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China's Leo Group hits wall with planned $50m SpaceX investment

Company says it has received refund from investment partner

In this image from video provided by NASA, astronauts in the SpaceX Dragon capsule prepare to undock from the International Space Station on Nov. 8. (Photo by NASA via AP)

A Chinese internet services and manufacturing company's high-profile plan to invest in billionaire Elon Musk's aerospace company SpaceX has hit a wall as a partnership formed for the investment fell apart.

Shanghai-based Leo Group said Thursday that it received a $50 million refund from Tomales Bay Capital Anduril III (TBCA), its partner for the planned investment in SpaceX, without elaborating.

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