On August 25, 2025, Adaspace Technology Co., Ltd. (hereinafter referred to as "Adaspace Technology"), based in Chengdu, Sichuan Province, submitted its prospectus to the Hong Kong Stock Exchange, seeking to list on the Hong Kong Main Board.

This marks the company's second attempt, following the expiration of its previous application submitted on January 27, 2025.

**Main Business**

Established in 2018, Adaspace Technology operates as a full-chain participant in China's commercial space industry, with strategic focus on satellites and related services as well as space-based solutions. The company leverages commercial space technology and artificial intelligence (AI) as core advantages to design and manufacture commercial satellites, ensure stable operations and management, and provide customized space-based solutions to meet diverse customer needs.

According to Frost & Sullivan data, Adaspace Technology ranked second among all Chinese private commercial space companies managing the entire value chain of the satellite industry by revenue in 2024.

As a leader in AI computing satellite research, design and production in China, the company launched China's first AI application satellite in December 2018 and China's first AI computing satellite in February 2024. On May 14, 2025, Adaspace Technology successfully launched the world's first AI computing satellite constellation comprising 12 AI computing satellites.

Adaspace Technology's satellite and related services primarily involve the research, development, manufacturing, sales and operations of Low Earth Orbit (LEO) commercial satellites. Utilizing satellite data obtained from satellites, the company has expanded into space-based solution services. Through the application of AI and commercial space technology, the company processes and analyzes satellite data to provide scenario-specific solutions for various industries including spatial intelligence and computing services, digital city applications, urban governance, cultural tourism and gaming applications.

Adaspace Technology has established the Chengdu AIT Center and Jiaxing Satellite Testing Base, enabling the development of multifunctional satellites weighing less than 500 kilograms. As of August 17, 2025, Adaspace Technology has jointly developed 6 traditional remote sensing satellites and 1 AI application satellite with partners, and independently developed 6 AI payloads, 4 AI application satellites and 16 AI computing satellites. As of the same date, Adaspace Technology has received approval from the National Development and Reform Commission for an additional 60 satellites, with orders received for 26 AI computing satellites, of which 12 have been successfully launched.

Adaspace Technology is actively advancing its "Star Computing Plan," aiming to build a space-based computing network consisting of 2,800 AI computing satellites. As of August 17, 2025, orbits and spectrum for 3,145 satellites (including 2,800 AI computing satellites under the Star Computing Plan) have been approved and announced by the International Telecommunication Union. The company plans to launch the first batch of 100 AI computing satellites under the Star Computing Plan by 2028.

Adaspace Technology's revenue comes from space-based solutions utilizing satellite remote sensing data and its proprietary engine, satellites and related services (including payloads, platforms and satellite R&D, assembly, testing, launch coordination, in-orbit delivery and operational management), and other services (including intelligent parking solutions and software and hardware agency services).

**Shareholding Structure**

According to the prospectus, Adaspace Technology's pre-listing shareholding structure shows:

Beijing Xingrong Aerospace (employee shareholding platform, with Dr. Lu Chuan as GP) holds 22.72%; Beijing New Era Space (employee shareholding platform, with Dr. Lu Chuan as GP) holds 9.74%; Parties acting in concert with Beijing Xingrong Aerospace (14.63%, will vote according to Beijing Xingrong Aerospace's instructions): Dr. Lu Chuan can collectively control 47.09% of the voting rights.

Other investors include Galaxy Holdings, Dr. Sheng Xitai, Shenzhen Capital Group, Hengkun Development Fund, Guangdong Wanquan Investment, Tsinghua Honghe, Haijin, Haijin Juying, Qingchuang Bole, Taizhou Guoyun Group, SME Development Fund, Xiuhu Fund, Beijing Xinghua Zhilian Investment, Guangxin Development, Huacang Yixing Investment, Tongkun Langtai, Guangdong Jiahao Investment, Dongguan Investment, Xinwu Fund, CyberAgent, Xinjiang Transportation Construction, Chengdu Science and Technology Service Group, Dongtou Industrial Investment, Zhenye Aerospace, Linzhi Zhengyuan, Haikou Comprehensive Protection Fund, Neijiang High-tech Investment, among others.

**Directors and Management**

Adaspace Technology's board of directors comprises 15 directors, including:

**5 Executive Directors:** Dr. Lu Chuan (Chairman); Dr. Wang Lei (Chief Executive Officer); Dr. Zhao Hongjie (Executive Vice President); Mr. Huang Ruoliang (Chief Executive Officer); Mr. Guo Yong (Senior Vice President);

**5 Non-Executive Directors:** Mr. Wu Tao (Partner of Galaxy Capital/General Manager of Holding Group Fund Management Center); Mr. Fang Guiming (Deputy General Manager of Guangdong Wanquan Investment Development); Ms. Qiu Hui (Chairman of Guangdong Hengxin Fund Management); Mr. Zhu Zhenhua (Managing Partner and Chief Operating Officer of Beijing Hongtai Tongchuang); Dr. Sheng Xitai (Chairman of Beijing Hongtai Tongchuang);

**5 Independent Non-Executive Directors:** Mr. Huang Mingjian (Executive Director, Senior Partner and Head of Corporate Legal Affairs Department of Sichuan Junhe Law Firm); Professor Zhang Tianyu (Presidential Chair Professor of The Chinese University of Hong Kong, Shenzhen, Deputy Director of Shenzhen Research Institute of Data Economics); Professor Huang Jianwei (Presidential Professor and Associate Vice-Chancellor of The Chinese University of Hong Kong, Shenzhen); Dr. Wang Yanfeng (Executive Dean of School of Artificial Intelligence, Shanghai Jiao Tong University); Professor Gao Zhipeng (Professor at School of Computer Science, Beijing University of Posts and Telecommunications);

In addition to the 5 executive directors, senior management also includes: Mr. Zhao Ruifeng (Chief Scientist of Satellite Supply Chain); Mr. Tan Xinglin (Senior Vice President); Mr. Wang Yabo (Senior Vice President); Mr. Geng Ting (Chief Financial Officer);

The supervisory board consists of 3 supervisors: Ms. Chen Meng (Chairman of Supervisory Board); Mr. Tang Qinlei (Staff Representative Supervisor); Ms. Wang Fang (Supervisor and Joint Company Secretary).

**Company Performance**

According to the prospectus, for the years 2022, 2023, 2024 and the first six months of 2025, Adaspace Technology's operating revenue was RMB 177 million, 508 million, 553 million and 241 million respectively, with corresponding net losses of RMB 91 million, 139 million, 170 million and 192 million respectively.

**Intermediary Team**

The main intermediary team for Adaspace Technology's IPO includes:

Guotai Junan International as sole sponsor; PricewaterhouseCoopers as auditor; Haiwen as Chinese legal counsel; Allen & Overy as Hong Kong and US legal counsel; Jingtian & Gongcheng as underwriter's Chinese legal counsel; Deacons as underwriter's Hong Kong legal counsel; Guotai Junan Finance as compliance advisor; JLL as independent property valuer; Frost & Sullivan as industry consultant.