Two companies are warned for inaccurate disclosure related to commercial space activities; listed companies issue frequent risk alerts.

Recently, the commercial aerospace sector has seen repeated activity, with related companies’ stock prices frequently moving sharply, drawing regulatory attention. On the evening of January 13, the Shanghai Stock Exchange (SSE) issued regulatory warnings to E-Cang Digital, Hangxiao Steel Structure, and relevant responsible parties. The reason was that, in relation to information associated with concepts such as “commercial aerospace,” the companies had cases of inaccurate and incomplete information disclosure, and insufficient risk warnings.

Data from Wind shows that, as of the close on January 13, the Commercial Aerospace Index (8841877.WI) had risen by 31.19% cumulatively over the past month. Recently, the stock prices of multiple publicly listed companies involved in “commercial aerospace” concepts rose too sharply in the short term, triggering the exchanges’ “abnormal price fluctuations” provisions. The relevant companies have issued risk warning announcements on stock trading or stock price fluctuation announcements in a dense sequence, reminding investors to pay attention to the risk of rapid pullbacks that irrational speculation may bring.

E-Cang Digital and Hangxiao Steel Structure face regulatory warnings from the SSE

According to the SSE’s regulatory warning, E-Cang Digital’s violations mainly involve improper information disclosure in its investor relations activities.

The investor relations activity record table disclosed by the company on December 31 shows that its subsidiary, Boifei Electronics, mainly provides three categories of products: spaceborne high-performance computing, AI computing, and radio-frequency transmission. The table also states that it had successfully built a domestically produced solution; in the special sector, the company’s AI products had entered mass production, and other related contents. After these contents were released, by January 12, 2026, E-Cang Digital’s stock price had risen cumulatively by 19.37%.

Following regulatory prompting, on January 13 E-Cang Digital disclosed a risk warning announcement stating that the company’s satellite communication products such as intelligent computing and spaceborne communication had orders of approximately RMB 3.9 million for the full year of 2025, accounting for less than 0.1% of the overall business; and that there was significant uncertainty regarding its subsequent development. The AI products mentioned earlier that had “entered mass production” were still in the small-batch delivery stage and had not formed large-scale sales. The company’s 2025 orders were about RMB 10 million, with a low revenue contribution ratio, which had no material impact on the company’s performance. Future development had uncertainties.

The SSE believes that the information disclosed in the investor relations activity record table did not accurately reflect the development stage, sales scale, and the impact on the company’s overall business conditions regarding the company’s satellite communication products and AI products. It also did not sufficiently warn of risks such as uncertainties in future development. Only after regulatory prompting did the company publish an announcement to explain; thus, the information disclosure was inaccurate and incomplete, and the risk warnings were insufficient, which could mislead investors’ decisions. Therefore, the SSE issued a regulatory warning to the company’s then acting secretary of the board, Hou Zhiping.

Hangxiao Steel Structure, meanwhile, faced a regulatory warning related to the information about winning bids disclosed by the company on its interaction platform.

On December 31, 2025, on the Shanghai Stock Exchange’s E-interaction platform, Hangxiao Steel Structure replied to investors’ questions, saying that as a joint project member, the company, together with Hunan Construction Engineering Group Co., Ltd., had won the bid for the EPC (engineering general contracting) project for the Zhenyuan medium- and large-sized liquid carrier rocket assembly, general testing and recovery and reuse base (Phase I). The signed contract value was approximately RMB 253 million; the contract value related to the company’s engineering portion was approximately RMB 69.3188 million. After this information was released, it drew market attention. As of January 13, 2026, the company’s stock price had hit the daily limit repeatedly several times and had reached abnormal price fluctuations twice.

Following regulatory prompting, on January 8 Hangxiao Steel Structure issued an announcement stating that the contract amount involved in the above project was small, accounting for less than 1% of the audited revenue for 2024, and that it would have no material impact on full-year performance. The SSE said that the content replied on the company’s E-interaction platform failed to accurately reflect the specific implementation work of the company’s winning bid projects, and also did not sufficiently warn of risks regarding the actual impact on the company’s operating performance and uncertainties in contract performance, among other matters. Only after regulatory prompting did the company disclose the announcement to explain; the relevant information disclosure was inaccurate and incomplete, and risk warnings were insufficient, which could mislead investors’ decisions. According to relevant regulations, the SSE issued a regulatory warning to the company’s then acting secretary of the board, Yao Jianfeng.

