Tianteng Industry (天腾产业)
Wholly-owned subsidiary of Guangzhou Haige Communications Group Co., Ltd. (SZSE: 002465) — operating entity for the Tianteng Information Industry Base spanning land, air, and water unmanned systems and the low-altitude economy
Tianteng Industry (full legal name: Guangzhou Haige Tianteng Industry Development Co., Ltd.; “Tianteng Industry” or the “Company”) is not a founder-led venture. It is a wholly-owned subsidiary and, in effect, a special-purpose project vehicle of listed parent Haige Communications. In our review of public disclosures and press coverage, we found no individual founder or standalone management biography disclosed for Tianteng Industry itself.
Accordingly, this section departs from our standard “founder background” format and instead sets out Tianteng Industry’s governance structure, formation background, and parent-company oversight. This is a structural adaptation reflecting the limits of available source material, not an information omission — the underlying corporate form differs fundamentally from a typical founder-led startup.
Tianteng Industry was established as a dedicated legal entity to build and operate the “Tianteng Information Industry Base” under Haige Communications’ strategic roadmap. The entity is headquartered in Guangzhou, Guangdong Province (South China), with a stated business purpose of delivering integrated R&D, smart manufacturing, testing, and simulation-training services across the unmanned-systems and low-altitude economy verticals.
SZSE: 002465. Operates across wireless communications, BeiDou navigation, aerospace, and digital ecology. For the first nine months of 2025, revenue was RMB 3.158 billion (down 16.17% YoY) and net income attributable to parent was a loss of RMB 175 million (versus a profit of RMB 185 million in the prior-year period — a swing into loss). For full-year 2025, revenue was RMB 4.388 billion with a net loss of RMB 776 million.
A core affiliate of Guangzhou Digital Technology Group (formerly Guangzhou Radio Group), ranked among China’s top 100 electronics-information enterprises. As Haige Communications’ largest shareholder, it exercises influence over board composition and strategic direction.
Tracing the ownership chain, both Haige Communications and, by extension, Tianteng Industry sit within the Guangzhou municipal government’s state-asset management system. This supports funding stability but can also introduce decision-speed constraints tied to local-government policy and administrative process (see Section 05).
General manager since 2017, elevated to chairman in 2022. An internally promoted executive who moved from technical roles — including deputy chief engineer and deputy director of the technology development center — into general management. He currently also serves as chairman of the Guangdong Next-Generation Communications and Network Innovation Institute and as chair of the sixth supervisory board of the Guangdong Listed Companies Association.
Note: alongside Tianteng Industry, Haige Communications also controls a similarly named but distinct wholly-owned subsidiary, Guangzhou Haige Tianteng Investment Co., Ltd. (“Tianteng Investment”), which was used in December 2024 to acquire the remaining 25% stake in subsidiary Haige Hengtong (specialized network communications equipment). Both entities share the “Tianteng” brand name but differ in business purpose and capital structure — a distinction analysts should keep in mind to avoid misattribution during diligence or valuation work.
Tianteng Industry’s core identity is as the construction entity for the Tianteng Information Industry Base. Per company disclosure, the industrial base delivers integrated R&D, smart manufacturing, testing, and simulation-training services across the unmanned-systems and low-altitude economy verticals, with self-described coverage spanning land, air, and water domains.
Per the August 2026 disclosure, proceeds from this capital raise are earmarked for expanding a high-end flight-simulation training base anchored in the Guangdong-Hong Kong-Macao Greater Bay Area, extending nationwide, and further into Southeast Asia and select African countries. In our assessment, this signals an intent to move beyond a pure infrastructure-leasing and manufacturing footprint toward a cross-border services-export model built on low-altitude economy talent development.
Concentrates R&D functions for unmanned-systems and low-altitude economy technology and equipment within the industrial base. Potential linkage to Haige Communications’ existing wireless-communications and BeiDou navigation technology assets appears plausible, but we found no specific R&D pipeline or patent portfolio disclosed publicly.
Smart-manufacturing capacity for unmanned aerial and surface vehicle equipment. Structured as an industrial-park model, providing production infrastructure to both Haige Communications affiliates and third-party tenant companies.
