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

In recent times, the commercial aerospace sector has repeatedly seen heightened activity. The stock prices of related companies have fluctuated frequently, drawing the attention of regulators. On the evening of January 13, the Shanghai Stock Exchange issued regulatory warning notices to CETC Digital, Hangxiao Steel Structure, and the relevant responsible persons. The reason was that, in relation to information involving concepts such as “commercial aerospace,” the companies had situations where information disclosure was inaccurate and incomplete, and risk warnings were not sufficiently provided.

According to Wind data, as of the close on January 13, the Commercial Aerospace Index (8841877.WI) had gained 31.19% cumulatively over the past month. Recently, the stock prices of multiple publicly listed companies involved in “commercial aerospace concept” surged by too much in the short term, triggering the exchanges’ “abnormal fluctuations” conditions. The relevant companies have issued stock trading risk warning announcements or stock price fluctuation announcements in quick succession, reminding investors to be aware of the risk of rapid pullbacks that could be caused by irrational speculation.

CETC Digital and Hangxiao Steel Structure receive regulatory warning from the SSE

According to the regulatory warning issued by the SSE, CETC Digital’s main violation was improper information disclosure in its investor relations activities.

The investor relations activity record table disclosed by the company on December 31 showed that the company’s subsidiary, Boifei Electronics, mainly provides three categories of products: spaceborne high-performance computing, AI computing, and RF transmission. It also stated that it had successfully built a domestically produced (fully localized) solution; in the special domain, the company’s AI products had entered the mass production stage, among other content. After that information was released, as of January 12, 2026, CETC Digital’s stock price had risen cumulatively by 19.37%.

After being urged by regulators, on January 13, CETC Digital disclosed a risk warning announcement stating that its satellite communication products such as intelligent computing and spaceborne communication have 2025 full-year orders of approximately RMB 3.9 million, accounting for less than 0.1% of the overall business. It also said that there are significant uncertainties in its subsequent development. The AI products mentioned above that had entered the mass production stage are still at the small-batch delivery stage and have not formed large-scale sales; 2025 orders are approximately RMB 10 million, and the revenue proportion is low, with no material impact on the company’s performance. The company added that future development is uncertain.

The SSE held that the information disclosed in the investor relations activity record table did not accurately reflect the development stage, sales scale, and the impact of the company’s satellite communication and AI products on the company’s overall operations. It also failed to sufficiently warn risks such as uncertainties in future development. Only after being urged by regulators did the company disclose the announcement to clarify matters, and thus the company’s information disclosure was inaccurate and incomplete, and risk warnings were insufficient, which may mislead investors’ decisions. Therefore, the SSE issued a regulatory warning to HOU Zhiping, the company’s acting secretary to the board of directors at the time.

Hangxiao Steel Structure received a regulatory warning, which was related to the information about winning bids disclosed by the company on an interaction platform.

On December 31, 2025, Hangxiao Steel Structure, in its responses to investor questions on the SSE’s E-interaction platform, said that as a joint project member, it jointly won the bid with Hunan Construction Engineering Group Co., Ltd. for the EPC (engineering, procurement, and construction) project for the Arrow Yuan medium- and large-sized liquid launch vehicle assembly, integration, testing, and recovery and reuse base (Phase I). The signed contract value was approximately RMB 253 million. The contract value related to engineering work involving the company was approximately RMB 69.3188 million. After the information was released, it drew market attention. As of January 13, 2026, the company’s stock price had risen to the daily trading limit multiple times consecutively and hit the stock price’s abnormal fluctuation condition twice.

After being urged by regulators, on January 8, Hangxiao Steel Structure issued an announcement stating that the contract amount involved in the above project was relatively small, accounting for less than 1% of the company’s audited revenue for 2024, and would not have a material impact on full-year performance. The SSE said that the content in the company’s E-interaction platform response did not accurately reflect the specific implementation work of the project that the company won, nor did it sufficiently warn risks such as uncertainties regarding the actual impact on the company’s operating performance and uncertainties in contract fulfillment. Only after being urged by regulators did the company disclose an announcement to explain, so the relevant information disclosure was inaccurate and incomplete, and risk warnings were insufficient, which may mislead investors’ decisions. Pursuant to relevant provisions, the SSE issued a regulatory warning to YAO Jianfeng, the company’s acting secretary to the board of directors at the time.

