Lan Jian Aerospace's application for listing on the Science and Technology Innovation Board has been queried, aiming to become the "first listed commercial aerospace company"

On January 22, Blue Arrow Aerospace Space Technology Co., Ltd. (referred to as Blue Arrow Aerospace) applied for a change in the status of the Shanghai Stock Exchange's Sci-Tech Innovation Board listing review to "inquiry received." China International Capital Corporation Limited is its sponsorship institution, with plans to raise 7.5 billion yuan. The company's Sci-Tech Innovation Board IPO had been accepted, officially aiming to become the "first listed commercial aerospace company." According to the prospectus, Blue Arrow Aerospace is a leading commercial aerospace enterprise in China, mainly engaged in the research, development, production, and provision of commercial aerospace rocket launch services for liquid oxygen methane engines and launch vehicles. It is committed to building a complete industry chain of "research, manufacturing, testing, and launching" centered around medium to large reusable liquid oxygen methane launch vehicles, creating a technological complex in the aerospace field and becoming a world-class commercial aerospace enterprise. The company is a pioneer and leader in the development of liquid oxygen methane rockets in China, being one of the earliest companies in the country to obtain all necessary qualifications and successfully place commercial launch vehicles in orbit based on self-developed liquid fuel engines. In July 2023, it successfully placed the world's first liquid oxygen methane rocket into orbit, and in December 2025, it successfully launched China's first reusable liquid oxygen methane rocket into orbit. During the reporting period, the company successfully executed four liquid fuel launch missions, with Zhuque-2 becoming China's first mass-produced and commercially used liquid fuel rocket in the civilian aerospace field. In January and September 2024, the company successfully completed 100-meter and ten-kilometer vertical takeoff and landing recovery verification flight tests of Zhuque-3 VTVL-1 reusable vertical takeoff and landing recovery test rocket. In December 2025, Zhuque-3 remote one launch vehicle was successfully launched, with the second stage entering the designated orbit and the first stage undergoing a recovery test, becoming China's first reusable launch vehicle to successfully launch and orbit, positioning its research and development progress at the forefront of the industry. Since its establishment, the company has adhered to the principles of "mastering key technologies independently, developing key products independently, implementing key processes independently, and constructing key facilities independently," establishing a systematic delivery capability and independent technical system across the entire value chain. Through long-term independent innovation and technological accumulation, it has mastered a series of key core technologies including liquid oxygen methane engine technology, auxiliary power system technology, low-cost high-performance and safe liquid oxygen methane launch vehicle system technology, reusable liquid oxygen methane launch vehicle system technology, etc. The company is one of the earliest commercial launch vehicle companies in China to obtain all necessary qualifications and successfully place commercial launch vehicles in orbit based on self-developed liquid fuel engines. Upholding the principles of independent key technology mastery, independent key product development, independent key process implementation, and independent key facility construction, it possesses outstanding research and development capabilities and complete delivery capabilities. With its outstanding core technology and manufacturing capabilities, the company's products have been widely recognized by downstream major customers. The company has signed formal launch service contracts with China Star Network and Yuanxin Satellite. The Zhuque-3 large-scale reusable liquid oxygen methane launch vehicle has been selected as a core supplier for the China Star Network and has won the bid for the Yuanxin Satellite's "2025 Launch Rocket Launch Service Procurement Project" with a rocket launch service for 18 satellites. The company will meet the major strategic needs of the "GW Constellation" of China Star Network and the "Qianfan Constellation" of Yuanxin Satellite with batch production and high-frequency launch services. In terms of finances, in the financial years 2022, 2023, 2024, and the first six months of 2025, the company achieved operating income of 0.78 million, 3.95 million, 4.28 million, and 36.43 million Chinese yuan respectively; during the same period, the net profits were approximately -821 million, -1.216 billion, -916 million, and -635 million Chinese yuan respectively.