Chinese pseudo-company raises $207 million

The Chinese pseudo-company Space Pioneer announced yesterday that it has raised an additional $207 million from Chinese investment sources during its most recent funding round, bringing the total amount it has raised to $552 million.

Space Pioneer—full name Beijing Tianbing Technology Co., Ltd—announced the funding worth more than 1.5 billion yuan ($207 million) June 6. At least 15 investors participated in the funding, including a mix of private equity and state-linked investment vehicles.

These include state-linked Wuxi Chuangfa, CCTV Fund, CITIC Securities Investment, Hefei Ruicheng and SDIC Taikang, and private equity and investment firms Bohua Capital Management, Guoyu Gaohua, Deyue Investment and more.

The company is developing its Tianlong-3 reusable rocket, essentially a copy of SpaceX’s Falcon 9. It already has completed one launch of its Tianlong-2 expendable rocket, using government engines.