<div id="readability-page-1">To challenge the global launch market dominance of Elon Musk’s SpaceX, Beijing is adopting a coordinated, multi-company “wolf-pack” strategy fuelled by recent engineering breakthroughs in reusable rocketry. The milestones come as a wave of aerospace firms push to secure the capital needed to scale operations and capture global market share. According to exchange filings in Shanghai and Hong Kong, at least 15 commercial aerospace companies were now in the pipeline to go public. Among the applicants for IPOs, CAS Space and Beijing Minospace Technology had both advanced to the inquiry stage on the Nasdaq-style Star Market in Shanghai, officially known as the Sci-Tech Innovation Board and a primary fundraising platform to finance the nation’s space ambitions. Meanwhile, LandSpace Technology – widely regarded as a challenger to SpaceX – had its initial public offering review status restored to “Inquired” in late June after submitting updated financial materials. It was suspended in late March because of expired financial data, while the company now seeks to raise 7.5 billion yuan (US$1.1 billion) At the end of June, LandSpace officially announced that its Zhuque-3 reusable test rocket had completed a static fire test, where the engine’s performance is tested at full power without launching. Both LandSpace and CAS Space plan to channel their IPO proceeds directly into reusable rocket projects. These developments come amid a major technical breakthrough in the domestic sector. On July 10, China successfully recovered the Long March-10B carrier rocket – developed by the state-owned China Aerospace Science and Technology Corporation (CASC) – at sea via a recovery platform. The achievement marked the country’s first successful controlled recovery of a rocket’s first stage – the bottom section of the vehicle that contains the engine – and the world’s first-ever “net-based” recovery. Unlike industry giant SpaceX’s Falcon 9, which autonomously lands on a ground pad or drone ship, the Long March-10B used an interception net deployed on a floating platform to catch the booster. The domestic listing push comes on the heels of SpaceX’s historic public debut on the Nasdaq in June. The record-breaking IPO is expected to accelerate and reshape timelines of its Chinese challengers, with reusable rocket technology emerging as a new focus in the US-China space race as such vehicles drastically reduce the cost per unit of payload sent to orbit. Still, Chinese companies remain in a catch-up phase and face steep economic disadvantages in hardware manufacturing and launches. Making a low-Earth orbit communications satellite costs about 20 million yuan, compared with about 7 million yuan in the US, while launch costs were at least US$5,000 per kilogram compared with as little as US$1,500 per kilogram in the American market, according to a report by Bank of China International. But investment analysts at the bank said there were clear paths forward. The country’s engineering breakthroughs in reusability would address a shortage of available rockets, reducing costs across the domestic aerospace supply chain, according to the same report.</div>

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<p>China is launching a coordinated 'wolf-pack' strategy involving at least 15 commercial aerospace firms pursuing IPOs to challenge SpaceX's dominance. Key players like LandSpace and CAS Space are advancing listings on Shanghai's Star Market to fund reusable rocket development, following recent engineering breakthroughs such as the Long March-10B's net-based recovery. Despite higher manufacturing costs compared to US rivals, analysts believe these technological strides will reduce launch expenses and accelerate China's space ambitions.</p>

The new space race: how China plans to break SpaceX’s dominance with IPO push