Chinese private space companies are attracting more patient capital investment for their collaborative and long-term research and development.
The Chinese government has been encouraging private investment in commercial spaceflights since the State Council released relevant guiding opinions in 2014. Commercial spaceflights were listed as a new growth engine in the 2024 Report on the Work of the Government.
Statistics show that in 2023, about 170 financings took place in the country's commercial space sector, with a total disclosed amount of more than 18.5 billion yuan (about 2.55 billion U.S. dollars).
Yunyao Aerospace Technology, a private satellite company providing services for weather observation and sea voyages, plans to launch 41 satellites this year and complete its constellation of 90 satellites by the end of next year. However, its self-raised money could not meet the satellite launch requirements.
Wang Pengcheng, deputy general manager of the company, said that after receiving 21 million yuan (about 2.89 million U.S. dollars) from the investor, Essential Capital, and efforts to cut costs, their project was able to move forward.
"We used the money to do cost optimization and construction, and brought down the cost of some high-cost things. We have succeeded in a couple of on-board validations and operational launches, which is a good start for building the satellite constellation in the future," he said.
In addition, Essential Capital also helped Yunyao contact a rocket manufacturer to finalize launch plans.
Galactic Energy, a private rocket manufacturer in Beijing, has been producing more powerful rockets, with the carrying capacity of its Ceres-1 rocket having increased from 200 kg to 300 kg in six years.
"By next year, if Yunyao decides that the payload of its satellite will be a larger 200 kg, we will have a larger rocket at that time," said Liu Baiqi, founder of Galactic Energy.
Zhang Zhiyong, co-founder of Essential Capital, said that investing in space programs is a typical kind of patient capital, and he will not worry about revenue for a while. The process from space technology development to marketplace monetization can take an average of eight to ten years, during which investors should be patient and persistent, he said.
"The government encourages investment in the early stages of development, investment of new, high-end and competitive technologies and investment in small companies. In fact, patient capital means investing in early stages. It shows its value when those companies need financial support the most," Zhang said.
He noted that favorable policies for private participation in space, and continuous improvement of the comprehensive strength of China's manufacturing industry also enable him to have the patience and persistence in space investment.
Chinese private spaceflight attracts long-term investment
Hong Kong and Macao have adorned their streets and landmarks with festive decorations to celebrate the upcoming National Day.
China's National Day falls on Oct 1 and the National Day holiday lasts from Oct 1 to 7.
China's national flag (five-star red flag) and the flag of the Hong Kong SAR are seen in the streets and alleys across Hong Kong, adding a patriotic atmosphere to the National Day celebrations.
Before and after the National Day, Hong Kong will hold hundreds of celebration events. And the colorful firework displays will been held at Hong Kong's Victoria Harbor on the evening of Oct 1.
"On the occasion of the celebration of the 75th anniversary, all sectors in Hong Kong are joyfully and eagerly preparing. With joyful hearts, we are ready to set off the fireworks. Wishing our country to be strong and the people to be prosperous. Wishing Hong Kong to also flourish and prosper," said Pui Kwan Kay, president of the Hong Kong Chinese Importers' and Exporters' Association.
This year marks the 75th anniversary of the People's Republic of China. Through 75 years of hard work, the Chinese people have transformed China from an impoverished country into the second largest economy in the world. Several hundred million people in rural areas were lifted out of poverty, a miracle in the history of humanity, inspiring people from all walks of life in Hong Kong and Macao. "With the efforts of generation after generation of predecessors, the People's Republic of China has progressed from an impoverished country to the current stage of a moderately prosperous society in all respects. Especially since the 18th CPC National Congress, the various significant achievements made by the country have instilled the people across the nation with full confidence," said Edward Leung Hei, member of the Legislative Council of the HKSAR.
Winfried Engelbrecht-Bresges, chief executive officer of the Hong Kong Jockey Club, stressed that Hong Kong has made impressive achievements under One country, Two systems.
"It's enormous and overwhelming development, and I am really impressed how mainland has developed in this time under the One Country, Two Systems. It's a unique opportunity of Hong Kong to integrate economically into the wider Greater Bay Area. Dynamic, competitive and a global outlook," he said.
In Macao Special Administrative Region, national flags and holiday banners can be seen all over the streets.
"As young people from Macao, we are all very excited and proud of the development of our country. The destiny of Macao is always closely linked with that of the motherland. As the country further deepens reform comprehensively with a view to advancing Chinese modernization, Macao will have much to offer and achieve. I wish our great motherland to become even more prosperous, and Macao's development to continue to improve. I hope that we will advance together towards the great rejuvenation of the Chinese nation," said Jau Wing-hou, vice president of the Macao Youth Federation.
Since its return to the motherland 25 years ago, Macao has made significant advances in various fields and achieved prosperity and stability, according to Grace Wong Kit-cheng, member of the Legislative Assembly of the Macao SAR and vice president of the Women's General Association of Macao.
"Since its return to the motherland 25 years ago, with the support of the country, the society of Macao has achieved historic accomplishments in various fields including economy and people's livelihood. Residents live and work in peace and contentment. The stage of development is getting bigger and bigger, which fully demonstrates the strong vitality and advantages of One country, Two systems. The motherland has always been the strong supporter for Macao to maintain long-term prosperity and stability. I believe that Macao will also participate in the development of the Guangdong-Hong Kong-Macao Greater Bay Area, integrate into China's overall development, and gain a greater and broader space for development and development momentum. Only when the motherland is strong can Macao be better," she said. "The country is advancing the great cause of building a great country and achieving national rejuvenation through Chinese modernization. We believe this will also bring new development opportunities for Macao. This year marks the 25th anniversary of Macao's return to the motherland, and we are full of confidence in the development of the motherland and Macao. We believe that all sectors in Macao will actively integrate into the overall national development and make new contributions to the country's development," said Ip Sio Kai, a member of the National Committee of the CPPCC, also president of the Macao Association of Banks.
Hong Kong, Macao adorn streets, landmarks with decorations to celebrate National Day
