Yuanxin Satellite Reportedly Raises Nearly RMB7 Billion at RMB50 Billion Valuation
Yuanxin Satellite has reportedly completed a financing round, securing close to RMB7 billion. The company's valuation is reported to be around RMB50 billion.
Chinese space technology firm Yuanxin Satellite has reportedly closed a financing round, raising nearly RMB7 billion (approximately $965 million USD). According to a report by Caixin, the company was valued at around RMB50 billion (approximately $6.88 billion USD) in this funding round.
This valuation is reportedly below the company's earlier target of up to RMB75 billion. Yuanxin had previously disclosed plans to raise as much as RMB15 billion to continue the development of its satellite internet network.
While details of the funding round have not been officially confirmed, the reports suggest continued investor interest in the space technology sector, even if the valuation fell short of previous aspirations.