A Zhuque-2E rocket rises above the Jiuquan spaceport in the Gobi Desert, June 9, 2026. Credit: Landspace
HELSINKI — Hongqing Technology, the satellite manufacturing affiliate of launch firm Landspace, has secured one of the largest single raises for a Chinese commercial satellite maker.
The funding round, announced July 2, raised more than 1.3 billion yuan ($191 million) and takes Hongqing’s total financing to more than 2.5 billion yuan ($368 million). The company says it provides systematic full-chain services for low-Earth orbit constellation projects, but also filed the Honghu-3 constellation with the ITU in May 2024, planning 10,000 satellites across 160 planes, becoming China’s third 10,000-plus constellation filing after the national Guowang and Shanghai-led Qianfan (Thousand Sails) programs.
The round was jointly led by investment arms of China Construction Bank and ICBC alongside Jinpu Capital. Other participants include Bank of China, Bank of Communications, Agricultural Bank and CITIC-linked vehicles plus regional state funds from Sichuan, Chengdu, Xiamen and Hunan, along with Beijing Advanced Manufacturing Fund and E-Town Capital.
The participants notably include investment arms of all five big state banks, including several of their financial asset investment companies (AICs), which have been empowered since late 2024 to directly invest in strategic technology. This policy has helped power a surge of investment in commercial space and the growing number of IPOs.
