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 Tech, Hangxiao Steel Structure, and responsible persons, citing issues such as inaccurate, incomplete information releases 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, many listed companies involved in the “commercial aerospace” concept experienced short-term sharp increases in stock prices, 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 Tech and Hangxiao Steel Structure Receive Regulatory Warnings from the Shanghai Stock Exchange

According to the regulatory warning issued by the Shanghai Stock Exchange, Digital Tech’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. After this release, by January 12, 2026, Digital Tech’s stock price had risen by 19.37% cumulatively.

Following regulatory urging, Digital Tech disclosed a risk warning on January 13, stating that its satellite communication products, including intelligent computing and spaceborne communication, had orders totaling about 3.9 million yuan in 2025, accounting for less than 0.1% of total business, with significant uncertainty about future development; the AI products mentioned as entering mass production are still in small batch delivery, with orders around 10 million yuan in 2025, a low proportion of revenue, 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, or 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, and the disclosures were inaccurate, incomplete, and lacked sufficient risk warnings, which could mislead investors. Therefore, the company’s former secretary, Hou Zhiping, received a regulatory warning.

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 E-Interaction platform, stating that as a joint project member, it and Hunan Construction Engineering Group Co., Ltd. jointly won the general contracting bid for the Arrow Yuan large liquid carrier rocket assembly, testing, and reuse 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 experienced abnormal price fluctuations.

Following regulatory urging, Hangxiao Steel Structure issued a notice on January 8, stating that the project involved a contract amount of less than 1% of the 2024 audited revenue and had little impact on annual performance. The Shanghai Stock Exchange noted that the company’s E-Interaction platform reply did not accurately reflect the specific implementation work of the project bid, nor sufficiently warn of the actual impact on operations or uncertainties in contract performance. The company only disclosed this after regulatory prompting, and the information was inaccurate, incomplete, and lacked sufficient risk warnings, which could mislead investors. According to regulations, the Shanghai Stock Exchange issued a regulatory warning to former secretary Yao Jianfeng.

The Shanghai Stock Exchange pointed out that the current market’s high attention to “commercial aerospace,” “satellites,” and “AI applications” could significantly influence the company’s stock price and investor decisions. The company should publish related information cautiously, accurately, and objectively, 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 notices 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 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, strengthening its upstream satellite interconnection components. The company and Blue Arrow Aerospace are both shareholders of Hongqing Technology, maintaining close communication since the investment.

Meanwhile, several companies emphasized that their contributions to the commercial aerospace sector are limited. On January 13, Digital Tech 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 are used in satellite payloads, but this business accounts for less than 1% of total revenue and contributes little to profits.

On January 12, Aerospace Hongtu announced that it had observed recent discussions on media and 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 carried out. Currently, the company’s 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 revenue is minimal and does not significantly impact the company’s main business. Oriental Communication stated that satellite internet network maintenance accounts for less than 1% of revenue and has little profit contribution. Aerospace Huanyu expects that revenue related to commercial aerospace will account for less than 15% in 2025, with actual figures subject to annual report disclosures.

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

Aerospace Engineering stated 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 space-related businesses. Northern Navigation clarified 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.