(Yicai Global) July 10 -- China Great Wall Industry, a commercial rocket launch provider, will auction payload space for the first time after making significant progress in satellite launch technology and amid growing demand for such services, according to a media report.

Interested parties can sign up to the auction which will be held at 3 p.m. on July 13, Beijing Business Today reported. The 'shared rocket' business model is expected to slash the cost of putting commercial satellites into orbit, it added.

The winners will put payloads on the Long March 6C carrier rocket, whose launch is expected at the end of this year, the report said. The starting price will be CNY80,000 (USD11,051) per kilogram.

“Giving the opportunity to put payloads on rockets via bidding can ensure fairness and openness in the market," said Wang Peng, a researcher at Renmin University of China. "Market competition is helpful to achieve the long-term and sustainable development of commercial space launches.”

The highest bidders can negotiate details with the rocket launcher before penning a contract, according to the report. 

The Long March 6C, a carrier rocket developed by China Great Wall Industry's parent firm China Aerospace Science and Technology to meet commercial demand, has a low-earth orbit launch capacity of 48,000 tons and a solar synchronous orbit one of 20,000 tons.

The shared rocket business model uses one rocket to launch multiple satellites. It first determines the model and the initial launch plan before attracting clients, while business models previously did the reverse. It is more suited to the needs of small satellite launches, with low blastoff costs and good adaptability to missions. 

Founded in 1980, Beijing-based China Great Wall Industry is authorized to provide commercial launch services, satellite systems, and to carry out space technology cooperation, according to its website. It began commercial launches through the 'shared rocket' business model in April 2021.

Its previous customers include satellite manufacturers, such as Boeing and Lockheed Martin of the US, and France's Astrium, a European Aeronautic Defence and Space subsidiary. Satellite operators Eutelsat and AsiaSat are also its clients.

Editor: Martin Kadiev