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

In recent times, the commercial aerospace concept has repeatedly gained traction, and the share prices of related companies have seen frequent unusual movements, drawing regulatory attention. On the evening of January 13, the Shanghai Stock Exchange issued regulatory warning letters to Dian Ke Digital, Hangxiao Steel Structure, and the relevant responsible parties. The reason was that, regarding information related to concepts such as “commercial aerospace,” the companies had cases of inaccurate and incomplete information disclosure, and insufficient risk warnings.

According to Wind data, as of the close on January 13, the Commercial Aerospace Index (8841877.WI) had risen 31.19% over the past month. Recently, due to short-term excessive price gains, the share prices of multiple listed companies involved in “commercial aerospace concept” triggered the exchanges’ “abnormal volatility” provisions. The relevant companies have released stock trading risk warnings or share price fluctuation announcements in a dense schedule, reminding investors to be aware of the risk of rapid pullbacks that may result from irrational speculation.

Dian Ke Digital and Hangxiao Steel Structure Receive Regulatory Warnings from the SSE

According to the regulatory warning issued by the Shanghai Stock Exchange, the main compliance issue of Dian Ke Digital was improper information disclosure in its investor relations activities.

The investor relations activity record table disclosed on December 31 shows that its subsidiary, Boifei Electronics, mainly provides three categories of products: spaceborne high-performance computing, AI compute, and RF transmission. It said that it has successfully built a domestically produced solution; and in the special sector, the company’s AI products have entered the mass production stage, among other content. After the relevant content was published, by January 12, 2026, Dian Ke Digital’s share price had cumulatively increased by 19.37%.

After regulatory prompting, Dian Ke Digital disclosed a risk warning announcement on January 13, stating that the company’s satellite communication products such as intelligent computing and spaceborne communication have annual orders of about RMB 3.9 million for all of 2025, accounting for less than 0.1% of the overall business. It also said that there is significant uncertainty about subsequent development. The AI products mentioned above that had supposedly entered the mass production stage are still in the small-batch delivery stage, have not formed large-scale sales. Orders were about RMB 10 million in 2025, and the revenue contribution ratio is low, having no material impact on the company’s performance. The company said future development carries uncertainty.

The Shanghai Stock Exchange believes that the information disclosed in the investor relations activity record table did not accurately reflect the development stage, sales scale, and the impact on the company’s overall operating conditions of the company’s satellite communication products and AI products. It also did not sufficiently warn about risks such as the uncertainty in future development. Only after regulatory prompting did the company issue the announcement to explain the matters. Therefore, the information disclosure was inaccurate and incomplete, the risk warnings were insufficient, and it may mislead investors’ decisions. As a result, the Shanghai Stock Exchange issued a regulatory warning to the company’s then-current secretary to the board of directors and chief of investor relations, Hou Zhiping.

Hangxiao Steel Structure’s regulatory warning was related to the bid-related project information disclosed by the company on the interactive platform.

On December 31, 2025, Hangxiao Steel Structure, in its responses to investor questions on the SSE E-interaction platform, stated that as a consortium project member, it, together with Hunan Construction Engineering Group Co., Ltd., won the bid for the EPC general contracting project for the Arrow Yuan medium-and-large 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 for the engineering portion involving the company was approximately RMB 69.3188 million. After this information was released, it attracted market attention. As of January 13, 2026, the company’s share price had already hit the daily limit multiple times consecutively and reached stock price abnormal volatility twice.

After regulatory prompting, Hangxiao Steel Structure issued an announcement on January 8 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 have no material impact on full-year performance. The Shanghai Stock Exchange said that the reply content on the company’s E-interaction platform did not accurately reflect the specific implementation work of the project the company won, nor did it sufficiently warn of risks such as the actual impact on the company’s operating performance and uncertainties in contract performance. Only after regulatory prompting did the company disclose an announcement to explain. The related information disclosure was inaccurate and incomplete, the risk warnings were insufficient, and it may mislead investors’ decisions. According to relevant regulations, the Shanghai Stock Exchange issued a regulatory warning to the company’s then-current secretary to the board of directors and chief of investor relations, Yao Jianfeng.

The Shanghai Stock Exchange pointed out that the market currently places high attention on related concepts such as “commercial aerospace,” “satellites,” and “AI applications,” which may have a significant impact on the company’s share price and investors’ decisions. When the company publishes related information, it should be especially prudent, accurate, and objective, and should fully warn of uncertainties and risks, to avoid misleading investors.

Multiple Listed Companies Issue Risk Warnings

In recent times, the commercial aerospace concept has performed strongly. Behind the feverish trading of share prices, many listed companies involved in related concepts have issued announcements to warn of trading risks.

On the evening of January 13, Tongyu Communications disclosed an announcement about abnormal share price volatility, stating that since November 27, 2025, the cumulative increase in the closing price of the company’s stock was 256.08%, and that there were situations such as overheated market sentiment and irrational speculation. It said there is a risk of the share price quickly falling 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 share price has already deviated from fundamentals.

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

At the same time, several listed companies emphasized in their announcements that the contribution from commercial aerospace-related businesses is limited. On January 13, Dian Ke Chip published an announcement. It said the company’s stock closing prices deviated from the cumulative value by more than 20% for three consecutive trading days on January 9, 12, and 13, 2026. Judging from its revenue structure, the company’s products such as RF switches and low-noise amplifiers are used in satellite communication payloads. The business revenue from this segment accounts for less than 1% of the company’s total revenue, contributing little to the company’s profit.

On January 12, Aerospace Hongtu announced that it had noticed that recently some media platforms discussed hotspots related to the company’s business. There are risks of periodic mismatches in the upstream and downstream industry chains. For example, upstream satellite launch delays or downstream application expansion not meeting expectations may both affect business progress. The company signed a strategic cooperation agreement with Guangzhou Zhongke Aerospace Exploration Technology Co., Ltd. in July 2023. Now, the agreement has been in place for two and a half years, but both sides have not carried out substantial business cooperation yet. At present, the company’s main business is still in the satellite application stage.

On the same day, Haoeng Shares emphasized in its announcement that some of its products are applied in the commercial aerospace field, but the revenue scale of that segment is extremely small and does not constitute a material impact on the company’s main business revenue. Oriental Communications said that its satellite internet network maintenance business accounts for less than 1% of revenue and makes a small contribution to profit. Aerospace Huan Yu stated that it expects that in 2025, the revenue proportion related to commercial aerospace will be less than 15%, and the actual revenue situation is subject to disclosure in the annual report.

In addition, multiple listed companies issued clarifications in announcements, stating that their main business does not involve the commercial aerospace field.

Aerospace Engineering announced that its products and technology are mainly applied in the field of clean and efficient utilization of coal, with customers mainly concentrated in chemical companies, and it does not involve commercial aerospace or aerospace-related businesses. North Navigation said that some websites and stock discussion forums include the company’s stock in the commercial aerospace sector; the company has never released any related announcement, and the company has no related business in the commercial aerospace field and has not obtained related orders. Galaxy Ring Technology said that it does not actually carry out commercial aerospace business and is not related to Shanghai Galaxy Ring Energy Technology Co., Ltd.