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

Recently, the concept of commercial space has been repeatedly active, with frequent stock price fluctuations of related companies attracting the attention of regulatory authorities. On the evening of January 13, the Shanghai Stock Exchange issued regulatory warnings to Electric Science Digital, Hangxiao Steel Structure, and relevant responsible individuals, citing that the companies had inaccurately and incompletely disclosed information related to “commercial space” concepts and provided insufficient risk warnings.

According to Wind data, as of the market close on January 13, the commercial space index (8841877.WI) has risen by 31.19% over the past month. Recently, several listed companies related to the “commercial space concept” triggered “abnormal fluctuations” as their stock prices surged in a short period. The companies have densely issued stock trading risk warnings or announcements regarding price fluctuations, reminding investors of the rapid decline risk that may arise from irrational speculation.

Electric Science Digital and Hangxiao Steel Structure Receive Regulatory Warnings

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

On December 31, the company disclosed its investor relations activity record, showing that its subsidiary Baifei Electronics primarily provides three types of products: spaceborne high-performance computing, AI intelligent computing, and radio frequency transmission, and has successfully constructed a fully domestic solution; in specialized fields, the company’s AI products have entered the mass production stage, among other content. After the release of this information, by January 12, 2026, Electric Science Digital’s stock price had risen by 19.37%.

Following regulatory supervision, Electric Science Digital issued a risk warning announcement on January 13, stating that the orders for its satellite communication products, including intelligent computing and spaceborne communication, are approximately 3.9 million yuan for the entire year of 2025, accounting for less than 0.1% of the overall business, and there is significant uncertainty regarding future development; the AI products mentioned previously that have entered mass production are still in the small batch delivery stage and have not formed large-scale sales, with orders for 2025 amounting to approximately 10 million yuan, representing a low proportion of revenue and having no significant impact on the company’s performance, indicating uncertainty in future development.

The Shanghai Stock Exchange believes that the content disclosed in the investor relations activity record did not accurately reflect the development stage, sales scale, and impact of the company’s satellite communication products and AI products on the overall business situation, nor did it adequately warn of the risks associated with uncertainties in future development. The announcement was only made after regulatory supervision, indicating inaccurate and incomplete information disclosure and insufficient risk warnings that may mislead investor decisions. Therefore, a regulatory warning was issued to the company’s then Secretary of the Board, Hou Zhiping.

The regulatory warning to Hangxiao Steel Structure was related to information disclosed about the winning project on the interactive platform.

On December 31, 2025, Hangxiao Steel Structure stated in response to investor inquiries on the Shanghai Stock Exchange E-interactive platform that the company, as a joint project member, had jointly won the bid for the Arrow Yuan medium and large liquid carrier rocket total assembly and recovery reuse base (Phase I) engineering general contracting project with Hunan Construction Group Co., Ltd. The signed contract price is approximately 253 million yuan, with the company’s portion of the contract amounting to approximately 69.3188 million yuan. Following the release of this information, market interest surged, and as of January 13, 2026, the company’s stock price experienced multiple consecutive daily limit increases and triggered two instances of abnormal price fluctuations.

After regulatory supervision, Hangxiao Steel Structure issued an announcement on January 8, stating that the contract amount involved in the aforementioned project is relatively small, accounting for less than 1% of the audited revenue for 2024, having no significant impact on annual performance. The Shanghai Stock Exchange noted that the content of the company’s response on the E-interactive platform did not accurately reflect the specific implementation of the project win and did not adequately warn of the actual impact on the company’s operating performance and uncertainties regarding contract performance. The announcement was only made after regulatory supervision, indicating that the information disclosed was inaccurate and incomplete, and the risk warnings were insufficient, which could mislead investor decisions. According to relevant regulations, the Shanghai Stock Exchange issued a regulatory warning to the company’s then Secretary of the Board, Yao Jianfeng.

The Shanghai Stock Exchange pointed out that the current market has a high level of attention on concepts such as “commercial space,” “satellites,” and “AI applications,” which may significantly impact company stock prices and investor decisions. Companies should be especially cautious, accurate, and objective when releasing related information and fully warn of uncertainty risks to avoid misleading investors.

Multiple Listed Companies Warn of Risks

Recently, the commercial space concept has shown remarkable performance. Behind the stock price hype, several listed companies related to this concept have issued announcements warning of trading risks.

On the evening of January 13, Tongyu Communication disclosed an announcement on abnormal stock price fluctuations, stating that the company’s stock price has increased by 256.08% since the market close on November 27, 2025, indicating overheated market sentiment and irrational speculation, thus presenting a risk of rapid short-term price decline. As of January 13, the company’s stock price closed at 69.97 yuan/share, at a historical high, having deviated from its fundamentals.

The Shenzhen Stock Exchange Interactive Easy platform shows that many investors are concerned about the company’s business layout in satellite communications and commercial space. On November 10, 2025, Tongyu Communication stated in response to investor questions that the company invested 30 million yuan to acquire equity in the satellite core components enterprise Hongqing Technology by the end of 2024, strengthening its layout of upstream key components for satellite internet. The company has maintained close communication with Blue Arrow Aerospace, both being shareholders of Hongqing Technology since the latter’s investment.

Meanwhile, several listed companies have emphasized in their announcements that their contributions from commercial space-related businesses are limited. On January 13, Electric Science Chips announced that its stock price had deviated by more than 20% over three consecutive trading days on January 9, 12, and 13, 2026. From its revenue structure, the company has products such as RF switches and low-noise amplifiers applied in satellite communication payloads, and this segment of the business accounts for less than 1% of the company’s total revenue, contributing little to profits.

On January 12, Aerospace Hongtu announced that the company has noticed recent discussions on media and other platforms regarding its business related to hot concepts. There are cyclical mismatch risks in the industry upstream and downstream; delays in satellite launches or insufficient expansion of downstream applications may affect business progress. The company signed a strategic cooperation agreement with Guangzhou Zhongke Aerospace Exploration Technology Co., Ltd. in July 2023, and two and a half years have passed since the agreement was signed, but substantial business cooperation has not yet been initiated. The company’s main business is still in the satellite application stage.

On the same day, Haoneng Co., Ltd. emphasized in its announcement that while some of its products are applied in the commercial space field, the revenue scale of this segment is extremely small and does not significantly impact the company’s main business revenue; Dongfang Communication stated that its satellite internet network maintenance business accounts for less than 1% of revenue, contributing little to profits; Aerospace Hanyu expects that commercial space-related revenue will account for less than 15% of the company in 2025, with actual revenue to be disclosed in the annual report.

Additionally, several other listed companies have issued announcements clarifying that their main businesses do not involve the commercial space sector.

Aerospace Engineering announced that the company’s products and technologies are primarily applied in the clean and efficient utilization of coal, with clients mainly in the chemical industry, and do not involve commercial space or related aerospace businesses; Beifang Navigation stated that some websites and forums include the company’s stock in the commercial space sector, and the company has never issued related announcements, nor does it have any related business or orders in the commercial space field; Xinghuan Technology stated that the company does not actually engage in commercial space business and has no connection with Shanghai Xinghuan Juyuan Technology Co., Ltd.