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

In recent times, commercial spaceflight-related concepts have been repeatedly active, with frequent share-price anomalies among related companies, drawing regulators’ attention. On the evening of January 13, the Shanghai Stock Exchange (SSE) issued regulatory warning letters to Ehang Digital, Hangxiao Steel Structure, and relevant responsible parties. The reason was that, with respect to information involving concepts such as “commercial spaceflight,” the companies had cases of inaccurate and incomplete information disclosure, as well as insufficient risk warnings.

According to Wind data, as of the close on January 13, the Commercial Spaceflight Index (8841877.WI) had risen 31.19% cumulatively over the past month. Recently, the share prices of multiple publicly listed companies involved in “commercial spaceflight” concepts have triggered “abnormal fluctuations” under exchange rules due to excessive short-term gains. The relevant companies have issued stock trading risk warning notices or share-price anomaly announcements in quick succession, urging investors to be aware of the risk of a rapid pullback that irrational speculation may bring.

Ehang Digital and Hangxiao Steel Structure face SSE regulatory warnings

According to the regulatory warning issued by the SSE, Ehang Digital’s violation mainly lies in improper information disclosure in its investor relations activities.

In the investor relations activity record sheet disclosed by the company on December 31, it stated that its subsidiary Boifei Electronics mainly provides three categories of products: spaceborne high-performance computing, AI computing, and radio-frequency transmission. It also said that it had successfully built fully domestically produced solutions; in special sectors, the company’s AI products had entered mass production, among other contents. After these disclosures were released, by January 12, 2026, Ehang Digital’s share price had risen cumulatively by 19.37%.

After being urged by regulators, on January 13 Ehang Digital disclosed a risk-warning announcement stating that the company’s satellite communication products such as intelligent computing and spaceborne communications had full-year 2025 orders of approximately RMB 3.9 million, accounting for less than 0.1% of the overall business; and that there were significant uncertainties in its subsequent development. It also said that the AI products previously mentioned as having entered mass production were still in the small-batch delivery stage and had not formed large-scale sales; 2025 orders were about RMB 10 million, with a low revenue proportion, resulting in no material impact on the company’s performance; and that there were uncertainties in future development.

The SSE believes that the content disclosed by the company in its investor relations activity record sheet failed to accurately reflect the development stages, sales scale, and the impact of its satellite communication and AI products on the company’s overall operating situation. It also did not sufficiently warn of risks such as uncertainties in future development, and only after being urged by regulators did it publish an announcement to explain. The information disclosure was inaccurate and incomplete, and risk warnings were insufficient, which may mislead investors’ decisions. Therefore, the SSE issued a regulatory warning to the company’s then-current secretary of the board (董秘), Hou Ziping.

Hangxiao Steel Structure faced a regulatory warning, which was related to the information about bid-winning projects disclosed by the company on an interaction platform.

On December 31, 2025, Hangxiao Steel Structure, when responding to an investor’s question on the SSE E-interaction platform, said that as a member of a joint project, together with Hunan Construction Engineering Group Co., Ltd., it had jointly won the bid for the EPC general contracting project for the “Arrow Yuan” medium-to-large liquid launch vehicle assembly, general testing, and recovery and reuse base (Phase I). The signed contract value was approximately RMB 253 million. The contract price related to the company’s engineering portion was approximately RMB 69.3188 million. After this information was released, it drew market attention. By January 13, 2026, the company’s share price had hit the daily limit up multiple times in succession and had reached the threshold for share-price abnormal fluctuations twice.

After being urged by regulators, on January 8 Hangxiao Steel Structure issued an announcement stating that the contract amount involved in the above project was relatively small, accounting for less than 1% of the audited operating revenue for 2024, and would have no material impact on full-year performance. The SSE stated that the company’s response content on the E-interaction platform failed to accurately reflect the specific implementation work for the projects it had won bids for, nor did it sufficiently warn of risks such as the actual impact on operating performance and uncertainties regarding contract performance. Only after being urged by regulators did it disclose the announcement to provide an explanation. The relevant information disclosure was inaccurate and incomplete, risk warnings were insufficient, and may mislead investors’ decisions. According to relevant regulations, the SSE issued a regulatory warning to the company’s then-current board secretary, Yao Jianfeng.

The SSE also pointed out that the market currently pays very close attention to related concepts such as “commercial spaceflight,” “satellites,” and “AI applications.” Such attention may have a significant impact on the company’s share price and investors’ decisions. When the company releases related information, it should be especially prudent, accurate, and objective, and should adequately flag risks arising from uncertainties, so as to avoid misleading investors.

Many listed companies warn of risks

In recent times, the commercial spaceflight concept has performed strongly. Behind the frenzy of share-price speculation, 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 regarding abnormal stock trading fluctuations, stating that since November 27, 2025, the stock’s closing price had increased cumulatively by 256.08%, and that there were cases of overheated market sentiment and irrational speculation. It also indicated there is a risk of a rapid short-term pullback in the stock price. As of the close on January 13, the company’s closing share price was RMB 69.97 per share, at a historical high. The share price had already deviated from fundamentals.

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

At the same time, multiple listed companies highlighted in their announcements that their contribution from commercial spaceflight-related business is limited. On January 13, Ehang Chip issued an announcement stating that the company’s stock price on January 9, 12, and 13, 2026 had risen for three consecutive trading days, with the cumulative deviation from the closing price increase value exceeding 20%. Judging from its revenue structure, the company has products such as RF switches and low-noise amplifiers applied to satellite communication payloads. This portion of business revenue accounts for less than 1% of the company’s total operating revenue, and contributes little to the company’s profits.

On January 12, Aerospace Macrography and Design announced that it has noticed that in recent times some media and other platforms have discussed the company’s business in connection with related hotspot concepts. There is a risk of periodic misalignment in the industry’s upstream and downstream. Delays in upstream satellite launches or downstream application expansion falling short of expectations could both affect business progress. The company signed a strategic cooperation agreement with Guangzhou Zhongke Aerospace Exploration Technology Co., Ltd. in July 2023. The agreement has been in place for more than two and a half years, and the two sides have not yet carried out substantive business cooperation. Currently, the company’s main business is still at the stage of satellite applications.

On the same day, HaoNeng Shares emphasized in its announcement that some of its products are applied in the commercial spaceflight field, but the revenue scale of that portion is extremely small and does not constitute a material impact on the company’s main business revenue. Eastern Communications said that its satellite internet network maintenance business accounts for less than 1% of revenue and contributes little to profits. Aerospace Universe stated that it expects that in 2025, the proportion of the company’s commercial spaceflight-related revenue will be less than 15%, and the actual revenue situation will be subject to what is disclosed in the annual report.

In addition, more listed companies issued announcements to clarify that their main businesses do not involve the commercial spaceflight field.

Aerospace Engineering announced that its products and technologies are mainly applied to the clean and efficient utilization of coal, with customers mainly concentrated in chemical companies. It does not involve commercial spaceflight or aerospace-related business. North Navigation stated that some websites and stock forums have included the company’s shares in the commercial spaceflight sector; the company has never published any related announcements, and it also has no relevant business in the commercial spaceflight field and has not obtained any related orders. Xinghuan Technology said that it does not actually conduct commercial spaceflight business and has no relation to Shanghai Xinghuan Juneng Technology Co., Ltd.