In the last week of 2025, China filed with the International Telecommunication Union (ITU) for 14 constellations comprising 203,000 satellites in total — the largest concentrated international frequency and orbital filing the country has made to date. Behind these figures are two hard rules: satellites must be put into service within seven years of filing, and deployment must be completed proportionally within 14 years; if targets are not met, the number of registered satellites may be reduced according to actual progress. Many low-orbit satellites have a lifespan of only five to seven years, so even after a constellation is completed, continuous replenishment and renewal are required.
The 203,000 satellites are not just an aerospace figure — they represent a batch of orders on a countdown. Behind every satellite lie manufacturing, launch, insurance, financing, data and in-orbit services, as well as contracts spanning multiple jurisdictions. Demand comes in successive waves, and every wave has a time limit.
At present, this industrial chain still has three gaps.
The first is the protection gap. Global space insurance premiums in 2023 were about US1 billion, and some underwriters have successively withdrawn; the mainland's commercial space market has reached the trillion-yuan level, yet space insurance premiums in 2025 were only about RMB 800 million, and the in-orbit insurance rate for low-orbit satellites remains low.
The second is the data gap. The commercial value of constellations lies in transforming remote sensing, positioning and Internet of Things data into services for climate, agriculture, maritime, logistics and finance; but applications are often cross-border, and regulations on data flow and commercial use differ across jurisdictions.
The third is the rules gap. Existing international space treaties mainly address state responsibility; cross-border disputes between enterprises involving launch, financing and data still require effective and credible handling mechanisms.
The China National Space Administration's "Action Plan for Promoting High-Quality and Safe Development of Commercial Space (2025–2027)" proposes promoting commercial space enterprises to go global in an orderly manner. For enterprises to go out, they need international professional services such as insurance, financing, data compliance and dispute resolution.
Hong Kong may not be the place where rockets lift off, but it can be the place where commercial space lands, raises financing and goes global.
Hong Kong has long been in the game: the service chain satellites travel through
AsiaSat was founded in Hong Kong in 1988, APT Satellite is listed in Hong Kong, and its business already covers cooperation with low-orbit constellations. At the end of 1997, "AsiaSat 3" deviated from its intended orbit due to technical problems, and insurance claims and satellite ownership transfer procedures were subsequently initiated — the relevant service chain has long been practised in Hong Kong.
The Outline of the 15th Five-Year Plan for National Economic and Social Development of the People's Republic of China (the "15th Five-Year Plan Outline") outlines the connection points between Hong Kong and the space industry: accelerating the networking of low-orbit satellite internet, proposing Chinese solutions for international rules in emerging fields such as outer space; and, in the chapter on Hong Kong and Macao, supporting Hong Kong in consolidating its status as an international risk management centre, an international legal and dispute resolution services centre and an international innovation and technology centre, giving play to its professional service advantages and helping enterprises "go global".
Connecting the two aspects is Hong Kong's "whole-of-chain alignment" in serving the country's commercial space development: the country builds constellations, Hong Kong provides services; enterprises expand markets, Hong Kong connects to the world.
In-depth research along the industrial chain to provide a basis for policy
The author participated in policy research and drafting work related to the "First Five-Year Plan for Economic and Social Development of the Hong Kong Special Administrative Region (2026–2030)" (the "First Hong Kong Five-Year Plan") and the Policy Address. Over the past year, the research team visited the China Academy of Space Technology, LandSpace, China Satcom, APT Satellite, Shanghai Yuanxin Satellite and the Space Debris Monitoring and Application Centre of the China National Space Administration, and held a number of roundtables, including discussions with the Insurance Authority, the Office for Attracting Strategic Enterprises, Legislative Council members from the insurance sector and 14 insurance institutions on space insurance.
The task of the research is to make the policy concrete: the First Hong Kong Five-Year Plan sets out arrangements in industry, finance, law and data, while the 2026 Policy Address advances implementation through eight measures.
Satellites rely on a graticule of latitude and longitude for ground positioning; to understand the commercial space industry deployment, one can also use such a grid. The three lines of latitude correspond to the three gaps — risk, data and rules — the services a constellation must have in place to go global; the three lines of longitude correspond to three supplies — licensing and scenarios, capital, and research and talent — the conditions for Hong Kong to retain constellations. Where latitude and longitude intersect defines Hong Kong's coordinates on this industrial chain.
Three lines of latitude: risk, data, rules, corresponding to the three gaps
The first line of latitude is risk, corresponding to the protection gap. Global underwriting capacity is contracting, and Hong Kong already has tools that can be layered: the First Hong Kong Five-Year Plan proposes leveraging the combined effect of insurance-linked securities, captive insurers and the dedicated maritime risk pool; insurance-linked securities have so far been issued at HK$6.2 billion, the dedicated maritime risk pool is jointly underwritten by five local insurers; and the Policy Address proposes expanding its underwriting capacity. The next step is to explore extending the same arrangements to space risk.
