Two companies are warned for inaccurate disclosure related to commercial spaceflight, with listed companies frequently highlighting risks

Recently, the concept of commercial aerospace has been repeatedly active, with frequent stock price fluctuations of related companies, attracting regulatory attention. On the evening of January 13, the Shanghai Stock Exchange issued regulatory warnings to Digital Science & Technology, Hangxiao Steel Structure, and relevant responsible persons, due to issues such as inaccurate, incomplete information release and insufficient risk warnings related to the company’s involvement in “commercial aerospace” and other concepts.

Wind data shows that as of the close on January 13, the Commercial Aerospace Index (8841877.WI) has increased by 31.19% over the past month. Recently, several listed companies involved in the “commercial aerospace” concept saw their stock prices surge excessively in the short term, triggering the exchange’s “abnormal fluctuation” regulations. These companies issued risk alerts or abnormal stock movement notices, warning investors of the risks of irrational speculation and potential rapid declines.

Digital Science & Technology and Hangxiao Steel Structure Receive Regulatory Warnings from the Shanghai Stock Exchange

According to the regulatory warning issued by the Shanghai Stock Exchange, Digital Science & Technology’s violations mainly involve improper information disclosure during investor relations activities.

On December 31, the company disclosed an investor relations activity record indicating that its subsidiary, Baifei Electronics, mainly provides three types of products: spaceborne high-performance computing, AI intelligent computing, and radio frequency transmission, successfully building domestically developed solutions; in specialized fields, the company’s AI products have entered mass production stages, among other details. After this information was released, by January 12, 2026, Digital Science & Technology’s stock price had risen by 19.37%.

Following regulatory urging, on January 13, Digital Science & Technology disclosed a risk warning stating that the company’s satellite communication products, including intelligent computing and spaceborne communication, had about 3.9 million yuan in orders for 2025, accounting for less than 0.1% of total business, with significant uncertainty about future development; the AI products mentioned earlier, which are in mass production, are still in small batch delivery, with orders of about 10 million yuan in 2025, a low revenue proportion, and no significant impact on performance, with future prospects uncertain.

The Shanghai Stock Exchange believes that the content disclosed in the investor relations record did not accurately reflect the development stages, sales scale, and overall impact of the company’s satellite communication and AI products, nor sufficiently warned of future uncertainties. The company only issued explanations after regulatory prompting, with inaccurate and incomplete information disclosure and insufficient risk warnings, which could mislead investors. Therefore, the exchange issued a regulatory warning to the company’s then-secretary of the board, Hou Zhiping.

Hangxiao Steel Structure also received a regulatory warning related to project bid information disclosed on the interactive platform.

On December 31, 2025, Hangxiao Steel Structure responded to investor questions on the Shanghai Stock Exchange E-Interaction platform, stating that as a joint project member, it and Hunan Construction Engineering Group Co., Ltd. jointly won the general contracting project for the Arrow Yuan large-scale liquid carrier rocket assembly, testing, and reusability base (Phase I). The contract value was about 253 million yuan, with the company’s involved project portion approximately 69.32 million yuan. After this information was released, market attention was triggered, and by January 13, 2026, the company’s stock had hit multiple consecutive limit-ups and twice reached abnormal price fluctuations.

Following regulatory urging, on January 8, the company issued a notice stating that the project involved a contract amount of less than 1% of the audited revenue for 2024 and had no significant impact on annual performance. The Shanghai Stock Exchange pointed out that the company’s E-Interaction platform reply did not accurately reflect the specific implementation of the project, nor sufficiently warn of the actual impact on operations or uncertainties in contract performance. The company only disclosed this after regulatory prompting, with inaccurate and incomplete information and insufficient risk warnings, which could mislead investors. Based on relevant regulations, the exchange issued a regulatory warning to the company’s then-secretary of the board, Yao Jianfeng.

The Shanghai Stock Exchange emphasized that the current market’s high attention to “commercial aerospace,” “satellites,” and “AI applications” could significantly influence stock prices and investor decisions. Companies should be especially cautious, accurate, and objective when releasing related information, fully warn of uncertainties, and avoid misleading investors.

Multiple Listed Companies Issue Risk Warnings

Recently, the concept of commercial aerospace has been highly active. Behind the stock price hype, many listed companies involved in related concepts have issued announcements warning of trading risks.

On the evening of January 13, Tongyu Communications disclosed an abnormal stock trading fluctuation notice, stating that since November 27, 2025, the company’s stock has increased by a total of 256.08%, indicating overheated market sentiment and irrational speculation, with risks of rapid short-term price declines. As of the close on January 13, the stock price was 69.97 yuan per share, at a historical high, detached from fundamentals.

The Shenzhen Stock Exchange’s Interactive Easy platform shows that many investors have recently inquired about the company’s business layout in satellite communications and commercial aerospace. On November 10, 2025, Tongyu Communications responded that at the end of 2024, it invested 30 million yuan to acquire a stake in Hongqing Technology, a core satellite component company, to strengthen upstream satellite interconnection components. The company and Blue Arrow Aerospace are both shareholders of Hongqing Technology, maintaining close communication since the investment.

Meanwhile, several listed companies emphasized that their contributions to the commercial aerospace sector are limited. On January 13, Digital Science Chip announced that its stock prices on January 9, 12, and 13, 2026, had exceeded a 20% deviation in closing prices over three consecutive trading days. Its revenue structure shows that products like RF switches and low-noise amplifiers used in satellite payloads account for less than 1% of total revenue, contributing little to profits.

On January 12, Aerospace Hongtu announced that it had noticed recent discussions on media and online platforms involving its business and related hot concepts. The industry faces cyclical mismatches, with potential delays in satellite launches or slower-than-expected downstream applications, which could impact business progress. The company signed a strategic cooperation agreement with Guangzhou Zhongke Yuhang Exploration Technology Co., Ltd. in July 2023, but after more than two years, no substantive cooperation has been initiated. Currently, its main business remains in the satellite application stage.

On the same day, Haoneng Co., Ltd. emphasized that some of its products are used in the commercial aerospace field, but this business contributes a very small portion of revenue and does not significantly impact the main business. Oriental Communications stated that satellite internet network maintenance accounts for less than 1% of revenue and has minimal profit contribution. Aerospace Huanyu indicated that its revenue from commercial aerospace is expected to be less than 15% in 2025, with actual figures subject to annual report disclosure.

Other listed companies have issued clarifications, stating that their main businesses do not involve commercial aerospace.

Aerospace Engineering clarified that its products and technologies are mainly used in clean and efficient coal utilization, with clients primarily in chemical enterprises, and do not involve commercial aerospace or related activities. Northern Navigation stated that some websites and stock forums have listed its stock in the commercial aerospace sector, but the company has never issued such notices, nor does it have related business or orders. Xinghuan Technology stated that it does not actively engage in commercial aerospace and has no relation to Shanghai Xinghuan Juneng Technology Co., Ltd.