Long March 12B Maiden Flight Succeeds, Catalyzing Hong Kong-Listed Commercial Space Stocks
Alina Collins
China's Long March 12B rocket completed its maiden flight on June 1, delivering 20-tonne LEO capacity — the country's most powerful single-core rocket; combined with 200,000+ planned LEO satellites and SpaceX's imminent IPO, the commercial-space value chain enters a catalyst-dense window.
What makes this rocket a step-change?
The Long March 12B uses a single-core, two-stage design with 9 kerosene-LOX engines on the first stage, delivering roughly 20 tonnes to low-Earth orbit. This means → each launch can carry more satellites, sharply improving constellation-build speed.
Its maiden payload was the 10th batch of Qianfan constellation satellites, placed into the target orbit. In plain terms = this rocket started working on day one — it was not an empty test flight.
Developer China Rocket (中国商火) says reusable-booster R&D is advancing; no recovery attempt was made this time, with a first-stage recovery test planned for a future mission.
Why does China need heavy-lift rockets now?
ITU filings show China has reserved spectrum and orbital slots for over 200,000 LEO satellites. This reflects a constellation-build ambition far larger than early outside estimates.
CCID Think Tank data: China's commercial-space market hit RMB 2.83 trillion in 2025 and is projected to top RMB 3.5 trillion in 2026.
This means → a massive wave of satellites needs to reach orbit in quick succession, demanding three things from rockets: low cost, heavy lift, high cadence. The Long March 12B was built for exactly this.
Which listed companies benefit most directly?
Upstream components: Shanghai Fudan Micro (01385) makes FPGA chips — programmable chips used in satellites and other systems; CIMC Enric (03899) supplies propellant storage, transport, and gas-supply systems for launches.
Satellite comms and applications: APT Satellite (01045) operates multiple in-orbit satellites; Astronergy (02865) is building a space-solar and satellite business through its subsidiary JT Space.
In plain terms = the rocket is the "delivery truck," satellites are the "cargo," and chips plus fuel-handling gear are the "parts" — every link in this chain is waiting for launch frequency to ramp up.
What does the IPO rush signal?
Domestically, LandSpace, CAS Space, Tianbing, Galactic Energy, and iSpace — all reusable-rocket developers — have launched IPO processes. Goldwind (02208) holds 8.3% of LandSpace; its STAR Market IPO application has been accepted.
Internationally, SpaceX filed its prospectus with the SEC on May 20 and is expected to price on June 11. Market estimates put the valuation at $1.75–2 trillion, with roughly $75 billion in proceeds.
This means → commercial space is shifting from a "cash-burn R&D phase" into a "capital-pricing phase." SpaceX's valuation anchor will directly shape funding pace and market expectations for Chinese peers.
Content is for reference only, not financial advice.