Shunhao Co., Ltd.’s recent capital increase appears to be good news on the surface, but a closer look at the underlying logic reveals some interesting points.

After the announcement of the failed abnormal trading control yesterday, the market reacted poorly, and the stock price plummeted. As a result, the board of directors held an emergency meeting today and approved the investment matter on the same day. This high efficiency clearly aims to stabilize the stock price. After the capital increase, the shareholding ratio surged to nearly 30%, and the post-investment valuation jumped from 570 million to 810 million. The key point here is—Shunhao is the exclusive investor in this round of financing, with the timing precisely before the launch of the Chen Guang No. 1 satellite. According to the logic of early investment with small gains, once the Chen Guang No. 1 satellite successfully launches at the beginning of the year, a new round of financing is expected in about half a year. At that time, Beijing Guotou Fund will be involved, and the valuation could easily break through 2 billion.

Digging deeper, the true background of the major shareholder Xingkong Innovation better explains the issue. Its 100% holding is held by Beijing Xingchen Future Space Technology Research Institute, whose director is Shunhao’s executive director Zhang Shancai. This research institute was just registered in October 2024 and was jointly initiated by four entities: Beijing Huanyu Space Technology Development Foundation, Zhongguancun Science and Technology Service, Beijing Zhongguancun Science City Innovation Development Co., Ltd., and CAS Star Map Co., Ltd. Among them, three have solid state-owned backgrounds—Zhongguancun Science City and Zhongguancun Science and Technology Service are both affiliated with Zhongguancun Development Group (a Beijing state-owned enterprise), and CAS Star Map is a listed company on the STAR Market, controlled by the Chinese Academy of Sciences’ Aerospace Information Innovation Research Institute, a purely CAS-affiliated research institution.

Looking at the recent performance of the commercial aerospace sector in the past two days, CAS Star Map is catching up—was this just a coincidence?

Regarding Zhang Shancai, he is quite a notable figure. He graduated with a bachelor’s degree in aircraft engineering from Beijing Institute of Technology, then pursued his master’s and doctoral degrees at the Chinese Academy of Sciences (1997-2003). After graduation, he stayed at the institute for work. He has served as deputy director of the Space Application Engineering and Technology Center of CAS, director of the professional technical department, and is also the deputy chief designer of China’s manned spaceflight application system. Over the years, he has been involved in space exploration, onboard electronics, radiation-resistant chips, and other core technologies. He has received numerous national and provincial-level science and technology awards and has been listed as a high-end leading talent in Zhongguancun and among the top 100 science and technology leaders in Beijing. In simple terms, he is a technical expert within the CAS system.

Comparing with other companies’ layouts: Luxin Venture Capital holds only 0.6% of Blue Arrow Aerospace, Tongyu Communications owns just 1.8% in Hongqing Technology. Meanwhile, Shunhao Co., Ltd. has a stake of up to 28.6% in the planned 16GW large-scale computing constellation project, with room for further increase. It’s just waiting for the launch of the first space-based computing satellite, Chen Guang No. 1, to officially take off, and the next wave of valuation growth for Shunhao will immediately arrive.