China's LandSpace targets $1 billion IPO in reusable rocket tech push

BEIJING, Dec 31 (Reuters) - China's rocket startup LandSpace plans to raise 7.5 billion yuan ($1.07 billion) in a potential initial public offering to boost its production and technology for reusable rockets, according to a document released by the Shanghai Stock Exchange.

The Shanghai bourse has accepted LandSpace's application to list on its tech-focused STAR Market, according to its website.

China's leading private rocket firm, LandSpace became the first Chinese entity to conduct a reusable rocket test earlier this month, as it geared up to compete with Elon Musk's SpaceX.

The Shanghai exchange last week eased IPO rules for Chinese companies developing reusable rockets, part of Beijing's efforts to close a gap in its space capabilities with the United States.

($1 = 6.9959 Chinese yuan renminbi)