Recent reports have circulated regarding the departure of a lead underwriter for Blue Arrow Aerospace. Information indicates the company had two lead underwriters: Tian Jiali and Ni Jiawei.

On March 31, Blue Arrow Aerospace's IPO was abruptly suspended, primarily attributed to the need for financial report updates. Whether this suspension relates to the underwriters remains unclear.

According to industry association records, Tian Jiali's information is no longer available, strongly suggesting his departure from CICC. The other lead underwriter, Ni Jiawei, remains employed but lacks experience as a lead underwriter for an initial public offering.

Data reveals that Tian Jiali had not previously served as a lead underwriter for an IPO or had no successful experience in such a role. However, he has been involved in various IPO projects since around 2010, including unsuccessful attempts for Xionglin New Materials and AVIC Science and Technology.

Regarding the reason for his departure, Aerospace Intelligent Manufacturing, a listed company where Tian served as a lead financial advisor, announced he left due to personal family reasons and career development plans. He will no longer serve as the lead independent financial advisor for the ongoing asset restructuring supervision.

The plausibility of this stated reason is questioned. The sudden personnel change during a critical phase for a prominent commercial aerospace company's IPO push appears unusual. Given that underwriting fees for high-profile projects are likely substantial, the timing of the exit adds to the peculiarity.

For reference, underwriting fee rates were 4.9% for Moore Threads and 6.36% for MetaX. Blue Arrow Aerospace's potential underwriting fee could be as high as 3.75 billion yuan. The lead underwriter would likely receive significant bonuses.

It is noteworthy that CICC did experience significant staff turnover last year. Financial reports show a net reduction of 432 employees in 2025, the highest in recent years.

Blue Arrow Aerospace responded, stating Tian Jiali's departure was a normal career transition, reflecting personal choice unrelated to the current IPO project, and will not affect its normal progression.

Following news of the lead underwriter's departure, Goldwind Science & Technology, which holds over 10% of Blue Arrow Aerospace, saw its shares fall more than 5% on April 7.

A brief overview of Blue Arrow Aerospace: The company is a leading Chinese commercial aerospace firm focused on developing, producing, and providing launch services for liquid oxygen methane engines and carrier rockets, aiming to become a world-class enterprise. Its Zhuque-2 series medium-sized liquid oxygen methane rockets are the first in China's private commercial aerospace sector to enter mass production and commercial use. The Zhuque-3 large reusable liquid oxygen methane rocket successfully achieved orbit on its first flight, a first for China, positioning the company's development progress domestically.

As the commercial rocket sector is in its early stages and aerospace equipment is technology-intensive, the company requires continuous heavy investment in R&D. From 2022 to the first half of 2025, net losses attributable to shareholders were 804 million yuan, 1.188 billion yuan, 876 million yuan, and 597 million yuan, respectively. Non-GAAP losses were 859 million yuan, 1.225 billion yuan, 1.138 billion yuan, and 614 million yuan, respectively.

R&D investment is substantial but the ratio of R&D spending to revenue has shrunk significantly recently. Annual R&D expenditures were 730 million yuan, 809 million yuan, 1.141 billion yuan, and 622 million yuan in the reporting periods. R&D spending was once hundreds of times revenue but dropped to less than ten times revenue in the first half of 2025.

Sole sponsor CICC, through CICC Capital, holds a 0.67% stake in Blue Arrow Aerospace, and CICC indirectly holds 0.01%. A successful listing would yield CICC returns far exceeding the potential underwriting fee.

The company's ultimate controller is Zhang Changwu, who directly holds 6.73% and controls an additional 16.74% through five entities, totaling a 23.47% stake but controlling 75.2% of voting rights.

Blue Arrow Aerospace boasts a roster of prominent shareholders pre-IPO. Goldwind Science & Technology holds 10.1%, making it the largest single shareholder. Other investors include Yicun Capital, Puro Capital, Country Garden, Sequoia Capital, Matrix Partners China, Sunac, CCB International, Pudong Capital, Shannon Core Creation, China Renaissance, and state capital represented by the National Manufacturing Transformation Fund. Matrix Partners China holds 2%, and Sunac holds 1.7%.

Interestingly, Zhang Changwu has no prior commercial aerospace experience, having worked in finance from HSBC to Santander's Asia-Pacific investment division before unexpectedly becoming founder and chairman of a commercial aerospace company in 2015.

Zhang's father-in-law, Wang Jianmeng, has an impressive resume. He is a satellite launch and international aerospace cooperation expert, a Tsinghua University graduate, promoted to Senior Colonel in 1996, and has held positions including dispatcher at the Xichang Satellite Launch Center, senior engineer for aerospace systems at the China Satellite Launch and Tracking System General Department, and vice president of China APT Mobile Satellite Communications Co. Wang was a long-time vice chairman of Blue Arrow Aerospace, stepping down in July 2025. A co-founder, he once held over 60% of shares and was the controlling shareholder. His connections and expertise were likely fundamental in attracting major investor support.

Currently, Wang Jianmeng holds no shares, having exited quietly during an early 2016 equity financing round but remaining vice chairman for a long period. This has led to market speculation that his shares might be held in trust by Zhang Changwu. His exit before the equity financing and stepping down as chairman ahead of the IPO have raised market suspicions and potentially regulatory attention.