--- title: "Blocked from SpaceX IPO, Chinese investors get creative to catch a ride" type: "News" locale: "en" url: "https://longbridge.com/en/news/289299989.md" description: "Blocked from SpaceX's direct IPO participation due to regulatory restrictions, mainland Chinese investors are seeking alternative exposure through offshore accounts and A-share proxy stocks. This frenzy has driven up valuations in China's commercial space sector, with companies like Sunway Communication and Lens Technology seeing significant gains as traders speculate on supply chain links to SpaceX and Elon Musk's broader ecosystem." datetime: "2026-06-10T09:05:48.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/289299989.md) - [en](https://longbridge.com/en/news/289299989.md) - [zh-HK](https://longbridge.com/zh-HK/news/289299989.md) --- # Blocked from SpaceX IPO, Chinese investors get creative to catch a ride This is part of a series on the global impact of SpaceX’s historic IPO, tracing how mainland Chinese investors’ strategies, the Hong Kong market and wider capital flows are being reshaped by Elon Musk’s trillion‑dollar rocket gamble. Chinese investors are scrambling for back-door routes to trade on SpaceX’s highly anticipated initial public offering (IPO), resorting to proxy stocks and supply chain speculation after being shut out of direct participation in what could be the largest listing in history. The frenzy surrounding Elon Musk’s rocket and satellite internet giant has triggered a wave of fear-of-missing-out among mainland Chinese investors. Blocked from buying the stock directly, they are chasing exposure through offshore accounts, A-share proxy stocks and broader commercial-space-themed investments. The hurdle is steep. SpaceX has barred investors in mainland China and Hong Kong from taking part in the IPO, citing regulatory and compliance concerns, Bloomberg News reported last week. The company kicked off its marketing roadshow last week with shares priced at US$135 each, aiming for a valuation of about US$1.8 trillion ahead of its expected Nasdaq debut on Friday. Even seasoned cross-border traders are hitting a wall. “I can only buy after it lists,” said Wang Xi, a retail investor on the mainland who has traded US stocks through an Interactive Brokers account for years. He had hoped to secure an allotment, but the platform has restricted SpaceX IPO access to eligible clients in the United Kingdom. SpaceX’s move coincides with a broader tightening of offshore market access for mainland citizens. Beijing launched a two-year crackdown on unlicensed cross-border securities services last month, forcing popular platforms like Futu Holdings, Tiger Brokers and Longbridge to heavily restrict new accounts and deposits for mainland users. Despite the restrictions, brokerages are capitalising on the hype to lure offshore clients. Futu launched a campaign this month offering new users up to HK$1,600 (US$204.16) worth of SpaceX shares, while Tiger advertised a HK$188 fractional share incentive for new account sign-ups. I hope SpaceX’s listing performance, if it rallies sharply, can spill over into A shares Eric Liu, mainland investor For mainland capital, demand has spilled over into China’s domestic A-share market, pushing Chinese demand for SpaceX further away from direct participation and into looser proxy trades in A shares and Hong Kong-listed space-related companies. By noon on Wednesday, an index tracking China’s commercial space sector compiled by financial data provider Shanghai DZH was up 6.7 per cent this year. While that outperformed the 2 per cent gain in the blue-chip CSI 300 benchmark, it lagged the 22.2 per cent rally in Shanghai’s tech-heavy Star Market 50 index. “I hope SpaceX’s listing performance, if it rallies sharply, can spill over into A shares,” said Eric Liu, another investor based on the mainland who began building a position in a domestic commercial-space sector fund earlier this year, betting on a SpaceX IPO and China’s policy support for the sector. His bet has not paid off yet – the fund is down about 10 per cent – but his portfolio highlights how the mainland’s investors are trying to play the SpaceX theme. The fund’s core holdings include three major listed subsidiaries of China Aerospace Science and Technology Corporation, the main state-owned space contractor. China Aerospace Times Electronics is a 69.7 billion yuan (US$10.3 billion) heavyweight that commands a key position in aerospace electronics, navigation systems and telemetry for China’s space programme. China Spacesat, valued at 91.2 billion yuan, is the primary listed vehicle for satellite manufacturing and applications, specialising in small and micro-sized satellites. China Satellite Communications is a 130.4 billion yuan satellite communication operator with key communications and broadcasting satellite assets, orbital-frequency resources and ground-station networks. Beyond state giants, component makers with thematic links to SpaceX’s ecosystem are seeing explosive speculative runs. Sunway Communication, a Shenzhen-listed maker of radio-frequency components, has emerged as one of the hottest A-share proxies, hitting a record high late last month. Its shares have surged 57 per cent this year, catapulting its market value to 94 billion yuan. Sunway’s core business spans antennas and high-precision connectors, while its newer satellite communications business focuses on high-speed connectors for low-Earth-orbit ground terminals. Chinese brokerage reports have described the company as a supplier to Starlink ground terminals, though Sunway’s own disclosures refer more generally to a “leading North American customer”. Similarly, glass product and electronics assembler Lens Technology – a long-time supplier to Tesla, Musk’s electric vehicle company – has gained proxy status after disclosing it had shipped satellite ground receiver parts to a long-term “North American major customer”. Other bets are more speculative. Western Materials, which has been rumoured to supply core rocket engine materials to SpaceX, saw its shares hit a record high last month. Management later told shareholders that while its titanium and high-end alloy products were being supplied to overseas commercial-space industry chains, no details could be disclosed. Analysts said SpaceX’s listing could act as a catalyst and benchmark for China’s commercial space sector. “SpaceX’s formal listing timetable and fixed offer price suggest its valuation is not significantly detached from market expectations,” said Li Hongtao, an analyst at Huayuan Securities. “This is expected to support a valuation uplift for China’s commercial-space supply chain.” He added that China’s commercial-space industry was showing signs of acceleration, including more frequent satellite launches, reusable rocket testing and stronger policy and capital support, as well as a growing IPO pipeline. ### Related Stocks - [SPCX.US](https://longbridge.com/en/quote/SPCX.US.md) - [300136.CN](https://longbridge.com/en/quote/300136.CN.md) - [300433.CN](https://longbridge.com/en/quote/300433.CN.md) - [IBKR.US](https://longbridge.com/en/quote/IBKR.US.md) - [FUTU.US](https://longbridge.com/en/quote/FUTU.US.md) - [TIGR.US](https://longbridge.com/en/quote/TIGR.US.md) - [601519.CN](https://longbridge.com/en/quote/601519.CN.md) - [000300.CN](https://longbridge.com/en/quote/000300.CN.md) - [600879.CN](https://longbridge.com/en/quote/600879.CN.md) - [600118.CN](https://longbridge.com/en/quote/600118.CN.md) - [601698.CN](https://longbridge.com/en/quote/601698.CN.md) - [06613.HK](https://longbridge.com/en/quote/06613.HK.md) - [TSLA.US](https://longbridge.com/en/quote/TSLA.US.md) - [03588.HK](https://longbridge.com/en/quote/03588.HK.md) ## Related News & Research - [What gave SpaceX a boost?](https://longbridge.com/en/news/295639089.md) - [Morgan Stanley says SpaceX is worth $300 per share. 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