China's SpaceX rival LandSpace eyes IPO in Shanghai
The document did not state how much the company aims to raise.
Beijing-based LandSpace was the world's first company to launch a methane-liquid oxygen rocket in July 2023, ahead of U.S. rivals including Elon Musk's SpaceX and Jeff Bezos's Blue Origin.
It completed a test of the first-stage propulsion system of its Zhuque-3 launch vehicle in June, paving the way for the reusable rocket's first launch scheduled for the second half of 2025, according to a statement posted on the company's WeChat account.
A successful test of Zhuque-3 would make LandSpace the second company after SpaceX to launch a reusable rocket, which is cheaper and faster in launch turnaround compared with expendable rockets.
Founded in 2015, LandSpace has secured funding from investors including venture capital firm HongShan, known at that time as Sequoia Capital China, the investment arm of Chinese property developer Country Garden and the state-backed China SME Development Fund.
LandSpace raised 900 million yuan ($125 million) in December from a state-owned fund focussed on advanced manufacturing, while in 2020 it raised 1.2 billion yuan, Chinese corporate databases showed.
($1 = 7.1796 Chinese yuan renminbi)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
28 minutes ago
- Reuters
UK's Smith+Nephew launches $500-million buyback after first-half profit beat
Aug 5 (Reuters) - British medical products maker Smith+Nephew (SN.L), opens new tab announced on Tuesday a $500-million share buyback for the second half, after reporting a better-than-expected 11.2% growth in first-half profit, as its turnaround plan begins to show results. Shares of Smith+Nephew jumped 14% in early trading. The company, which makes orthopaedic implants, wound dressings and other surgical aids, has been aggressively cutting costs and launching products amid a recovery in its biggest market, the United States, offseting weaker demand in China. Smith+Nephew's orthopaedics segment reported 5% underlying revenue growth in the second quarter, while its Sports Medicine & ENT business grew 5.7% and Advanced Wound Management unit saw a 10.2% rise. "The operational improvements we have made under the 12-Point Plan are increasingly translating into better financial performance," CEO Deepak Nath said in a statement. The London-based company is benefiting from a rise in consumers taking more elective surgeries across key markets, excluding China, where demand headwinds and a bulk-buying programme is weighing on its margins and volumes. Still, Smith+Nephew maintained its full-year outlook and expects higher margin growth in the second half of the year. It continues to expect an impact of $15 million to $20 million from tariffs. It posted a trading profit of $523 million for the six-month period ended June 28, beating analysts' estimates of $496 million, according to a company-compiled consensus.
Reuters
an hour ago
- Reuters
China's Li Auto consolidates electric SUV lineup one week after launch
BEIJING, Aug 5 (Reuters) - Chinese carmaker Li Auto ( opens new tab said on Tuesday it has replaced three variants of its i8 electric SUV with a single version priced at 339,800 yuan ($47,300), a week after the line-up's launch on July 29. The unusual move came as the EV maker's deliveries fell for the second straight month amid a bruising price war in the world's largest auto market. The updated version will be based on the previous i8 Max's configuration, which include a 720-km range, and be 10,000 yuan cheaper than the Max's 349,800 yuan price tag, Li Auto said in a post on social media WeChat. The company cited consumer complaints over "slightly complicated car variants" for its decision to streamline its offerings. In China, though, it has been common for automakers to offer new car models with three different versions, such as Xiaomi's SU7 sedan and YU7 SUV. Li Auto's new six-seater is its second pure electric model. The pioneer in extended-range EVs introduced its Mega multi-purpose vehicle in March 2024. Li Auto's car sales fell 39.7% in July from a year earlier, deepening a 24.1% drop in June. Li Auto and BYD ( opens new tab are the only two Chinese EV makers with full-year profitability. BYD said on Monday that its vehicle production fell 0.9% in July from a year earlier, ending a 16-month growth streak, while sales rose just 0.6%. ($1 = 7.1820 yuan)
Geeky Gadgets
an hour ago
- Geeky Gadgets
Ambernic RG477M Review : Powerful All Metal, Retro Handheld Pocket Games Console
What if you could hold the golden age of gaming in the palm of your hand, wrapped in a sleek, all-metal design that feels as premium as it performs? The RG477M, Ambernic's latest retro handheld console, is here to challenge what you thought a portable gaming device could be. With its CNC aluminum body, high-refresh-rate display, and a processing powerhouse under the hood, this device is more than just a nostalgic nod to the past—it's a bold step forward for retro gaming enthusiasts. But as with any ambitious creation, it's not without its quirks. From its noticeable fan noise to its flat, compact design, the RG477M sparks a debate: can innovative hardware truly capture the soul of retro gaming? In this exploration of the RG477M, ETA Prime uncovers what makes this console stand out in a crowded market of handheld gaming devices. You'll discover