After the SSE issued a warning, it was also warned by the Shanghai Securities Regulatory Bureau, and on the same day, it was under investigation by the China Securities Regulatory Commission. What did Digital Science say?

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        The reporter: Duō Wényì        Editor: Dǒng Xìngshēng          

On April 3, CETC Digital (SH600850, share price 22.04 yuan, market cap 14.99B yuan) announced that the company has recently received an “Filing Notice” issued by the China Securities Regulatory Commission. The CSRC decided to file a case against the company for suspected violations of laws and regulations regarding information disclosure.

On the same day, the company also received a warning letter issued by the Shanghai Securities Regulatory Bureau. The letter pointed out that in the company’s 2025 December investor relations activity records and the information published on the Shanghai Stock Exchange’s E-interaction platform, regarding information disclosure about the subsidiary, BoeFly Electronic, in the satellite internet field, the company’s disclosures were inaccurate and incomplete, and there were situations such as misleading statements and omission of risk warnings. The Shanghai Securities Regulatory Bureau decided to take administrative regulatory measures by issuing warning letters against CETC Digital and against Hou Zhiping, then Secretary to the Board of Directors and Vice President of the company.

This is the second warning after the Shanghai Stock Exchange issued a regulatory warning to CETC Digital on January 13 regarding this matter.

The Shanghai Securities Regulatory Bureau found that in two investor relations activity record forms and three E-interaction information releases between December 17 and December 31, 2025, CETC Digital stated: “In the satellite internet field, BoeFly Electronic mainly provides three categories of products: onboard high-performance computing, AI computing, and radio-frequency transmission.” and “In the satellite internet field, BoeFly Electronic has successfully built a domestically produced solution.”

The Shanghai Securities Regulatory Bureau determined that the company’s voluntary disclosure information in the above-mentioned investor relations activities was inaccurate and incomplete, with situations such as misleading statements and omission of risk warnings, in violation of the relevant provisions of the Administrative Measures for Information Disclosure of Listed Companies.

According to the content of the “Warning Letter,” Hou Zhiping has served as the Secretary to the Board of Directors and Vice President of the company since March 2013, and bears responsibility for the above information disclosure matters. The Shanghai Securities Regulatory Bureau decided to take administrative regulatory measures by issuing warning letters against CETC Digital and against Hou Zhiping.

In its announcement, the company and relevant personnel stated that they will deeply reflect, draw lessons, further strengthen their study of relevant laws, regulations, and normative documents, continuously improve the company’s standardized operations and information disclosure level, and effectively protect the interests of the company and all its shareholders.

On January 13, the Shanghai Stock Exchange issued a regulatory warning to the company and Hou Zhiping. At the time, the exchange said: “The contents disclosed in the company’s investor relations activity record forms did not accurately reflect the development stage, sales scale, and the impact on the company’s overall business regarding the company’s satellite communication products and AI products, nor did it sufficiently provide risk warnings about uncertainties in future development and other situations. Only after regulatory prompting did the company issue an announcement to explain the matters. The information disclosure was inaccurate and incomplete, risk warnings were insufficient, and this may have misled investors’ decisions.”

According to the Investor Relations Activity Record Form (December 16, 2025—December 25, 2025) of CECT Digital Technology Co., Ltd. released by CETC Digital on December 31, 2025, in communications with institutional investors such as Cinda Securities, HuaAn Securities, and Soochow Securities, the listed company provided relatively optimistic descriptions of the business of its subsidiary, BoeFly Electronic.

When asked about “BoeFly Electronic’s product layout in the commercial aerospace field,” the company replied: “In the satellite internet field, BoeFly Electronic mainly provides three types of products: onboard high-performance computing, AI computing, and radio-frequency transmission. Through a high-speed communication architecture, interconnection enables coordinated computing.”

Regarding the question of “BoeFly Electronic’s technological advantages in products in the commercial aerospace field,” the company stated: “BoeFly Electronic’s products have high security and high reliability, which stems from its long-term technological accumulation in the special-industry sector. In the satellite internet field, BoeFly Electronic has successfully built a domestically produced solution.”

Regarding “the progress of BoeFly Electronic’s AI business,” the company said: “In special fields, BoeFly Electronic continues to track relevant model project initiatives, and its AI products have entered the mass production stage. The company can provide integrated cloud-edge solutions, including blade components and complete system products, based on application needs in different industries. Currently, demand for related business is broad, multiple new projects are under advancement, and the overall situation for order acquisition and R&D implementation is good.”

CETC Digital’s share price saw a significant jump on December 15, 2025, and after opening at 26.56 yuan per share that day, it continued to trade upward amid fluctuations. On January 12, 2026, it reached as high as 35.98 yuan per share. That evening on January 12, the company issued a risk warning. Regarding its aerospace business, it said: “The company had not carried out commercial aerospace business in the earlier period. In 2025, it developed a small number of satellite communication products such as intelligent computing and onboard communications. The orders for this business in 2025 were approximately 3.9 million yuan, accounting for less than 0.1% of the company’s overall business. This business is not the company’s main business. There is significant uncertainty regarding future development.”

Source of cover image: The Daily Economic News media database

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