According to spacenews.com it was a "small “Future” (Weila-1) satellite for China Central Television (CCTV) for space science experiments, remote sensing and us

According to spacenews.com it was a "small “Future” (Weila-1) satellite for China Central Television (CCTV) for space science experiments, remote sensing and use in a television show" [1], so not quite that much of a loss. Also, the company's name is Landspace. [1] https://spacenews.com/landspace-ready-for-first-chinese-private-orbital-launch-but-looks-to-grander-plans/ https://spacenews.com/landspace-ready-for-first-chinese-priv...