The battle for "the first commercial aerospace stock" begins: CAS Space races for a STAR Market IPO.

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The battle to become the first publicly-listed commercial aerospace company has officially begun.

On March 31, Zhongke Aerospace Technology Co., Ltd. (hereinafter referred to as “Zhongke Aerospace”) had its STAR Market IPO application accepted.

Following Landspace Technology, this is another commercial aerospace company launching a bid for the STAR Market.

However, there are differences between the two in their choice of listing standards.

Landspace chose the fifth set of STAR Market listing standards – “Market value + staged achievements,” i.e., “expected market value not less than RMB 4 billion, main business or products must be approved by relevant national departments, with a large market potential.”

But Zhongke Aerospace opted for the second set of standards: “expected market value not less than RMB 1.5 billion, revenue in the most recent year not less than RMB 200 million, and the cumulative R&D investment over the past three years must not be less than 15% of cumulative revenue in the past three years.”

This choice is closely related to the scaled revenue already achieved by Zhongke Aerospace.

In reality, Landspace’s performance scale is still relatively limited, with revenue in 2024 of only RMB 4 million.

In comparison, Zhongke Aerospace’s revenue in 2024 and the first three quarters of 2025 reached RMB 244 million and RMB 84 million respectively, while net losses for the same periods were RMB 861 million and RMB 750 million.

The scaled revenue achieved by Zhongke Aerospace is mainly related to the increased number of launches. In 2024, it successfully carried out three carrier rocket launches, directly driving growth in launch service revenue, its core business.

At present, Zhongke Aerospace has successfully achieved mass production launches of its Lijian One carrier rocket. On March 30, the first flight of its Lijian Two (International Textile City) carrier rocket was also successful, sending the Lightboat prototype (New Journey 02 satellite), New Journey 01 satellite, and Tianshi Satellite 01 precisely into their intended orbits.

According to Xinfeng, it is understood from Zhongke Aerospace that the maiden flight mission of Lijian Two (International Textile City) carrier rocket mainly validated three key technologies: CBC configuration application, large-diameter optical round tank structure design and manufacturing process, and large fairing horizontal separation.

By the end of 2025, Zhongke Aerospace's cumulative payload launched exceeded 11 tons, ranking first among Chinese private commercial carrier rocket companies. Its main order types cover commercial, scientific research institutions, and national tasks.

Currently, Zhongke Aerospace is advancing research and development of reusable carrier rockets, and plans to carry out the maiden flight of a two-stage, large, reusable liquid carrier rocket “Lijian Two Heavy (PR-2H)” in 2028.

In this IPO, Zhongke Aerospace plans to raise RMB 4.18 billion, to be used for the construction of reusable large carrier rockets, vehicles and spacecraft, engines, and other projects.

With Landspace and Zhongke Aerospace both launching bids for the STAR Market, whether more commercial aerospace companies' IPO applications will be accepted is attracting attention.

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