OneSpace is currently working toward a launch of its OS-M rocket as early as late March, 2019. They have recently performed engine and fairing separation tests.
One Space is developing smart small launch vehicles for cost-effective launch services for commercial microsatellites around the world.
Chinese space companies drew $69 million of investment in the third quarter of 2018. In 2018, Chinese space companies had $217 million of funding and there was $230 million invested in 2017.
Of the $16.1 billion invested in private space companies and partnerships since 2009, China now represents 3 percent, with about half a billion dollars. However, nearly all of China’s investment has come since 2016.
OneSpace has received 800 million RMB in funding (about 120 million dollars).
Other Chinese private launch companies are LandSpace, LinkSpace, ExPace and iSpace. Space News reports that there are at least ten chinese private launch companies.
The U.S. has four functioning small rocket private launch small companies and they are Rocket Lab, Vector, Virgin Orbit and Astra Space.
OneSpace wants to eventually be able to launch its OS-M rocket with only 48 hours of preparation time.
OneSpace became the first successful sub-orbital launch of a privately-developed Chinese rocket. First flight (suborbital) was on 17 May 2018, reaching an altitude of 40 km (25 mi).
The 9-meter tall, 0.85-meter-diameter OS-X1 solid rocket lifted off from the Jiuquan Satellite Launch Center at 12:10 a.m. Eastern Sept. 7 (04:10 UTC), reaching an altitude of around 35 kilometers and traveling 169 kilometers during its 200-second flight.
The OS-M is a light-launch space-launch launch vehicle for payloads to low Earth orbit (LEO) and Sun synchronous orbit (SSO). It is projected to be capable of lofting 205 kg (452 lb) to 300 km (190 mi) high LEO; and 73 kg (161 lb) to 800 km (500 mi) high SSO. The first launch is scheduled for Q1 2019.
As of December 2019, the tests completed for OS-M were：
2018/July/4: First-stage main rocket motor test
2018/August/24: Three-stage solid-state propellant and the second and third stage separation system test
2018/October/23: Fourth-stage engine and the third and fourth stage separation system test
2018/November/26 through Nov/30: Attitude control system mechanical environment test.
2018 December: Completed the OS-M attitude control system hot fire test
iSpace is another private chinese company. They launched a suborbital rocket in April but quickly followed it up with a milestone launch on Sept. 5, putting three small satellites into orbit.
iSpace plans to launch three launch vehicles in 2019. The first launch of Hyperbola-1 orbital series is scheduled for the first half of 2019.
The Hyperbola-1 has three solid stages and fourth liquid stage. It has 1.4-meter diameter can deliver 150 kilograms of payload to a 700-kilometer-altitude SSO.
LandSpace rockets are the most advanced among China’s private companies. They are developing a liquid engine, the type of next-generation engine being developed by SpaceX and Blue Origin. Landspace has had two failed launches. The third stage failed on their last launch attempt in October, 2018.