The SSE pointed out that the market currently pays close attention to 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 should sufficiently warn of risks arising from uncertainties, so as to avoid misleading investors.

Multiple listed companies issue risk warnings

Recently, the commercial aerospace concept has performed strongly. Behind the hot trading of stock prices, multiple listed companies involved in related concepts have released announcements to warn of trading risks.

On the evening of January 13, Tongyu Communications disclosed an announcement on abnormal stock price and trading fluctuations, stating that since November 27, 2025, the company’s stock closing price has increased cumulatively by 256.08%. The company said there are situations of overheated market sentiment and irrational speculation, and there is a risk of the stock price falling back rapidly in the short term. As of the close on January 13, the company’s stock closing price was RMB 69.97 per share, at a historical high. The stock price has already deviated from fundamentals.

The SZSE’s Interact platform shows that recently many investors have been concerned about the company’s business layout in the satellite communications and commercial aerospace sectors. On November 10, 2025, in response to investor questions, Tongyu Communications had said that at the end of 2024, the company invested RMB 30 million to take an equity stake in Hongqing Technology, a satellite core components enterprise, to strengthen the layout of key upstream components for satellite internet. It also said that the company and Blue Arrow Aerospace are both shareholders of Hongqing Technology, and since taking the equity stake, both sides have maintained close communication.

Meanwhile, multiple listed companies emphasized in their announcements that their contributions from commercial aerospace-related businesses are limited. On January 13, CETC Chip announced that the company’s stock price, on three consecutive trading days, namely January 9, 12, and 13, 2026, had a cumulative deviation of closing price gains of more than 20%. Based on its revenue structure, the company’s products such as RF switches and low-noise amplifiers are used in satellite communication payloads; this business’s revenue accounts for less than 1% of the company’s total revenue, so its contribution to the company’s profits is small.

On January 12, Aerospace Macrography (Landmark) announced that it had noted that some media platforms and similar outlets have discussed hotspots related to the company’s business in recent times. There is a risk of periodic misalignment between upstream and downstream in the industry. If upstream satellite launches are delayed or downstream application expansion does not meet expectations, both could affect the progress of business initiatives. The company signed a strategic cooperation agreement in July 2023 with Guangzhou Zhongke Aerospace Technology Co., Ltd. The agreement has already been in place for more than two and a half years, and the two sides have not yet carried out substantive cooperation. Currently, the company’s main business is still in the stage of satellite applications.

On the same day, Haoeng Shares emphasized in its announcement that some of its products are used in the commercial aerospace sector, but the revenue scale of that part of the business is extremely small and does not constitute a material impact on the company’s main business revenue. Oriental Communication said that its satellite internet network maintenance business accounts for less than 1% of revenue and makes a small contribution to profits. Aerospace Universe stated that it expects that in 2025, the proportion of its commercial aerospace-related revenue will be less than 15%, and that its actual revenue situation shall be subject to what is disclosed in its annual report.

In addition, multiple other listed companies issued clarifications in announcements, stating that their main businesses do not involve the commercial aerospace sector.

Aerospace Engineering Co., Ltd. announced that its products and technologies are mainly applied in the field of clean and efficient use of coal. Its customers are mainly concentrated in chemical enterprises and it does not involve commercial aerospace or aerospace-related businesses. Northern Navigation stated that some websites and stock discussion forums have included the company’s stock in the commercial aerospace sector. The company has never issued related announcements, and it has no relevant business in the commercial aerospace sector and has not obtained any related orders. Xinghuan Technology stated that it does not actually carry out commercial aerospace business and is not related to Shanghai Xinghuan Juanneng Technology Co., Ltd.