Yan Jianya and Fan Daidi, the wealthiest couple in Shaanxi province, are taking a crucial step in their commercial space strategy. On March 16, Triangle Defence (300775.SZ), a company specializing in aerospace forgings, announced plans to establish Western Space Technology (Shaanxi) Co., Ltd. in partnership with Xice Testing, Ruitou Energy, and Shaanxi Aerospace Research Institute. The new venture will focus on integrated satellite and rocket systems, targeting core segments of the commercial space launch and satellite sectors.

The couple's investment portfolio already includes three listed companies: Triangle Defence, a leading military forging supplier; Giant Biogene (2367.HK), a dominant player in recombinant collagen; and Sanrenxing (605168.SH), a top integrated marketing services provider. This new company represents Triangle Defence's strategic move downstream in the supply chain, leveraging its manufacturing expertise. The venture's success hinges on developing a sustainable profit model in the competitive commercial space industry. Industry analysts highlight two critical factors: the stability of core businesses to ensure long-term funding, and the new platform's ability to achieve self-sufficiency within 3-5 years. Failure in either area could pose financial and operational challenges.

As of March 23, Triangle Defence's stock closed at 33.9 yuan per share, with a total market capitalization of approximately 18.56 billion yuan.

Triangle Defence is the largest shareholder in the new venture, contributing 200 million yuan for a 40% stake. Xice Testing and Ruitou Energy each invested 140 million yuan for 28% ownership, while Shaanxi Aerospace Research Institute provided 20 million yuan for a 4% share. The partners bring complementary strengths: Xice Testing offers full-process testing and certification capabilities; the state-backed Shaanxi Aerospace Research Institute provides R&D and industry-academia collaboration; and Ruitou Energy serves as the capital partner, sharing the burden of heavy initial investments.

Founded in 2003 and listed in 2019, Triangle Defence has long been a key supplier of aerospace forgings, operating upstream in the supply chain. The company produces critical components for military and civilian aircraft but has not previously engaged in final assembly or launch operations. This joint venture marks its strategic pivot toward becoming an integrated satellite and rocket system provider, aiming to capture higher value in the commercial space market.

Financially, Triangle Defence appears well-positioned. In the third quarter of 2025, it reported revenue of 1.25 billion yuan and net profit of 375 million yuan. Analysts note improved profitability and strong cash reserves. However, the company cautions that the joint venture's short-term financial impact may be limited, with future returns subject to uncertainties.

The expansion faces challenges. In December 2025, Triangle Defence delayed the completion of two key projects—an aero-engine blade precision forging facility and an aviation digital integration center—to late 2026. The company cited location changes and market adjustments for the delays but emphasized the projects' strategic importance, particularly for meeting growing demand in military and civil aviation markets.

Yan Jianya, born in 1966 and a graduate of Northwest University, is the principal architect of the couple's business and capital operations. His wife, Fan Daidi, holds a Ph.D. in bioengineering and previously served as vice president of Northwest University. The couple co-founded Giant Biogene in 2001, which later became a collagen industry leader. Yan established Triangle Defence in 2003, focusing on high-tech military forging, while Fan concentrated on biotech innovation at Giant Biogene.

Yan has since expanded their portfolio through strategic investments, including a 4.5 billion yuan stake in Sanrenxing in December 2025 and the creation of Sanyuan Capital, a private equity firm focusing on aerospace and new materials. Their combined wealth reached 45.7 billion yuan in 2025, making them Shaanxi's richest couple.

Experts caution that while Triangle Defence excels in manufacturing, it must develop integrated design and system capabilities to avoid being marginalized in the commercial space race. The company's ability to transition from a component supplier to an innovative, integrated solutions provider will determine its position in China's evolving space industry.