The primary use of proceeds from the August 2026 capital raise. The strategy is to expand a high-end flight-simulation training base from the Greater Bay Area to nationwide and then to Southeast Asia and Africa, establishing low-altitude economy talent-development services as a standalone revenue stream.
Linkage to parent-company segments: Of Haige Communications’ four reporting segments (wireless communications, BeiDou navigation, aerospace, digital ecology), Tianteng Industry appears to sit outside all four as a distinct emerging-growth category tied to the low-altitude economy and unmanned systems. As of Q3 2025, Haige Communications’ revenue mix was digital ecology 48.53%, wireless communications 30.93%, BeiDou navigation 12.57%, and aerospace 6.28%. Because Tianteng Industry-related revenue is not broken out as a separate line item, we are unable to quantify its contribution to consolidated group revenue at this time.
Tianteng Industry’s capital raise did not follow a conventional VC round structure. Instead, it proceeded as a public-listing capital increase by a listed-company subsidiary, conducted through the Guangzhou Equity Exchange (广州产权交易所), a state-asset trading platform under the Guangdong United Assets and Equity Exchange. Strategic investors were solicited through this public listing mechanism, following procedures typical of SOE-affiliated asset disposals and capital increases.
Haige Communications pre-disclosed Tianteng Industry’s planned capital increase. FY2024 financial statements had been audited by the Guangdong branch of Tianjian Certified Public Accountants (Special General Partnership); H1 2025 financial data was disclosed on an unaudited basis. The filing explicitly stated that this stage constituted advance information disclosure and did not itself represent a transaction.
Deal structure: Per an appraisal by Guangdong Caixing Asset Appraisal and Land & Real Estate Valuation Co., Ltd. (valuation date: July 31, 2025), the equity value of all Tianteng Industry shareholders was assessed at RMB 1,041.6708 million, on which basis the listing price was set at RMB 1,042.00 million. The capital-increase cap was set at RMB 800 million, of which newly registered capital was capped at RMB 690.9789 million.
Ownership impact: Upon completion, the incoming investor’s stake would be capped at 43.44%. Haige Communications waived its preemptive subscription rights for this raise. Post-transaction, Haige Communications retains controlling-shareholder status over Tianteng Industry, with no change to the scope of consolidated reporting.
On the exchange’s investor-relations platform, in response to a shareholder question — “why has the RMB 800 million capital raise attracted no applicants; wouldn’t it be better to lower the terms?” — Haige Communications offered a boilerplate reply, stating that it was “continuing to actively advance the relevant listing matter” and directing the shareholder to future announcements for specifics. In our view, this exchange is a notable data point: roughly seven months after board approval (November 2025), no investor had yet been confirmed, which we flag as a potential early signal of soft market demand for the raise.
Per DoNews reporting, Tianteng Industry announced completion of an RMB 799.7 million capital raise. Proceeds are earmarked for expanding a high-end flight-simulation training base anchored in the Greater Bay Area and extending nationwide and into Southeast Asia and select African countries, with the stated purpose of strengthening low-altitude economy infrastructure and specialized talent-development capacity.
1) Investor identity not disclosed: The August 4, 2026 completion announcement (DoNews) does not name the strategic investor(s) that participated in the raise, nor does it specify their sector or state-owned versus private status. Given that Tianteng Industry sits within an SOE-affiliated ownership structure, participation by a local state investment platform or policy-oriented fund cannot be ruled out — but this is our inference, not a confirmed fact.
2) Timing consistency unverified: We were unable to identify an intervening disclosure (such as an investor-confirmation announcement) bridging the gap between the June 2, 2026 IR response — which indicated no investor had yet been secured — and the August 4, 2026 completion of ~99.96% of the approved cap just two months later. Whether the final transaction terms matched the listing price fixed in November 2025 (based on the RMB 1.042 billion pre-money valuation) also remains unconfirmed.
3) Absence of standalone financial statements: As Tianteng Industry is not an independently listed entity, we found no updated standalone financial data (revenue, profit/loss) disclosed publicly beyond the FY2024 audited statements. Its results are absorbed into the parent’s consolidated financials, making independent verification of subsidiary-level profitability and cash flow difficult.
Tianteng Industry’s competitive positioning stems substantially from its structural identity as an SOE-affiliated, listed-company subsidiary rather than a pure private venture. This provides advantages in funding stability and policy access, while warranting a different evaluation framework than a private venture on dimensions such as decision-making speed and governance transparency.
