China’s rocket start-ups push the envelope as IPOs gather pace

China is moving forward with the initial public offering (IPO) plans of four private rocket makers this month, as Beijing pushes to build up its commercial space industry amid intensifying competition with Elon Musk’s SpaceX.The Shanghai Stock Exchange has issued questions on LandSpace Technology’s IPO application, according to an update late on Thursday, advancing the company’s plan to raise 7.5 billion yuan (US$1 billion) on the tech-focused Star Market.IPO preparations also advanced at three other rocket firms: i-Space issued a counselling update on Wednesday, CAS Space passed a review on Saturday [January 17], and Space Pioneer published its first guidance report on January 15.To list in Shanghai, companies typically move through several stages – including pre-IPO counselling, exchange inquiries, review by a listing committee and registration approval – in a process that can stretch over several years.LandSpace, however, completed its counselling phase in around five months – one month faster than graphics processing unit maker Moore Threads Technology last year – underscoring what appears to be a faster pace for strategically backed companies in sectors Beijing has prioritised.A range of LandSpace rocket carriers and engines. Chinese launch start-ups have yet to achieve a successful rocket recovery. Photo: ReutersChina has highlighted aerospace as a strategic industry in its 15th five-year plan, while the Shanghai bourse has added leading commercial space companies to a Star Market “white list” that can give priority treatment to eligible issuers, including some that are still unprofitable.