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

Recently, the commercial space concept has been repeatedly active, with related companies experiencing frequent stock price fluctuations, 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 persons, citing inaccuracies, incompleteness in information release, and insufficient risk warnings regarding information related to the “commercial space” concept.

According to Wind data, as of the market close on January 13, the commercial space index (8841877.WI) had increased by 31.19% over the past month. Recently, several listed companies involved in the “commercial space concept” triggered the exchange’s regulations on “abnormal fluctuations” due to excessive short-term gains. Related companies have intensively issued risk warnings or announcements regarding stock price fluctuations to remind investors of the rapid decline risks that may arise from irrational speculation.

Electric Science Digital and Hangxiao Steel Structure Receive Regulatory Warnings from Shanghai Stock Exchange

According to the regulatory warning issued by the Shanghai Stock Exchange, Electric Science Digital’s violations primarily stemmed from improper information disclosure in investor relations activities.

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

Under regulatory supervision, Electric Science Digital issued a risk warning announcement on January 13, stating that the company’s satellite communication products, including intelligent computing and satellite communication, had a total order amount of 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 previously mentioned AI products that have entered mass production are still in the small batch delivery stage and have not formed large-scale sales, with 2025 orders amounting to approximately 10 million yuan, contributing a low revenue proportion and having no significant impact on the company’s performance, with future development remaining uncertain.

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 sufficiently warn of risks regarding uncertainties in future development. The announcement was only issued after regulatory supervision, indicating that the information disclosure was inaccurate, incomplete, and the risk warning was insufficient, which may mislead investor decision-making. Therefore, the company’s then Secretary of the Board, Hou Zhiping, received a regulatory warning.

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

On December 31, 2025, Hangxiao Steel Structure responded to investor inquiries on the Shanghai Stock Exchange’s E-Interaction platform, stating that the company, as a joint project member, had jointly won the bid for the Arrow Yuan large liquid carrier rocket assembly, testing, and recovery reuse base (Phase I) general contracting project with Hunan Construction Engineering Group Co., Ltd. The contract price was approximately 253 million yuan, with the portion of the contract related to the company amounting to about 69.3188 million yuan. Following the release of this information, it drew market attention, and as of January 13, 2026, the company’s stock price had hit the limit increase multiple times and experienced two instances of abnormal price fluctuations.

Under regulatory supervision, Hangxiao Steel Structure announced on January 8 that the contract amount for the aforementioned project was relatively small, accounting for less than 1% of the audited revenue for 2024, and had no significant impact on the annual performance. The Shanghai Stock Exchange stated that the content provided in the E-Interaction platform response did not accurately reflect the specific implementation work of the project bid, nor did it sufficiently warn of risks regarding the actual impact on the company’s performance and uncertainties in contract fulfillment. The announcement was only disclosed after regulatory supervision, indicating that the related information was inaccurate, incomplete, and the risk warning was insufficient, which may mislead investor decision-making. According to relevant regulations, the company’s then Secretary of the Board, Yao Jianfeng, received a regulatory warning.

The Shanghai Stock Exchange pointed out that the current market is highly focused on concepts such as “commercial space,” “satellites,” and “AI applications,” which may have a significant impact on company stock prices and investor decision-making. Companies should be particularly prudent, 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 performed remarkably well. Behind the heated stock price speculation, several listed companies involved in related concepts have issued announcements to warn 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 had cumulatively increased by 256.08% since November 27, 2025, indicating market overheating and irrational speculation, and there is a risk of rapid short-term price declines. As of January 13, the company’s stock closing price was 69.97 yuan/share, at a historical high, having deviated from the fundamentals.

The Shenzhen Stock Exchange’s 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 an investor inquiry that the company invested 30 million yuan to hold shares in the satellite core component enterprise Hongqing Technology by the end of 2024, strengthening its upstream key component layout in satellite internet. The company and Blue Arrow Aerospace are both shareholders of Hongqing Technology, and both parties have maintained close communication since the shareholding.

At the same time, several listed companies emphasized in their announcements that the contribution of commercial space-related businesses is limited. On January 13, Electric Science Chip announced that its stock price had deviated by more than 20% cumulatively over three 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, which account for less than 1% of the company’s operating revenue, contributing minimally to the company’s profits.

On January 12, Aerospace Hongtu announced that the company had noted recent discussions on various media platforms regarding hot concepts related to its business. There is a cyclical mismatch risk in the industry upstream and downstream; delays in satellite launches or slower-than-expected 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 it has been two and a half years since the signing, and both parties have not yet carried out substantive business cooperation. Currently, the company’s main business is still in the satellite application stage.

On the same day, Haoneng Co., Ltd emphasized in its announcement that some of its products are applied in the commercial space field, but the revenue scale of this part of the business is very small and does not have a significant impact on the company’s main business revenue; Dongfang Communication stated that its satellite internet network maintenance business accounts for less than 1% of revenue and contributes little to profits; Aerospace Huan Yu indicated that it expects the company’s revenue related to commercial space to account for less than 15% in 2025, with actual revenue figures to be disclosed in the annual report.

Additionally, several other listed companies issued announcements to clarify that their main business does not involve the commercial space field.

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