Shanghai Yuanxin Satellite Technology Co., Ltd. has successfully undergone changes in its industrial and commercial registration, officially welcoming Hangzhou Alibaba Entrepreneurship Investment Co., Ltd. as a new shareholder. This development signifies Alibaba's formal foray into the realm of low-Earth-orbit (LEO) satellite constellation enterprises. As the designated builder and operator of the expansive LEO mega-constellation known as the 'Qianfan Satellite Constellation,' Yuanxin Satellite has significantly expanded its fleet, now boasting 238 satellites since the inaugural launch of its first batch in August 2024. The company aims to achieve the global networking of the initial phase, comprising 324 satellites, by the end of 2026, and subsequently commence commercial operations. Furthermore, Yuanxin Satellite has successfully raised a substantial capital infusion of RMB 6.976 billion, drawing interest from 18 investors, and has attained a post-investment valuation of approximately RMB 50 billion.