, with 128 beams verified.

On January 16, 2020, Galaxy Aerospace successfully launched China’s most powerful low-orbit broadband communication satellite—the first satellite of Galaxy Aerospace—completing key technology verifications such as the Q/V band feed chain; on March 5, 2022, it independently developed and successfully launched six batch-produced low-orbit broadband communication satellites—Galaxy Aerospace 02 Batch—verifying China’s capability to build large satellite internet constellations with low-cost, mass production, and networking operations.

On July 23, 2023, Galaxy Aerospace’s Lingxi-03 satellite was launched from Taiyuan Satellite Launch Center using a Long March 2D rocket, successfully reaching its designated orbit. This satellite is China’s first flat-panel communication satellite with flexible solar wings, and this launch also marked China’s first in-orbit validation of multi-satellite stacking technology, providing technical support for the rapid deployment of China’s low-orbit communication satellite constellation.

On January 19 this year, China successfully launched 19 sets of low-orbit satellites for satellite internet from the Hainan commercial space launch site using a Long March 12 rocket. This group of satellites is the second set of space infrastructure independently developed and undertaken by Galaxy Aerospace.

Strong Core Technology and Valuation Exceeding 10 Billion

According to Qichacha, since 2023, Galaxy Aerospace’s patent applications and authorizations have increased significantly, continuously demonstrating its core strength and gaining recognition in the commercial space field.

As early as the beginning of 2024, the China Academy of Space Technology released the “China Space Technology Activity Blue Book (2023),” stating that commercial space companies like Galaxy Aerospace possess satellite development capabilities, with the number of satellites launched ranking among the top in the industry. Galaxy Aerospace ranks second domestically in satellite manufacturing and launch quality.

Recently, at the second Commercial Space Industry Development Conference held in Shenzhen, Galaxy Aerospace’s SAR satellite chief designer Duan Xiao stated that the company has successfully developed and mass-produced nearly 20 SAR satellites, with the number of on-orbit and in-development satellites leading domestic commercial space enterprises. The company will further upgrade its mass production capacity and verify actual business capabilities this year, further unlocking the potential of China’s commercial space development.

In 2022, Galaxy Aerospace’s post-investment valuation after a new round of financing was about 11 billion RMB. In 2023, with a valuation of 11 billion RMB, it was ranked 668th on the “Hurun Global Unicorn List 2023”; in 2024, with a valuation of 11.5 billion RMB, it ranked 720th on the “Hurun Global Unicorn List 2024.”

Shareholding and Partnership Companies Revealed

Since its founding, Galaxy Aerospace has completed several rounds of financing. In February this year, the company completed Series C financing, backed by industry capital and “national team” recognition of its large-scale satellite internet production capacity.

From the investment perspective, according to equity penetration data, both venture capital firms and local state-owned capital platforms have invested in Galaxy Aerospace. Notably, “national team” funds have also heavily participated: the National Social Security Fund Council indirectly invested through Shenzhen Gaoling Muxi Equity Investment Fund Partnership (LP), among other market-oriented funds; China Investment Corporation (CIC) indirectly invested via China Construction Bank Capital.

Meanwhile, several listed companies have also indirectly invested in Galaxy Aerospace. A partial review shows that among A-share listed companies, companies like Dian Guang Media, Kingsoft Office, Nanchip Technology, Jinyu Group, and BOE Technology have stakes.

Dian Guang Media stated on investor relations platforms that its funds have invested in projects including Blue Arrow Aerospace, Galaxy Aerospace, and others.

Kingsoft Office invested indirectly through Shenzhen Shunying Private Equity Fund Partnership.

Jinyu Group and BOE Technology invested indirectly via Beijing Jingguo Management Equity Investment Fund Partnership.

On the cooperation front, according to investor relations disclosures and company websites, companies like Zhenhua Technology, Longsheng Technology, Hongda Electronics, and Songsheng Co., Ltd. or their subsidiaries are collaborating with Galaxy Aerospace.

Longsheng Technology’s subsidiary Weiyan Zhongjia mainly supplies products for satellite and payload companies such as China Academy of Space Technology, China Aerospace Science and Industry Corporation, and Galaxy Aerospace.

Zhenhua Technology is a key supplier of core components for satellite manufacturing and rocket launches, with products stably supporting various satellite types in high, medium, and low orbits, and has established deep cooperation with Galaxy Aerospace, Changguang Satellite, and others.

Songsheng Co., Ltd. stated that Galaxy Aerospace is a major customer of its subsidiary Chongqing Jinggang Transmission Technology.

Among these shareholding and partner companies, as of March 20, Jinyu Group, Milky Way Satellite, and Vogt Optoelectronics have seen their stock prices rise this year, while Aerospace Hongtu, Longsheng Technology, and Kingsoft Office have all declined by over 17% since the start of the year.

8 Top Performing Commercial Space Stocks Attracting Financing

The 2026 government work report for the first time designated aerospace as a “new pillar industry.” Previously, “commercial space” had been included in government work reports for two consecutive years.

In recent years, driven by policy incentives and market demand, commercial space has transitioned from technological validation to a new stage of large-scale, commercial operation. According to CCID Consulting’s “Outlook on the Development of China’s Commercial Space Industry in 2026,” the market size in 2025 is projected at 2.83 trillion RMB, a 21.7% increase year-over-year; by 2026, it will reach 3.5 trillion RMB, with continued growth exceeding 20%.

Galaxy Aerospace founder, Chairman, and CEO Xu Ming stated at the third Beijing Commercial Space Industry High-Quality Development Promotion Conference earlier this year, “Currently, space technology is leading a new wave of technological revolution, and the era of space innovation has arrived.”

The recognition of industry leaders has made the A-share commercial space sector a key focus for funds and institutions, with companies along the industry chain deepening their layouts and maintaining high attention from investors.

According to data from Securities Times and Data Treasure, on March 19, 17 companies in the commercial space industry chain saw their financing balances increase by over 10% compared to the end of last year, with 10 companies exceeding 20%. Among them, five companies—Zhimingda, Tianyin Electromechanical, Aerospace Nanhai, Hongyuan Electronics—had increases over 30%.

Zhimingda’s financing balance increased by over 85%. Since 2022, the company has been involved in related commercial space activities, mainly applying its products in satellite communication, rocket control, mobile communication, and protocol conversion.

Tianyin Electromechanical’s financing balance increased by over 60%. Its subsidiary Tianyin Starry’s main domestic competitors include China Academy of Space Technology’s 5th and 8th Institutes, with international competitors like Jena and Sodern.

In terms of performance, among these 17 companies, 8 are projected to see profit growth or turnaround in 2025.

Looking at net profit growth, Beimo Gaoke and Zhimingda are expected to see the largest increases in 2025, with Aerospace Nanhai turning profitable after losses. Notably, Beimo Gaoke’s net profit is expected to increase over 11 times year-over-year in 2025, with 17 institutions conducting research this year. Its full-electronic brake technology has been applied in high-altitude aerospace vehicles, solving traditional hydraulic brake oil leakage issues.

From a market perspective, as of March 20, these 8 companies’ stock prices have slightly declined this year, with Beimo Gaoke and Aerospace Nanhai both gaining over 10% in cumulative price increase; meanwhile, Nare Radar and Zongshen Power have declined over 7.5%.