Shanghai Yuanxin Satellite Technology Co., Ltd., the developer and operator behind the ambitious “GanDeer Constellation”—a large-scale, low-Earth-orbit satellite internet network often likened to China’s answer to SpaceX—has officially opened a new round of funding. According to reports, the net amount to be raised in this funding phase will hinge on prevailing market conditions, with the disclosure period scheduled from June 22 to July 17. The planned funding will involve offering a stake of no more than 20%, with the intention of bringing in no more than three new investors. Yuanxin Satellite’s current shareholders will also take part in this capital increase. The funds raised will be earmarked primarily for advancing the construction of the satellite constellation, fostering technological innovation, expanding market reach, and supporting the company’s day-to-day operations. As per the stipulations, investors must be enterprise legal persons or other economic entities that are duly registered and actively operating within China. Investor consortia will be treated as a single entity, and their collective investment must not fall below RMB 5 billion.