At an internal seminar of the Policy Unit, Chinese-funded, local and international insurance institutions held lively discussions on how to accumulate risk data on reusable rockets and develop insurance products for low-orbit constellations. Beijing's commercial space insurance co-insurance pool has underwritten more than 30 private launch projects within a year and a half, which can serve as a reference for joint underwriting. The Policy Address proposes that the Insurance Authority and the industry study the systemic risks of commercial space and Hong Kong's market positioning, and then put forward recommendations on product development.
The second line of latitude is data, corresponding to the data gap. One category is application data: satellite data can be used for climate, agriculture, maritime and logistics, and gives rise to value-added services and financial products; the scenarios are mostly cross-border, and circulation rules are key. The other category is security data: space debris monitoring involves both orbital safety and the basis for assessing in-orbit risk.
The First Hong Kong Five-Year Plan proposes improving the cross-border data management mechanism and facilitating cross-border data flow; and using space satellite remote sensing to share data with the mainland. The Policy Address includes remote sensing in a new round of special project solicitation for space technology, building research capability first for data acquisition and application. The prerequisite for implementation is that, while safeguarding national security and data security, monitoring capability, circulation systems and international professional services are aligned.
The third line of latitude is rules, corresponding to the rules and dispute resolution gap. Existing international space treaties mainly regulate state responsibility, and cross-border disputes between enterprises likewise require effective resolution mechanisms.
The national 15th Five-Year Plan Outline has proposed actively putting forward Chinese solutions for international rules in emerging fields such as outer space; the First Hong Kong Five-Year Plan proposes building Hong Kong into a "global mediation capital"; and the establishment of the headquarters of the International Organization for Mediation in Hong Kong precisely connects this link.
Secretary-General of the International Organization for Mediation Teresa Cheng said earlier that the organization is paying attention to legal disputes arising from the expansion of the space economy and does not rule out providing related dispute resolution services. The Policy Address welcomes the organization to handle disputes in emerging industries, including the space economy. With its bilingual Chinese-English common law system and international dispute resolution services, Hong Kong can provide practical support for enterprises handling cross-border space economy disputes.
Three lines of longitude: licensing, capital, research, strengthening Hong Kong's supply
The first line of longitude is licensing and international application scenarios, which determine whether constellations will establish a presence in Hong Kong. The current system is "one licence for one satellite", but low-orbit constellations operate with dozens to thousands of satellites, so the Policy Address proposes to announce within the year a simplified arrangement of "one licence for one constellation", with the Office of the Communications Authority assisting operators in applying for licences and conducting international coordination on satellite orbit and spectrum use, creating conditions for mainland constellations to establish a presence in Hong Kong and connect to international markets.
Last New Year's Day, the first application test of the "Qianfan Constellation" after commercial networking was completed with China Mobile Hong Kong on a cruise ship in Victoria Harbour. The Policy Address further promotes aligning 6G spectrum planning with the mainland and encourages cross-border trials including low-orbit satellites, so that constellations licensed in Hong Kong can connect to next-generation terrestrial networks.
The second line of longitude is capital, which determines whether constellations can take root in Hong Kong. Commercial space is capital-intensive with long return cycles. To attract enterprises to establish a presence in Hong Kong, there must be capital tools suited to their development rhythm.
The First Hong Kong Five-Year Plan proposes optimising the listing regime for technology enterprises and developing patient capital. The Policy Address further proposes that the Hong Kong Stock Exchange (HKEX) study optimising Chapter 18C of the Listing Rules to facilitate financing in Hong Kong by specialist technology enterprises such as aerospace; and that the Hong Kong Investment Corporation (HKIC) make forward-looking arrangements with patient capital, taking stakes in enterprises early in their going-global journey. The two complement each other and help attract space enterprises to place treasury management and subsequent financing activities in Hong Kong.
The third line of longitude is research and talent, which determines whether the industry can develop sustainably. Insurance pricing must understand satellite risk, data monetisation must master remote sensing, and contracts and disputes must clarify technical facts; research is the foundation of these services. Hong Kong already has a track record: PolyU teams have developed space instruments for Chang'e-3 to Chang'e-6 and Tianwen-1; Hong Kong's first payload specialist Lai Ka-ying travelled on Shenzhou-23 to the China Space Station, participating in in-orbit operation of the "Tianyun Camera" developed under the lead of HKUST, among others.
The First Hong Kong Five-Year Plan and the Policy Address connect on three fronts: supporting the two InnoHK space research centres and implementing the "Frontier Technology Research Support Scheme"; exploring Hong Kong-Guangdong cooperation in satellite technology, deep space exploration and satellite data applications; and expanding the "Young Astronaut Experience Camp" and promoting the "Space Dream Youth Programme". When research connects to national missions and talent can see a ladder, the industry will have the impetus for sustainable development.
The grid is drawn; implementation is what matters
The ITU's deployment deadlines are already counting down; after a constellation is completed, the need for replenishment, renewal and continuous operation will continue. This is the window for Hong Kong to transform its international professional services advantages into a new industrial function.
The country sends satellites into orbit and links them into constellations; what Hong Kong needs to do is use research and international professional services to support the insurance, financing, data, contracts and dispute resolution behind every satellite, and help open up international commercial application scenarios.
Hong Kong may not send rockets into space, but it can send professional services to the world; it may not build every satellite, but it can support every constellation in going global.