OneSpace Technology conducted the very first private rocket launch in Chinese history last week when they launched the 30-foot OS-Z from a platform in northwest China on Thursday (17.05.18).
According to CNN, the rocket reached an altitude of 25 miles and travelled around 170 miles from the launch pad.
For OneSpace, the end goal is to be able to charge less than £7,400 a kilogram for cargo, as part of a push from Beijing to encourage the growth of private space firms that can operate separately from the China National Space Administration.
CNN reports that the OS-X rocket will "collect data for a research project the startup is working on with the Aviation Industry Corporation of China, a state-owned company."
Currently, OS-X is only capable of carrying 220 pounds into orbit, and uses solid rocket fuel, meaning components can't be reused after launch.
This puts it behind closest competitor SpaceX, whose Falcon 9 has a 50,000+ pound capacity, however OneSpace insists there's no similarities between the two companies.
CEO Shu Chang told the publication: "Many compare us to SpaceX but to be honest, the gap is more than a little ... No matter how good your story is, what matters is if you have launched a rocket or not. It's the benchmark of a rocket company. So this launch is crucial to everything - capital investment, media attention and the government's support."