Space Economy Intel
Earth ObservationChinaListed · SSE: 688066Private

PIESAT Information Technology航天宏图

Remote-sensing and BeiDou application software (PIE); SAR constellation (Nuwa); space-infrastructure planning and construction

PIESAT Information Technology is headquartered in Beijing and listed on the STAR Market in 2019. Its businesses are the PIE remote-sensing and BeiDou application software, space-infrastructure planning and construction, and data services from its own Nuwa constellation of X-band and C-band radar satellites; after the third batch of four X-SAR satellites launched in December 2024 the constellation reached 12 satellites in orbit, the figure disclosed in the company's 2025 interim report. Affected among other things by a three-year suspension of its military procurement eligibility from July 2024, the business has contracted sharply: 2025 revenue was RMB 448 million, down 71.57%, with a net loss attributable to shareholders of RMB 1.86 billion, net assets attributable to shareholders of –RMB 1.036 billion and a debt-to-asset ratio of 121.52%; Q1 2026 revenue was RMB 17.26 million with a net loss of RMB 108 million. Because net assets were negative and the auditor issued a disclaimer of opinion on the annual report, the stock has carried a delisting-risk warning plus other risk warnings since 6 May 2026 under the name *ST Hangtu; if audited net assets remain negative for 2026 the stock will be delisted. On 7 August 2026 the company and its controlling shareholder Wang Yuxiang were placed under CSRC investigation for suspected disclosure violations; RMB 135 million of the company's funds have been judicially frozen, and the Hongtu-1 constellation is at risk of disposal in a finance-lease dispute. The 2026 interim report was published on 27 August 2026; its figures could not be verified from the original for this profile.

Last 12 months

  1. 07 Aug 2026Listing & equityRegulatory
    *ST Hangtu and controlling shareholder Wang Yuxiang placed under CSRC investigation for suspected disclosure violations

    The company received CSRC investigation notices (case numbers 0122026007 and 0122026008); RMB 135 million of its funds have been judicially frozen, and the Hongtu-1 constellation is at risk of being disposed of to settle debts in a finance-lease dispute. (Publish time taken from date.)

    Source: Sina Finance · originally published 07 Aug 2026
  2. 19 Jun 2026Listing & equity
    3.51% of the controllers' shares put up for judicial auction to settle a RMB 93.38m debt

    The filing discloses that 4,743,302 shares held by Wang Yuxiang (1.82%) and 4,433,125 held by Zhang Yan (1.70%) — 9,176,427 shares, 3.51% in total — would be disposed of by the Haiyang Municipal People's Court of Shandong on the Taobao judicial auction platform, against a RMB 93.3806m financial-loan dispute brought by Dongfang Shikong Big Data Technology (Shandong). The auction windows were 2026-07-17 to 07-18 and 07-20 to 07-21. The block represents 62.80% of Wang Yuxiang's personal holding. The filing states it will not change control (the pair would go from 23.85% to 20.34%). ⚠️ This site found no auction-result or share-transfer filing, so it records only that the shares were put up for auction, not that they were sold.

    Source: Shanghai Stock Exchange · originally published 19 Jun 2026
  3. 03 Jun 2026Listing & equity
    *ST Hangtu board proposes downward revision of the Hongtu convertible bond conversion price

    The board proposed revising the conversion price downward; the core fundraising project has been delayed a second time to May 2027, with 35.04% of funds invested.

    Source: East Money · originally published 04 Jun 2026, 18:37 Beijing time
  4. 06 May 2026Listing & equityRegulatory
    PIESAT resumes trading under delisting-risk warning, renamed *ST Hangtu

    Because net assets attributable to shareholders were negative at end-2025 and the annual report received a disclaimer of opinion, the stock has carried a delisting-risk warning plus other risk warnings since 6 May; cumulative net losses over three years exceed RMB 3.6 billion.

    Source: Sina Finance · originally published 06 May 2026, 08:59 Beijing time
  5. 30 Apr 2026Earnings
    PIESAT 2025 annual report: revenue RMB 448 million, net loss RMB 1.86 billion

    2025 revenue fell 71.57% to RMB 448 million with a net loss attributable to shareholders of RMB 1.86 billion and a debt-to-asset ratio of 121.52%; the same day it reported Q1 2026 revenue of RMB 17.26 million and a net loss of RMB 108 million.

    Source: Sina Finance · originally published 30 Apr 2026, 11:06 Beijing time
  6. 27 Feb 2026Earnings
    PIESAT preliminary results: 2025 loss of RMB 1.169 billion, revenue down 66.11%

    The preliminary report showed 2025 total revenue of RMB 534 million and a net loss attributable to shareholders of RMB 1.169 billion, with special-sector revenue falling from RMB 660 million to about RMB 50 million and year-end equity of –RMB 332 million; the final annual report widened the loss to RMB 1.86 billion.

    Source: East Money · originally published 27 Feb 2026, 17:49 Beijing time