Spotlight on China Airshow: Heart Capital Portfolio Companies Take to the Skies | HeartStar PORTFOLIO

At the recently concluded 15th China International Aviation and Aerospace Exhibition, portfolio companies of Heart Capital — LandSpace, Micro-Nano Starry Sky, and Xpeng Motors — showcased their latest advances in commercial aerospace and low-altitude economy. This year's airshow set a new record for scale, with 1,022 exhibitors from 47 countries and regions gathering in Zhuhai. A collection of "high, precision, cutting-edge" exhibits representing world-class standards made their collective debut. The event served not only as a showcase for aerospace technology but also as a concentrated display of China's defense capabilities and industrial strength. Having invested in the aerospace sector for many years, Heart Capital naturally couldn't miss this edition of the China Airshow. Let's review the highlights from Heart Capital's portfolio companies at the exhibition:

Xpeng Motors: Opening a New Era for Flying Cars

At this airshow, Xpeng Motors presented the global public debut flight of its modular flying car, the "Land Aircraft Carrier," marking a major breakthrough in flying car technology. This vehicle demonstrated innovative automatic separation and docking technology while solving challenges in mobility, storage, and energy replenishment — opening new possibilities for future transportation. Xpeng Motors' flying car manufacturing base, currently under construction, is expected to begin mass production in 2026 with an annual capacity of 10,000 units. Additionally, the company has signed a strategic cooperation agreement with Hainan Provincial Development and Reform Commission to jointly promote flying car pilot applications and commercialization in Hainan, creating a "Flying Car Application Demonstration Island." As of the 13th, Xpeng Motors secured over 2,000 new orders at the airshow — the largest order volume in the global flying car sector to date — reflecting strong market demand for the "Land Aircraft Carrier." Individual user reservations will open in December, with 20 flight camps scheduled for completion by the end of 2025 to support regular flying car operations.

Xpeng Motors "Land Aircraft Carrier" global public debut flight

LandSpace: Leader in Commercial Space Launch Vehicles

At this year's airshow, LandSpace once again proved its leading position in commercial aerospace through its revolutionary liquid oxygen-methane rocket technology. The company exhibited a model of the Zhuque-2 — the world's first liquid oxygen-methane rocket to successfully reach orbit — alongside a real TQ-12 liquid oxygen-methane engine. Looking ahead, LandSpace plans the maiden flight of the Zhuque-3 reusable rocket in 2025, a milestone that will elevate China's satellite internet constellation capabilities to new heights and inject greater momentum into the national space program.

This year, LandSpace received a Second Prize of the State Scientific and Technological Progress Award at the National Science and Technology Conference for "Key Technologies and Engineering Applications of Centrifugal Pumps Under Complex and Variable Operating Conditions" — a national-level recognition of LandSpace's innovative capabilities and technical achievements, and the first time a private Chinese rocket company has received this honor. During the airshow, LandSpace founder and CEO Zhang Changwu delivered a keynote speech titled Benchmarking Against International Leading Standards, Fulfilling China's Commercial Space Mission, sharing the latest global trends in commercial aerospace. Click the link below to watch.

LandSpace founder and CEO Zhang Changwu on the successful orbital insertion of the Zhuque-2 Y2 liquid oxygen-methane launch vehicle

Micro-Nano Starry Sky: Rising Star in Commercial Satellites

At the Micro-Nano Starry Sky booth, the company — as a representative of China's commercial aerospace sector — drew considerable attention in the National Space Administration exhibition area with its flagship products: the Taijing-3 01 satellite and Taijing-4 03 satellite. The Taijing-3 01, China's first 0.5-meter resolution optical remote sensing satellite developed by a private enterprise, demonstrated Micro-Nano Starry Sky's capabilities in commercial satellite manufacturing through its outstanding performance. The Taijing-4 03, China's first commercial Ku-band phased array radar imaging satellite, meets demanding high-resolution Earth observation requirements through its Ku-band imaging technology — approaching optical imaging quality — and its onboard AI real-time processor. During the airshow's forum sessions, Dr. Sun Peng of Micro-Nano Starry Sky delivered a presentation titled Development and Breakthroughs in New-Generation Commercial Remote Sensing Satellites, sharing the company's latest progress and technological innovations in commercial remote sensing satellites.

Dr. Sun Peng of Micro-Nano Starry Sky presenting

Zhou Xin, Deputy General Manager of Micro-Nano Starry Sky, interviewed by CCTV

Investing in Chinese Technology with Heart

With the successful conclusion of the 15th China International Aviation and Aerospace Exhibition, Heart Capital had the privilege of witnessing the vigorous development of commercial aerospace and the low-altitude economy. The National Space Administration noted at the event that commercial aerospace enterprises should be encouraged to participate in national projects, with commercial space activities regulated and orderly, promoting shared development, and supporting aerospace companies in going global. "Among China's many commercial space activities, we advocate 'commercial where possible,' leaving room for commercial aerospace development," said Li Guoping, Chief Engineer of the National Space Administration.

Heart Capital is highly optimistic about the rapid development of China's aerospace and low-altitude economy sectors, and the enormous commercial opportunities this creates for outstanding private enterprises. As an early investor in Micro-Nano Starry Sky, LandSpace, and Xpeng Motors, Heart Capital will continue to identify promising early-stage companies in aerospace and low-altitude economy, increase its investment footprint, and invest in Chinese technology with heart.

Founded in 2022, Heart Capital is a China-based early-stage venture capital fund focused on technology and digitalization. The team is led by Yan Han, founding partner of Lightspeed, alongside core investors, a chief financial officer, and seasoned investment professionals from industry. Notable past investments include Series A investments in Xpeng Motors (NYSE: XPEV, 09868.HK), Full Truck Alliance (NYSE: YMM), as well as FinVolution (NYSE: FINV), RoboSense (02498.HK), Baichuan, Manman Lengyun, Fan Deng Reading, World Logistics, Micro-Nano Starry Sky, LandSpace, Lanhu, Starfield, and others. Rooted in China with a global outlook, Heart Capital seeks genuine value in non-consensus. The firm respects the value of "people" and champions the potential of "heart," aspiring to accompany more young Chinese entrepreneurs in strengthening China and expanding onto the world stage.