HONG KONG, Feb. 10, 2022 /PRNewswire/ -- Hong Kong Aerospace Technology Group, Ltd. (HK: 1725) (HKATG), a leading aerospace firm traded on the Hong Kong stock exchange (HKEx) announced that its wholly owned subsidiary Gang Hang Ke (Shenzhen) Space Technology ("SZ Gang Hang Ke") has entered into a second satellite launch service confirmation agreement with China Great Wall Industry Corporation (CGWIC), a state-owned enterprise in Mainland China.
Under the agreement, SZ Gang Hang Ke is tentatively scheduled to launch the two satellites, Golden Bauhinia Satellite No. 3 and Golden Bauhinia Satellite No. 4, in July of this year. The continued launching of satellites is expected to speed up the timetable for the completion the Golden Bauhinia Constellation project as well as enhance the operations of the smart city in the process of being rolled out in the Guangdong-Hong Kong-Macau Greater Bay Area (GBA). HKATG plans to launch 25 satellites in 2022.
The Golden Bauhinia Constellation project begins to take shape
According to HKATG's official website, the group's aerospace commercialization efforts focus on two segments: the build out of the satellite constellation and the precision manufacturing of satellites. Golden Bauhinia is an active-passive hybrid low-orbit high-frequency satellite constellation that combines optical remote sensing and synthetic aperture radar to form an all-weather and near-real-time dynamic monitoring system equipped with specialized applications. The system is driven by real-time satellite communication and navigation functions that provide full-cycle monitoring of the construction of GBA's smart city of the future and supporting infrastructure so as to assure the conservation and sustainability of the local environment.
The Golden Bauhinia constellation project was launched in 2021. SZ Gang Hang Ke signed satellite launching and confirmation agreements with CGWIC in August, October, and December of last year. Five satellites including Golden Bauhinia Satellite No. 1 (01), Golden Bauhinia Satellite No. 1 (02), Golden Bauhinia Satellite No. 2, Golden Bauhinia Satellite No. 5 and Golden Bauhinia Satellite No. 1 (03) were launched in April, October and December.
This year, HKATG plans to significantly accelerate the rate of expansion of the constellation. According to the latest announcement, besides the planned launches of Golden Bauhinia Satellites No. 3 and No. 4 in July of this year, the group will launch a total of 25 satellites in 2022. The growth in the number of satellites will allow for the collection of substantially more data as well as vastly increase data transmission speed, which, in turn, will enhance the quality of the data and application services being provided by the constellation. The effort will facilitate the development of various industrial and commercial activities related to remote sensing data processing, software development, and other professional value-added services in Hong Kong.
Huge breakthroughs for satellite manufacturing
Following on HKATG's expansion in the scope of operations last year, the firm is expected to usher in major breakthroughs on the road to commercialization this year. In October and November of last year, the group inked contracts for the procurement and servicing of complete assembly equipment as well as for equipment configuration and installation with CGWIC and the Research Institute of Tsinghua University in Shenzhen (RITS). The fulfillment of the contracts is seen as a massive breakthrough in HKATG's satellite manufacturing and testing capability.
This year, the Group's first satellite constructed in its Hong Kong facilities is expected to be launched in July, simultaneously with the planned launches of Golden Bauhinia Satellites No. 3 and No. 4.
HKATG expects to soon achieve scale commercialization in both its satellite constellation and aerospace businesses, less than two years after the group's founding in September 2019 and backdoor listing on the HKEx in April of last year.
With a market potential that reaches some trillions of dollars, HKATG foresees substantial growth year after year following the huge breakthroughs achieved last year.