A governance structure that traces back to Guangzhou municipal SASAC as ultimate controller provides an advantage over pure private startups in terms of creditworthiness and policy access. This capital raise itself proceeded through the Guangzhou Equity Exchange, a state-asset trading platform, lending procedural transparency and compliance with SOE asset-disposal regulations. At the same time, this structure means decision-making speed can be governed as much by administrative process as by market conditions.
Per company disclosure, Tianteng Industry positions itself across the full range of land, air, and water unmanned-systems domains. This structure could in principle capture a broader customer base than single-domain competitors (e.g., eVTOL-only or drone-only players), though actual revenue contribution and technical maturity by domain are not broken out in public disclosures.
Unlike competitors specialized in a single function (e.g., component manufacturing or aircraft assembly), Tianteng Industry positions itself as an integrated industrial base spanning R&D through manufacturing, testing, and workforce training. We view this as a favorable model for tenant attraction and industrial-cluster formation at this early stage of low-altitude economy ecosystem development, though the timing of commercial monetization and the achievement of economies of scale remain unverified.
The explicit use of the August 2026 capital-raise proceeds — a Greater Bay Area-anchored, nationwide-then-international expansion of flight-simulation training capacity into Southeast Asia and Africa — suggests Tianteng Industry is attempting to move beyond domestic infrastructure into a cross-border services-export model for low-altitude economy talent development. We view this as a relatively early internationalization attempt among Chinese low-altitude economy players, though specific target countries, partners, and revenue models have not yet been disclosed.
Our overall assessment: In our view, Tianteng Industry’s investment appeal rests less on individual technological capability or founding-team pedigree than on three factors: (1) the macro policy tailwind from China’s elevation of the low-altitude economy to a national strategic priority, (2) the funding stability afforded by its SOE-affiliated structure, and (3) the disclosure discipline of its listed parent. That said, because Tianteng Industry is not independently listed, entity-level valuation and profitability verification remain limited, and the investor-recruitment delay observed during this capital raise (see Section 03) warrants a cautious read on the initial strength of market demand.
In our assessment, evaluating Tianteng Industry from a hedge-fund analyst lens requires weighing parent-company consolidated performance, the characteristics of its SOE-affiliated governance structure, and the broader policy and regulatory environment for the low-altitude economy sector — rather than relying on standalone entity-level fundamentals.
- The August 2026 completion announcement did not disclose the incoming investor’s identity or sector, making it difficult to verify the strategic character of the transaction (a purely financial investor versus an industrial/strategic partner)
- IR commentary indicates roughly seven months elapsed between board approval (November 2025) and June 2026 without a confirmed investor — a data point warranting a cautious read on early-stage market demand
- Parent Haige Communications’ full-year 2025 results showed revenue of RMB 4.388 billion (down YoY) and a swing to a net loss of RMB 776 million attributable to parent — warranting scrutiny of group-level funding capacity and its ability to sustain new-business investment
- As an unlisted subsidiary, Tianteng Industry has not had updated independently audited financial statements disclosed since FY2024, structurally limiting verification of subsidiary-level profitability and cash flow
- The low-altitude economy sector as a whole remains at an early stage of regulatory-framework development — including airworthiness certification and airspace-management rules — creating exposure to business-plan disruption from policy shifts
- The low-altitude economy has been named in China’s Government Work Report for two consecutive years since 2024, with institutional development accelerating — including the National Development and Reform Commission’s December 2025 statistical classification standards and a February 2026 joint standards-framework guideline issued by ten government agencies
- SOE-affiliated governance provides structural advantages over private ventures in funding-channel stability and policy access
- The Greater Bay Area-anchored push into Southeast Asia and Africa represents a relatively early internationalization attempt among Chinese low-altitude economy players, with potential first-mover benefits
- Potential synergy with Haige Communications’ existing wireless-communications and BeiDou navigation technology assets — though specific technology-transfer or joint-development cases have not yet been disclosed
- Given that other Haige Communications affiliates, such as Mojiechuang, have a track record of NEEQ (New Third Board) listings, a future spin-off or equity-liquidity event for Tianteng Industry cannot be ruled out as an option — though no such plan has been confirmed at this time