Yuanxin Satellite has reportedly completed a financing round worth nearly RMB7 billion at a valuation of about RMB50 billion, according to Caixin’s report.

The reported valuation is below the company’s earlier target of up to RMB75 billion. Yuanxin had previously disclosed plans to raise as much as RMB15 billion as it continues developing a satellite-internet network. [TechNode reporting]