The SSE pointed out that the market is currently highly concerned about related concepts such as “commercial aerospace,” “satellites,” and “AI applications,” which may have a significant impact on the company’s stock price and investors’ decisions. When the company publishes related information, it should be especially prudent, accurate, and objective, and fully warn of uncertainties and related risk, to avoid misleading investors.

Risk warnings from multiple listed companies

Recently, the commercial aerospace concept has been performing strikingly well. Behind the fervent speculative trading of stock prices, multiple listed companies involved in related concepts have issued announcements to warn of trading risks.

On the evening of January 13, Tongyu Communications disclosed an announcement on abnormal fluctuations in stock trading, saying that since the company’s stock last closed on November 27, 2025, the cumulative increase in the closing price had been 256.08%, and that there were situations of overheated market sentiment and irrational speculation, with a risk of rapid short-term pullback of the stock price. As of the close on January 13, the company’s closing price was RMB 69.97 per share, at a historical high; the stock price had already moved away from fundamentals.

The Shenzhen Stock Exchange’s interactive easy platform shows that many investors have recently been concerned about the company’s business layout in satellite communications and commercial aerospace. On November 10, 2025, Tongyu Communications, in response to investors’ questions, had stated that at the end of 2024 the company invested RMB 30 million to take an equity stake in Hongqing Technology, an enterprise engaged in satellite core components, strengthening the company’s upstream layout of key components for the satellite internet. The company and Blue Arrow Aerospace are both shareholders of Hongqing Technology, and since taking an equity stake in Hongqing Technology, the two parties have maintained close communication.

At the same time, multiple listed companies, in their announcements, emphasized that their business contributions related to commercial aerospace were limited. On January 13, E-Cang Chip issued an announcement stating that the company’s stock had deviated from the cumulative closing price increase value by more than 20% over three consecutive trading days on January 9, 12, and 13, 2026. Judging from its revenue structure, the company’s products such as RF switches and low-noise amplifiers are used in satellite communication payloads. The business revenue from this segment accounts for less than 1% of the company’s total operating revenue, contributing less to the company’s profits.

On January 12, Aerospace Hongtu issued an announcement stating that it noticed that recently some media platforms and others have discussed hot-topic concepts related to the company’s business. There is a risk of periodic mismatches in the industry’s upstream and downstream. For example, delays in upstream satellite launches or downstream application expansions falling short of expectations may both affect the progress of business. The company signed a strategic cooperation agreement with Guangzhou Zhongke Aerospace Exploration Technology Co., Ltd. on July 2023. The agreement has been in place for two and a half years, and the two parties have not yet carried out substantive business cooperation. Currently, the company’s main business is still at the stage of satellite applications.

On the same day, Hao neng Shares emphasized in its announcement that some of its products are used in the commercial aerospace field, but the revenue scale of that segment is extremely small and does not constitute a material impact on the company’s main business revenue. Oriental Communications stated that its satellite internet network maintenance business accounts for less than 1% of revenue and makes a small contribution to profit. Aerospace Ringyu said it expects that in 2025 the revenue share related to commercial aerospace will be less than 15%, and that actual revenue is subject to disclosure in its annual report.

In addition, many other listed companies issued announcements to clarify that their main businesses do not involve the commercial aerospace field.

Aerospace Engineering Co. stated that its products and technologies are mainly used in the field of clean and efficient utilization of coal, with customers mainly concentrated in chemical companies. The company does not involve commercial aerospace or aerospace-related business. Beifang Navigation stated that some websites and Tieba forums include the company’s stock in the commercial aerospace sector; the company has never issued any relevant announcements, and the company has no related business in commercial aerospace, nor has it obtained related orders. Starring Technology stated that it does not actually carry out commercial aerospace business and is not related to Shanghai Starling Jueneng Technology Co., Ltd.