Shenzhen Boss Creates Satellite Antenna, Raises 6 Billion in One Go

How does AI · Peng Hao extend antenna technology into satellite communications?

Reporter | Li Huilin, Tan Lu Editing | Tan Lu

A low-profile tech tycoon from Shenzhen plans to raise 6 billion yuan.

On the evening of March 13, Xinwei Communication announced it intends to issue no more than 30% of its total shares, betting on three major areas: commercial satellite communication devices, chip thermal management components, and RF devices.

Chairman Peng Hao’s controlled company, Xinwei Communication, is a leader in the domestic broad RF and commercial aerospace sectors, with expected revenue exceeding 9.5 billion yuan in 2025.

This additional 6 billion yuan aims to expand production capacity and transform technological breakthroughs in commercial satellite communication, chip thermal management, and new RF devices into large-scale manufacturing, seeking new growth points.

Supported by SpaceX concepts and commercial satellite orders, from November last year to January this year, its stock price surged from 28 yuan to 94 yuan, tripling. On March 16, it closed at about 65 yuan, with a market value falling back to 71.7 billion yuan.

“This is not a short-term fundraising project but more of a long-term strategic plan.”

A reporter from 21CBR contacted Xinwei’s securities department as an investor, and a relevant person said the fundraising focuses on three new businesses, all related to the company’s second growth curve.

Three-pronged approach

At 59 years old, Peng Hao is simultaneously expanding into satellite, computing power, and RF fields, launching three initiatives.

His layout targets current hotspots: accelerated low-earth orbit satellite network construction, explosive demand for AI computing power, and the transformation of the smart automotive industry.

Commercial satellite communication devices are one of the core focuses of this fundraising, with a total project investment of 3.563 billion yuan, planning to use 47.5% of the raised funds, about 2.85 billion yuan.

By the end of 2025, Xinwei announced on its official website and WeChat account that commercial satellites have become an important part of its “1+3+N” strategy.

Its core products include antennas and RF modules, wireless charging modules, connectors and wiring harnesses, and precision structural parts.

“Construction of low-earth orbit satellite internet constellations has entered the implementation stage, which will drive demand for ground terminal equipment.”

Xinwei stated in its announcement that it will expand into new products such as array antennas and modules based on high-frequency, high-speed connectors capable of mass supply.

Another highlight of this fundraising is the chip thermal management project, with a planned use of 1 billion yuan, aiming to address a core pain point in the AI industry—rising chip power consumption and heat dissipation constraints limiting computing power.

Peng Hao plans to expand upstream, focusing on high thermal conductivity interface TIM1 materials and chip packaging heat sinks.

Currently, the global high-end chip thermal management market is still dominated by overseas companies. Breakthroughs in domestic independence and control could have promising prospects.

Among the planned investments, 2.15 billion yuan will be used for RF device development.

Peng Hao believes that as high-level intelligent driving penetration continues to increase, the number of vehicle-mounted millimeter-wave radar antennas and V2X antennas is surging, making entry into autonomous driving timely.

Xinwei is leveraging its autonomous mass production capacity of foundational materials to expand into high-value fields such as millimeter-wave radar antenna components.

Peng Hao’s team is moving toward a “consumer electronics + satellite communication + smart cars + N” multi-business development stage.

“From the perspective of implementing the company’s strategy, the most difficult times are over.”

A Xinwei securities official told 21CBR that two or three years ago, the company invested its own funds into the second growth curve business, which now generates confirmed revenue and profits.

Riding the Big Coattails

The most imaginative business under Peng Hao’s umbrella is the commercial satellite sector, heavily invested with big potential.

In this field, Peng Hao has secured partnerships with two North American clients.

Since 2021, he has been providing satellite ground terminal components exclusively for a major North American client. By 2025, he plans to supply antennas, connectors, and other products to another North American commercial satellite customer, with shipments already underway.

Source: Tuchong

Although the company has not explicitly named these clients, industry consensus suggests they are SpaceX’s Starlink project and Amazon’s Kuiper project.

In investor communications, Xinwei clearly states it has covered the world’s two major low-earth orbit satellite projects. When asked about SpaceX Starlink, the company did not deny the cooperation.

In the future, these two clients are expected to continue expanding, and Peng Hao will benefit directly.

Since 2020, SpaceX’s Starlink has been deploying satellites in bulk, with over 10,000 launched so far. Elon Musk’s goal is to launch over 10,000 satellites annually.

In February, Amazon’s Kuiper project launched its first 32 low-earth orbit satellites, with a planned system of 3,236 satellites.

Peng Hao’s team provides products designed specifically for near-earth satellite communication, capable of meeting high-frequency communication requirements above tens of gigahertz, achieving low latency, high transmission rates, and low signal loss.

To serve these two North American clients, Peng Hao has established overseas bases in Vietnam, Mexico, and other locations.

“Over the past few years, the scale of the Vietnam base has continued to expand to meet the product demands of commercial satellites and other clients,” Xinwei emphasized. The scope and scale of cooperation with North American clients are also continuously growing.

The high-frequency, high-speed connectors and array antennas that Peng Hao’s team focuses on have high technical barriers, and the market supply is relatively tight. Their capabilities are replicable.

Domestically, Xinwei is also a key supplier of satellite terminals, achieving a transition from components to complete systems.

Laying the Foundation for the Future

This large-scale fundraising is Peng Hao’s heavy bet to break through performance bottlenecks.

He is from Yiyang, Hunan, and since the start of his entrepreneurial journey, he has been deeply involved in RF technology, mainly focusing on antenna products such as mobile phone antennas, GPS antennas, WiFi antennas, and wireless network cards.

As a critical component of communication equipment, antennas handle signal reception and transmission. Peng Hao has mastered core technologies and early on became a key supplier for giants like Huawei.

Following the main RF technology track, he gradually expanded into wireless charging modules, RF materials, and precision structural parts, with clients extending to mainstream supply chains in Europe and America, including Apple.

Taking advantage of the rapid development of the communications industry, Xinwei also grew into a leader in consumer electronics RF.

In 2014, it acquired Shenzhen Yalisheng Connectors, expanding into automotive connectors and opening doors to automotive and aerospace businesses.

Today, consumer electronics remain Xinwei’s core business. However, with increasing market competition and industry recovery stagnation, the company faces growth bottlenecks.

From January to September 2025, Xinwei’s revenue was 6.462 billion yuan, nearly stagnant; net profit was 486 million yuan, down 8.77% year-on-year.

As the old growth engines weaken, management is vigorously developing the second growth curve, involving commercial satellite communication, smart cars, energy storage, AI, robotics, and more.

The company has not disclosed the development status of these new businesses. Management is optimistic, expecting “to enter a rapid growth phase around 2026-2027.”

This fundraising aims to lay the groundwork for Xinwei’s future, accelerating the deployment of new products and technologies.

However, the construction period for its three major fundraising projects is up to 36 months. Whether the market can absorb this capacity later remains uncertain.

The story of new tracks is very attractive and has boosted market interest. Peng Hao has taken the opportunity to reduce holdings and cash out.

Before early May, he plans to sell up to 9.6376 million shares, accounting for 1% of the total shares. Based on the latest closing price of 65 yuan, this would net about 6.26 billion yuan.

The story has just begun, and he has already tasted some early success.

Image source: Xinwei Communication, unless noted otherwise