Commercial aerospace "star companies" Xinghe Power and Interstellar Glory have new developments in their IPO
Beijing Xinghe Power Aerospace Technology Co., Ltd. and Interstellar Glory Aerospace Technology Group Co., Ltd. recently updated their IPO counseling progress. Xinghe Power was established in 2018 and has achieved mass production and commercialization of rockets, currently conducting tests on the Zhishenxing No. 1 and Zhishenxing No. 2. Interstellar Glory was founded in 2016 and successfully launched the Hyperbola No. 1 carrier rocket in 2019, becoming the first private commercial rocket company to achieve orbital insertion. The IPO progress of these two companies indicates that IPOs in the commercial aerospace sector are proceeding normally
According to the official website of the China Securities Regulatory Commission, Beijing Xinghe Power Aerospace Technology Co., Ltd. (referred to as "Xinghe Power") recently updated its IPO guidance progress, with Huatai United Securities Co., Ltd. as the guidance institution.
Previously, Xinghe Power filed for IPO guidance with the Beijing Securities Regulatory Bureau in October 2025, joining the IPO queue of commercial rocket companies.
Founded in 2018, Xinghe Power is the first private commercial rocket company in China to achieve mass production of rockets, high-density launches, and commercialization. In 2025, the main engine CQ-50 of the reusable liquid launch vehicle Zhishenxing-1 completed over 10,000 seconds of cumulative testing, achieving a significant breakthrough in a wide range of thrust variability from 32% to 105%. At the same time, Xinghe Power completed the testing of the second-stage power system of the Zhishenxing-1 rocket and the testing of the first-stage seven-engine parallel offshore platform. The large-scale ground tests of this rocket type have been fully concluded, and the remote one rocket has completed assembly and testing, ready to commence its maiden flight mission.
On January 20, Xinghe Power announced that it recently conducted a full-system hot test of the main engine (CQ-90) of the large reusable launch vehicle Zhishenxing-2 at the Niutoushan engine test site in Chizhou, Anhui, with the test achieving complete success.
In addition, Interstellar Glory Aerospace Technology Group Co., Ltd. (referred to as "Interstellar Glory") also recently updated its IPO guidance progress, with Tianfeng Securities Co., Ltd. and CITIC Securities Co., Ltd. as the guidance institutions.
According to the official website of Interstellar Glory, the company was established in October 2016. In 2019, the self-developed SQX-1 launch vehicle successfully completed its maiden flight, becoming the first private commercial launch vehicle company in China to achieve orbit.
Since its inception, the company has planned a technological development path of "from solid to liquid, from small to large, from sky to ground, and both solid and liquid," and has laid out its model development according to the strategy of "one generation in application, one generation in development, one generation in pre-research, and one generation in exploration." In specific implementation, it has steadily executed the development strategy of "small steps, quick runs, rapid iteration, and continuous evolution," forming a product spectrum of the SQX series launch vehicles Insiders indicate that the updates on the IPO counseling progress of these two companies mean that the IPO of commercial aerospace is proceeding normally.
Source: Shanghai Securities Journal
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