[File photo]

China on Feb. 2 launched the country’s first private satellite, allowing more tech and business tycoons to vie for the outer space market.

Fengmaniu-1, the world’s first panoramic satellite, is equipped with 4K HD cameras that can provide users panoramic photos of outer space. The launch of Fengmaniu-1 is initiated by Feng Lun, chairman of Vantone Holdings, who told China Radio International (CRI) that the satellite will be used mainly for public welfare and educational purposes.

“After this successful attempt, we will consider the commercial use of our satellite. For instance, we may use the satellite to live broadcast astronomical phenomena such as the super blood moon that took place in February. I believe such services can attract paying users,” said Feng.

Feng also noted that his company will develop a unique satellite signal receiving system, as well as cooperate with China’s top youth aerospace education institutions, in an effort to raise public awareness of the country’s booming space industry.

In 2014, China formally announced its decision to allow private companies to build and launch satellites. Since then, many businesses and tech tycoons have shifted their focus to the outer space, hoping to take a share of the country’s booming aerospace industry. According to CRI, 70 percent of the satellites launched in China are now initiated by the government and military.

“There is no clear business model for China’s commercial aerospace companies, but the government is definitely going to make more favorable policies to support this cause,” Fu Zhihuan, vice director of China Great Wall Industry Cooperation, told CRI.