[新聞] 中國放寬可重複使用火箭企業IPO規則

看板Stock (股票)作者TyuzuChou (潤潤潤)時間3小時前 (2025/12/26 20:32)推噓0(0推 0噓 0→)

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原文標題： China eases IPO rules for firms developing reusable rockets 原文連結： https://ca.finance.yahoo.com/news/china-eases-ipo-rules-firms-115950968.html 發布時間：Fri, December 26, 2025 at 7:59 p.m. GMT+8 記者署名：Eduardo Baptista 原文內容： BEIJING, Dec 26 (Reuters) – Chinese companies developing reusable commercial rockets will have access to a fast lane for initial public offerings on the tech-heavy STAR market that exempts them from some financial requirements, the Shanghai Stock Exchange said on Friday. 北京，12月26日（路透社）——上海證券交易所週五表示，研發可重複使用商業火箭的中國企業將可透過「快速通道」在科技股集中的科創板（STAR Market）進行首次公開募股（IPO），並豁免部分財務要求。 Beijing is seeking to address a gap in its space capabilities compared to the United States, which is currently dominant in the ability to return, recover, and reuse a rocket's first stage, or booster, after it is launched. 北京正試圖彌補其與美國在太空能力方面的差距。目前美國在火箭發射後回收並重複使用第一級（即助推器）的技術上處於主導地位。 The new guidelines build upon previous regulations published in June that made it easier for pre-profit innovative companies to get listed on the STAR market. 這項新指引是在今年6月發布的既有規則基礎上進一步擴展，當時已放寬對尚未盈利的創新企業在科創板上市的要求。 The fast lane exempts Chinese rocket firms from profitability and minimum revenue thresholds and instead requires them to have met key technological milestones, including one successful orbital launch using reusable rocket technology. 此快速通道豁免中國火箭企業的獲利能力與最低營收門檻，轉而要求企業達成關鍵技術里程碑，包括至少一次使用可重複使用火箭技術成功進行軌道發射。 CHINA AIMING TO BREAK US, SPACEX STRANGLEHOLD 中國力圖打破美國與SpaceX的壟斷 U.S. billionaire Elon Musk's aerospace giant SpaceX currently holds a near monopoly on this technology, and its signature Falcon 9 is the only reusable rocket model that is regularly launched and used to put satellites into orbit. 美國億萬富翁埃隆·馬斯克（Elon Musk）旗下的太空探索公司（SpaceX）目前在該技術領域幾乎壟斷市場，其主力火箭「獵鷹9號」（Falcon 9）是目前唯一能常規發射並用於將衛星送入軌道的可重複使用火箭型號。 Earlier this month, China's leading private rocket firm LandSpace became the first domestic entity to carry out a full reusable rocket test with the launch of its new Zhuque-3 model, signalling its ambition to catch up to SpaceX. 本月早些時候，中國領先的民間火箭公司「藍箭航天」（LandSpace）發射其新型「朱雀三號」（Zhuque-3）火箭，成為首個進行完整可重複使用火箭測試的中國本土企業，展現出追趕SpaceX的雄心。 While the launch failed to complete the crucial step of recovering the rocket' s booster, a flurry of Chinese state-owned and private players are now rushing to test launch their own reusable rockets. 儘管此次發射未能完成回收火箭助推器的關鍵步驟，但眾多中國國有與民間企業現正積極加速測試自家可重複使用火箭。 LandSpace has already said it wants to demonstrate a successful rocket recovery in mid-2026, when Zhuque-3 will be launched for a second time. But it has said the capital-intensive nature of rocket development means it will need access to China's capital markets if it hopes to compete with SpaceX. 藍箭航天已表示，目標是在2026年中實現成功的火箭回收，屆時「朱雀三號」將進行第二次發射。但公司也指出，由於火箭研發屬於資本密集型產業，若要與SpaceX競爭，必須進入中國資本市場籌集資金。 The Shanghai exchange's rules do not state that rocket firms must successfully recover a rocket, only that reusable rocket technology be used to put a satellite into orbit, something LandSpace already achieved with this month's launch. 上海證交所的新規並未要求企業必須成功回收火箭，僅要求使用可重複使用火箭技術將衛星送入軌道——這一點藍箭航天已在本月的發射中實現。 Companies that undertake national missions or participate in major state-led space projects will receive priority support, according to the new guidelines, which take effect immediately, underscoring the close alignment between commercial launch activity and China's broader strategic goals. 根據立即生效的新指引，承擔國家任務或參與重大國家主導太空計畫的企業將獲得優先支持，凸顯商業發射活動與中國整體戰略目標的高度一致。 China has repeatedly described SpaceX's monopoly on low-Earth orbit satellites as a national security risk and is actively pushing its own satellite constellations, which it hopes will number in the tens of thousands within the next decades. 中國多次將SpaceX在低地球軌道（LEO）衛星領域的壟斷視為國家安全風險，並積極推動自主衛星星群建設，目標是在未來數十年部署數萬顆衛星。心得/評論：火箭研發耗資巨大，民間企業難以單靠自籌資金持續投入。中國正透過政策與資本市場雙管齊下，加速發展可重複使用火箭技術，以縮小與美國（特別是SpaceX）在商業太空領域的差距。上海證交所放寬科創板上市門檻，允許尚未盈利但具關鍵技術突破的火箭企業快速融資，反映國家戰略對商業航天的高度重視。這不僅是技術競賽，更是國家安全與未來太空經濟主導權的佈局。透過政策、資本與技術三者結合，中國正系統性地構建自主可控的商業航天生態系，目標不僅是「跟上」，更是「超越」 -- ※ 發信站: 批踢踢實業坊(ptt.cc), 來自: 150.117.197.145 (臺灣) ※ 文章網址: https://www.ptt.cc/bbs/Stock/M.1766752373.A.E2B.html