Grandway advises ExPace in RMB1.6B fundraising

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Grandway advises ExPace in RMB1.6B fundraising

Grandway Law Offices advised Chinese rocket maker ExPace on its RMB1.6 billion (USD239 million) series B financing as the company looked to increase its chances of successful future launches.

The firm’s leading partner Hu Qi spearheaded the team with support from partner Xu Huanming, associates Fu Hanbing and Lan Zhouda.

The commercial launch provider ExPace, which is a subsidiary of the state-owned defence contractor China Aerospace Science and Industry, has successfully completed 13 commercial launches during the past six years and sent 23 satellites into space.

However, ExPace had three launch failures of the Kuaizhou-1A in the past two years, so the funds raised from the series B financing will be used to ensure this series of rockets will be 100 per cent successful.