how its 120Hz IPS display breathes new life into classic titles, why its MediaTek Dimensity 8300 processor is a fantastic option for emulation, and where it might fall short for some players. Whether you're a die-hard fan of retro systems like the GameCube and PS2 or someone seeking a portable device that blends durability with performance, this deep dive will help you decide if the RG477M is worth the buzz—or if it's just another flashy gadget. After all, the best gaming experiences aren't just about specs—they're about how they make you feel. RG477M Retro Gaming Console Design and Build The RG477M's design focuses on combining durability with a sleek, modern aesthetic. Its CNC aluminum construction is available in two distinct finishes: 'Silver Blade' and 'Chocolate Bronze.' These finishes not only enhance the device's visual appeal but also contribute to its sturdy build. The flat, compact design is complemented by rubber grips, making sure a secure hold during extended gaming sessions. Symmetrical hall-based analog sticks with customizable RGB lighting add a contemporary touch while offering precise control for a variety of games. The 4.7-inch 120Hz IPS display, featuring a 4:3 aspect ratio and a resolution of 1280×960, is specifically optimized for retro gaming. This combination delivers sharp visuals and smooth motion, making it ideal for classic titles that demand accuracy and clarity. Hardware and Performance The RG477M is powered by the MediaTek Dimensity 8300, an 8-core ARM SoC paired with a Mali-G615 MC6 GPU. This hardware configuration ensures smooth performance across a wide range of games and emulators, catering to both casual and demanding gamers. The device is available in two configurations: 8GB RAM with 128GB storage 12GB RAM with 256GB storage Both variants support expandable storage via a microSD card, providing ample space for games, apps, and media. Connectivity is another strong point, with Wi-Fi 6E and Bluetooth 5.3 making sure fast and reliable connections for online gaming and peripheral pairing. The active cooling system, equipped with adjustable fan settings, keeps the device cool during intensive gaming sessions. However, the fan noise in high-performance mode can be noticeable, particularly in quieter environments, which may detract from the overall experience for some users. RG477 – a Powerful all metal retro Handheld games console Watch this video on YouTube. Advance your skills in retro game consoles by reading more of our detailed content. Gaming and Software Running on Android 14, the RG477M offers access to the Google Play Store, allowing users to download a wide variety of games and applications. A pre-installed retro game launcher simplifies emulator setup, making it easier to dive into your favorite classic titles. The device also supports standalone emulators and third-party launchers, providing flexibility for gamers who prefer customized setups. The RG477M is compatible with popular retro systems such as GameCube and PS2, delivering smooth performance even at 2x resolution. Customizable key mapping and performance mode adjustments allow users to tailor their gaming experience, making sure optimal settings for different play styles and game requirements. Ergonomics and Usability The RG477M strikes a balance between portability and functionality. Its weight is sufficient to feel solid in hand while remaining light enough for on-the-go gaming. Designed for a fingertip grip, the device may not appeal to users who prefer handhelds with palm rests for added comfort during extended play. The high-quality D-pad and responsive buttons enhance gameplay precision, though the button size might feel small for users with larger hands. A USB-C port with video output support allows the RG477M to mirror its display on external screens in a 4:3 aspect ratio, making it versatile for both solo and shared gaming experiences. Audio is delivered through downward-firing dual stereo speakers, providing clear sound, while a 3.5mm audio jack is available for private listening. Limitations Despite its many strengths, the RG477M has a few limitations that may affect its appeal to certain users: The non-linear triggers with micro switches provide only on/off functionality, which may limit their usefulness in games requiring analog input. The fan noise in high-performance mode can be distracting, especially in quieter environments. The flat design, while compact and portable, may not offer the ergonomic comfort some users expect from a handheld gaming device. Pricing and Comparison Priced at $239, the RG477M is positioned as a slightly more affordable alternative to its sibling, the RG577. While it features a smaller screen, the 4:3 aspect ratio is better suited for retro gaming, making it an attractive choice for enthusiasts focused on classic titles. Its premium build, customizable features, and versatile performance make it a strong contender in the handheld gaming market. However, gamers seeking a more ergonomic design or quieter operation may find other options more suitable for their needs. Media Credit: ETA PRIME Filed Under: Gadgets News, Gaming News, Top News Latest Geeky Gadgets Deals Disclosure: Some of our articles include affiliate links. If you buy something through one of these links, Geeky Gadgets may earn an affiliate commission. Learn about our Disclosure Policy.
