(Yicai Global) Nov. 17 -- Leo Group soared by the exchange-imposed daily trading limit after the Chinese online marketing firm announced a plan to indirectly invest USD50 million in Space Exploration Technologies, the space technology firm founded by Elon Musk and better known as SpaceX.

Leo Group’s stock price [SHE:002131] closed up 10 percent today at CNY2.67 (42 US cents).

In a statement released yesterday, Leo said wholly owned subsidiary Leo Investments Hong Kong, Tomales Bay Capital Anduril III’s unit Tomales Bay Capital Anduril III General Partners, and others will invest between USD600 million and USD750 million (USD94 million and USD117.5 million) in TBCA, which in turn will invest the money in SpaceX.

California-based SpaceX designs, makes and launches advanced rockets and spacecraft. It was set up in 2002 and is “working on a next generation of fully reusable launch vehicles that will be the most powerful ever built, capable of carrying humans to Mars and other destinations in the solar system,” according to its website.

Leo, headquartered in China’s Zhejiang province, had monetary capital of over CNY1.4 billion (USD219 million) as of the end of the September quarter, up 46 percent from Dec. 31, mainly due to the sale of its stake in Chinese electric car startup Li Auto.

Editor: Futura Costaglione