China Satellite Communications is expecting to raise CNY1bn ($150m) from a planned Shanghai Stock Exchange listing later in 2019, in the latest move by a Chinese state organisation to raise private capital. It is owned by the state-run China Aerospace Science and Technology and already has a Hong Kong-listed division. The company said it would use proceeds of its initial public offering (IPO) on an unspecified date next year for further investment into new projects including satellites that will be used as part of China’s national navigation
China Satellite Communications is expecting to raise CNY1bn ($150m) from a planned Shanghai Stock Exchange listing later in 2019, in the latest move by a Chinese state organisation to raise private capital. It is owned by the state-run China Aerospace Science and Technology and already has a Hong Kong-listed division. The company, known as China Satcom, operates 16 satellites and said it planned to use the IPO proceeds to launch a second new-generation high-throughput satellite, which transfers data faster and more cheaply.