Breaking news

Cyprus Builds Its Place In The Global Space Industry

Cyprus’ involvement in space was once seen as an unlikely dream. Fourteen years later, the country is preparing its first small satellite and has become increasingly connected to major international space networks.

Founded in 2012, the Cyprus Space Exploration Organisation (CSEO) has played a central role in developing the sector and establishing links with organisations including NASA, the European Space Agency and Lockheed Martin.

From Childhood Fascination To National Ambition

CSEO President George Danos developed an interest in space as a child, when his parents bought him his first telescope. After studying at Imperial College London and spending around 15 years working abroad, including with Richard Branson’s Virgin group, he returned to Cyprus and founded CSEO.

One of the organisation’s early goals was to bring Cyprus into the European space community. The country became an ESA cooperating state in 2016 and has since progressed to associate membership.

International cooperation has expanded further, with CSEO developing links with space agencies and researchers in the US, Japan, France, Italy, Israel and the UK. NASA’s then chief scientist James Green also visited Cyprus in 2018 to mentor teams participating in space innovation competitions.

Rather than competing with larger space powers, Danos said, CSEO’s role is to connect Cyprus to the international space ecosystem.

Building A Space Sector

CSEO focuses on four areas: education, innovation and start-ups, research and development, and international cooperation. Its Nicosia facilities include satellite manufacturing and testing equipment, a thermal-vacuum chamber, vibration-testing systems, an ISO-7 clean room and mission-control and communications facilities.

Research covers space health and space weather. Work with the Cyprus Institute of Neurology and Genetics examines how space conditions affect genes, while artificial intelligence and modelling are being used to study the effects of solar activity on satellites, telecommunications and electricity networks.

First Satellite Nears Completion

A major milestone is now approaching, with CSEO’s first CubeSat nearing completion and discussions under way with launch providers. Once in orbit, its camera will demonstrate technology for detecting wildfires, while additional payloads will focus on space health and space weather. One satellite cannot provide a full wildfire monitoring service, Danos noted. A larger constellation would eventually be needed to turn the technology into a comprehensive service.

Looking further ahead, he wants to develop an international satellite constellation carrying different sensors to study the Sun’s effects on Earth and climate.

Could A Cypriot Go Into Space?

A Cypriot astronaut remains a long-term ambition, although Danos believes such a mission should have a clear scientific or economic purpose. “The goal of having a Cypriot into space is important,” he said, stressing that it would require cooperation between government, industry, academia and NGOs.

For now, CSEO is focused on strengthening Cyprus’ research capabilities, developing local expertise and expanding international partnerships. “Our country has made great strides in space and the future ahead looks great,” Danos said.

Shein Targets $25 Billion Valuation In Hong Kong IPO As Growth Slows

Shein is reportedly targeting a valuation of around $25 billion in its planned Hong Kong IPO, a sharp decline from the nearly $100 billion valuation the online fashion retailer achieved in a 2022 fundraising round.

Two people familiar with the plans said the company was likely to target about $25 billion, while another source put the expected range at $25 billion to $28 billion based on the proposed price band.

IPO Valuation Falls Sharply

Shein plans to sell up to 8% of its shares in the offering, according to a person familiar with the plans. At a $25 billion valuation, that would translate into an IPO of as much as $2 billion.

The latest target is also below the $30 billion to $40 billion valuation the company was seeking earlier this month as it began meeting with potential investors.

Founded in China in 2012 and now headquartered in Singapore, Shein sells low-cost clothing to consumers in about 160 countries. The company is expected to launch its long-awaited Hong Kong IPO later this week.

Trade Restrictions Weigh On Growth

Shein’s valuation has come under pressure as major markets tighten rules affecting low-cost e-commerce shipments. The European Union, for example, has moved to impose additional fees on cheap parcels from platforms such as Shein and Temu. EU Tightens Rules On Low-Cost E-Commerce Parcels

In the U.S., the removal of an import duty exemption for small packages has also affected the company. Shein reported a $99 million quarterly loss in the first quarter of 2026 as sales growth slowed, while a one-time accounting charge further weighed on its results. Shein Reports First-Quarter Loss Ahead Of IPO

Investors Question Shein’s Growth Prospects

The steep reduction in valuation reflects growing concerns over slower growth, higher trade costs, regulatory pressure and stronger competition across global e-commerce.

Some investors who reviewed Shein’s recent financial statements or attended IPO presentations told Reuters they were skeptical that the company could return to the growth rates that supported its $98.2 billion valuation in 2022. Shein’s Slowing Growth Tests Investor Appetite

A lower IPO valuation could also affect Shein’s existing investors. Under the terms of its IPO filing, the company may have to issue additional shares to certain pre-IPO investors if its valuation falls below agreed thresholds.

Uol
The Future Forbes Realty Global Properties
eCredo
Aretilaw firm

Become a Speaker

Become a Speaker

Become a Partner

Subscribe for our weekly newsletter