Blue Arrow Aerospace Technology Co., Ltd. (referred to as "Blue Arrow Aerospace") recently submitted its prospectus and is preparing to be listed on the Science and Technology Innovation Board.
The sponsoring institution for this IPO is China International Capital Corporation Limited, with Tian Jiali and Ni Jiawei as sponsoring representatives. The accounting firm is Lixin Certified Public Accountants (Special General Partnership), and the law firm is Shanghai Jintiancheng Law Firm.
The Blue Arrow Space Program raised 7.5 billion yuan, of which 2.77 billion yuan was used for the reusable rocket production capacity enhancement project and 4.73 billion yuan was used for the reusable rocket technology enhancement project.
Currently, multiple commercial aerospace companies are preparing for IPOs, and with the submission of the prospectus by Blue Arrow Aerospace, it also signifies the arrival of the era of Chinese commercial aerospace going public.
It is reported that Blue Arrow Aerospace is a private carrier rocket enterprise that has obtained all admission qualifications and successfully entered orbit based on self-developed liquid engines. It has the ability to deliver the entire industry chain.
In 2023, the Zhuque-2 Yao-2 rocket was successfully launched, becoming the first liquid oxygen methane rocket to enter orbit.
On December 3, 2025, the Zhuque-3 Yao-1 carrier rocket was launched into space from the Dongfeng Commercial Aerospace Innovation Experimental Zone, completing the flight mission according to the procedure, and the rocket's second stage entered the predetermined orbit.
Zhuque-3 is a new generation low-cost, high-capacity, high-frequency, reusable liquid oxygen methane carrier rocket independently developed by Blue Arrow Aerospace for large-scale constellation networking missions.
The Zhuque-3 Yao-1 carrier rocket adopts a single core two-stage series configuration, with a first and second stage body diameter of 4.5 meters, a fairing diameter of 5.2 meters, a total length of 66.1 meters, a takeoff mass of about 560 tons, and a takeoff thrust of 7542 kN. The power system is based on the Tianque series liquid oxygen methane engine independently developed by Blue Arrow Aerospace, and the first stage uses nine Tianque 12A engines in parallel; The second stage adopts a Tianque 15A vacuum engine.
After interstage separation, the first sub stage of Suzaku No.3 can carry out vertical return soft landing. The designed number of times of reuse is not less than 20. When the navigation area is mature, the low Earth orbit carrying capacity is not less than 18 tons. It has the ability to deploy one rocket and multiple satellites in the Internet constellation.
During the flight process of this mission, key actions such as rocket takeoff, first and second stage separation, second stage engine start-up, fairing separation, second stage engine shutdown, second stage taxiing, and second stage engine restart were all completed as planned, demonstrating stability and reliability. At the same time, this mission conducted flight validation of a sub level vertical recovery technology.
According to flight measurement data, there was an abnormality in the rocket's first stage after ignition during the landing phase, which did not result in a soft landing at the recovery site. The debris landed at the edge of the recovery site, and the recovery test failed.
According to the prospectus, from 2022 to 2024 and the first half of 2025, Blue Arrow Aerospace will achieve revenue of 782900 yuan, 395210 yuan, 4278300 yuan, and 36.4319 million yuan respectively; The net profits attributable to the parent company were -804 million yuan, -1188 million yuan, -876 million yuan, and -597 million yuan, respectively.
Overall, the equity of Blue Arrow Aerospace is very dispersed, with over 100 shareholders. Among them, Zhang Changwu controls 23% of the equity and has 75% of the voting rights.
Before the IPO, Zhang Changwu directly held 6.7277% of the company's shares and served as the executive partner of Xinghan Information, Yihang Management, Silk Road Navigation, Qihang Aerospace Science and Technology, and Aerospace Research Management, controlling 7.9548% of the company's shares held by Xinghan Information, 3.6699% held by Yihang Management, 3.6699% held by Silk Road Navigation, 1.1559% held by Qihang Aerospace Science and Technology, and 0.2942% held by Aerospace Research Management, totaling 23.4724%.
After deliberation by the board of directors on March 22, 2021 and the shareholders' meeting on April 8, 2021, the company has established a differential voting arrangement. The company's share capital consists of shares with special voting rights and ordinary shares. Shareholders Zhang Changwu, Xinghan Information, Silk Road Navigation, Yihang Management, and Qihang Aerospace Science and Technology hold special voting rights, while other shareholders hold ordinary shares. The ratio of the number of voting rights owned by each special voting right share to the number of voting rights owned by each ordinary share is 10:1. Therefore, Zhang Changwu controls a total of 75.2019% of the company's voting rights.
