The aerospace industry's "Pinduoduo" that launched 37 satellites into space is going public

Recently, Tianyi Space Technology Co., Ltd. (hereinafter referred to as “Tianyi Research Institute”) completed IPO counseling filing with the Hunan Securities Regulatory Bureau, pushing this commercial satellite company, once dubbed the “Pinduoduo” of the aerospace industry, into the capital markets.

According to the counseling filing report, Tianyi Research Institute is expected to complete the filing process and formally submit its prospectus in the first half of this year.

As one of the first domestic commercial satellite companies, Tianyi Research Institute’s capitalization efforts not only highlight its accumulated achievements in the SAR satellite track but also reflect the intense competition in the commercial aerospace industry IPO race by 2026.

Betting on the SAR Track

Tianyi Research Institute was founded by Founder and CEO Yang Feng on May 18, 2015. It is China’s first commercial aerospace company operating SAR (Synthetic Aperture Radar) remote sensing satellites. The company is headquartered in Changsha High-tech Zone and is dedicated to providing cost-effective SAR constellation construction and integrated SAR satellite data services.

Since its establishment, Tianyi has completed about 21 space missions, successfully launching a total of 37 satellites including China’s first commercial networking SAR satellites “Haise-1,” “Chaohu-1,” “Fucheng-1,” “Shenqi-01,” and “Shenqi-02,” filling the gap in China’s commercial SAR satellite sector. The company also possesses operational InSAR interferometric imaging capabilities, enabling millimeter-level surface deformation monitoring and providing users with routine, high-quality, and autonomous commercial SAR data services.

SAR satellites are a type of active microwave remote sensing satellite. Unlike optical satellites that rely on sunlight, SAR satellites emit radar waves and receive echoes to form images, offering all-weather, all-time ground observation capabilities. They can penetrate clouds and some vegetation, making them valuable in disaster monitoring, resource exploration, ocean observation, and other fields.

In the niche segment of commercial aerospace, unlike traditional aerospace companies with heavy asset models, Tianyi Research Institute focuses on the development and application of lightweight small SAR satellites. With low costs and rapid deployment, it is known in the industry as the “Pinduoduo” of aerospace.

They proposed the idea of making lightweight small SAR satellites and successfully reduced satellite weight from several tons to a few hundred pounds.

Yang Feng has stated that replacing aerospace-grade materials with industrial-grade materials is key to reducing costs for Tianyi Research Institute. He even boldly used a $42 consumer-grade camera to observe whether the self-developed satellite’s deorbit sails could open normally.

Post-80s Founder Graduated from Beihang University

The IPO journey of Tianyi Research Institute is closely tied to the strategic leadership of founder Yang Feng.

Public information shows that Yang Feng, as the company’s controlling shareholder and actual controller, directly and indirectly controls 30.15% of the company’s equity.

At the end of 2014, the State Council issued guidance on encouraging social investment in key innovation areas, explicitly encouraging private capital to develop, launch, and operate commercial remote sensing satellites. Yang Feng, a “post-80s” youth from Hunan who graduated from Beihang University and has long dreamed of space, saw an opportunity to realize his dream.

In 2015, Yang Feng officially initiated preparations for Tianyi Research Institute. The site selection became a core issue in the early stages of the company’s founding. The cooperation with Hunan was based on mutual development needs.

Yang Feng previously explained that at that time, the team traveled from Beijing to multiple cities across the country to assess and select a site, ultimately deciding to establish the headquarters in Changsha, Hunan. Changsha has a rich manufacturing tradition, a complete industrial system, and was then facing the task of transforming and upgrading traditional industries and cultivating emerging industries. The commercial aerospace field that Tianyi Research Institute is deeply involved in features high technology, high growth, and high added value, aligning highly with Changsha’s goal of becoming a global R&D center city. The industrial layout and development needs of both parties matched precisely.

Since its founding, Tianyi Research Institute has completed multiple rounds of financing, attracting investments from leading market-oriented institutions and state-owned platforms including Northern Light Venture Capital, Matrix Partners China, Legend Capital, Hefei Industry Investment, and Mianyang Science and Development Fund.

Intensified Speed of Commercial Aerospace IPOs

Tianyi Research Institute’s initiation of IPO counseling coincides with a golden window for commercialization of domestic aerospace capital.

On policy level, the CSRC’s “1+6” reform of the STAR Market in June 2025 incorporated commercial aerospace into the scope of the fifth set of listing standards. In December, the Shanghai Stock Exchange further issued guidelines for the listing of commercial rocket companies, clearing obstacles for industry firms to access capital markets.

On the capital side, the enthusiasm for commercial aerospace continues to rise. The “China Commercial Aerospace Industry Development Report (2025)” shows that in 2025, the industry’s total financing reached 18.6 billion yuan, a 32% year-on-year increase, with satellite applications, rocket manufacturing, and satellite manufacturing becoming hot areas for funding. Against this backdrop, since 2025, multiple commercial aerospace companies have launched IPO processes intensively, forming a “rocket + satellite” dual-track racing pattern.

Currently, LinkSpace is the fastest, with its STAR Market IPO accepted on December 31, 2025, entering inquiry stage in January 2026, aiming to raise 7.5 billion yuan for liquid oxygen-methane engines and launch vehicles; CAS Space has completed IPO counseling, with its “Lijian-1” solid rocket entering mass launch phase, and “Lijian-2” liquid rocket targeting reusable technology to reduce launch costs; Tianbing Technology, GalaxyPower, and Interstellar Glory have all updated their listing counseling progress, focusing on rocket manufacturing and launch services.

In the satellite sector, actions are also frequent. Besides Tianyi Research Institute, Weina Star completed IPO counseling filing in September 2025, focusing on satellite whole-star and ground station products; Yixin Aerospace started counseling in August 2025, specializing in satellite IoT payload R&D.

An investor in the commercial aerospace field told the “Ke Chuang Ban Daily” that currently, commercial aerospace companies are in a critical period of technological breakthroughs. IPO financing will ease the capital pressure caused by high investment and long cycles, and it is expected that 2026–2027 will see a wave of industry “bell-ringing” events.