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Xinwei Group's Statement on SpaceX Rocket Explosion


On 1 September, 2016, SpaceX's Falcon 9 rocket tasked with lofting Amos-6 satellite onto orbit exploded on its launch pad. The explosion destroyed the Amos-6 satellite owned by the Israel-based satellite operator Space-Communication Ltd. (hereinafter referred to as “SCC”).


SCC is one of Xinwei Group's most valued partners in the satellite sector. On 24 August, Xinwei Group and its affiliated companies signed an agreement with SCC on the contemplated acquisition of SCC's 100% equity interest.


The Group is deeply sorry for the explosion of Amos-6 satellite and expresses its sincere condolences to SCC.


The proposed transaction is yet to complete and is subject to the successful launch of Amos-6. The loss incurred from the explosion will have no adverse impact on the Group's financial situation. 


The Group will work closely with SCC to jointly investigate and evaluate the impacts on the ongoing transaction and engage in further negotiations. Latest progress will be disclosed in a timely manner.


Failures are recorded from time to time in aerospace history. Human being has been committed to endless exploration and innovation in the journey of building a more convenient and reliable communication network. The explosion will have no influence on the satellite strategy of Xinwei Group. The Group reaffirms its determination to construct an integrated space and terrestrial information network and make continuous contributions to the world's technological development.


Beijing Xinwei Technology Group Co., Ltd.

September 2, 2016

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