China's Satellite Industry to Get Public Financing

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Last updated at: (Beijing Time) Wednesday, August 14, 2002

China's Satellite Industry to Get Public Financing

A new stock, "China Satellite", has recently entered the stock exchange market, indicating the state-supported business is ready to attract financing from other channels.

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A new stock, "China Satellite", has recently entered the stock exchange market, indicating the state-supported business is ready to attract financing from other channels.

The stock was renamed after the shares of the listed company China Pan-Tour Industrial Development Ltd. Co. were taken over by China Aerospace Science & Technology Corporation (CASTC), a state-owned group participating in China's space program.

Sources with the corporation said the transfer of shares aimed to accelerate development of the nation's space technology by means of capital operation.

According to the corporation's agenda, the listed company will focus on boosting satellite services, including telecommunications and remote sensing operations, and equipment relating to communications, navigation and positioning.

China Satellite was expected to become the flagship of the country's satellite service industry, said Wang Yanguang, president of the listed company.

A report from a working CASTC conference has predicted China's demand for satellites was due to soar in the next two decades.

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