Two companies involved in commercial spaceflight have been warned for inaccurate disclosure, with listed companies intensively highlighting risks

Recently, the concept of commercial aerospace has been repeatedly active, with frequent fluctuations in related company stock prices, attracting regulatory attention. On the evening of January 13, the Shanghai Stock Exchange issued regulatory warnings to Digital Technology Co., Ltd., Hangxiao Steel Structure, and relevant responsible persons, citing issues such as inaccurate and incomplete information release and insufficient risk warnings regarding the company’s disclosures related to concepts like “commercial aerospace.”

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 saw their stock prices surge excessively in the short term, triggering the exchange’s “abnormal fluctuation” regulations. These companies have issued concentrated risk warnings or announcements of stock price anomalies, reminding investors of the risks of rapid declines due to irrational speculation.

Digital Technology Co., Ltd. and Hangxiao Steel Structure face regulatory warnings from the Shanghai Stock Exchange

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

On December 31, the company disclosed an investor relations activity record showing that its subsidiary, Baifei Electronics, mainly provides three types of products: satellite onboard 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, among other content. After this disclosure, by January 12, 2026, Digital Technology’s stock price had increased by 19.37% cumulatively.

Following regulatory urging, Digital Technology disclosed a risk warning announcement on January 13 stating that the company’s satellite communication products, including intelligent computing and satellite onboard communication, had orders totaling about 3.9 million yuan in 2025, accounting for less than 0.1% of its overall business, with significant uncertainty about future development; the AI products mentioned earlier that have entered mass production are still in small batch delivery stages, with 10 million yuan in orders in 2025, a low proportion of revenue, and no significant impact on the company’s performance, with future development uncertain.

The Shanghai Stock Exchange believes that the content disclosed in the investor relations activity record does not accurately reflect the development stages, sales scale, and overall operational impact of the company’s satellite communication and AI products, nor does it sufficiently warn of the uncertainties about future development. The company only issued a clarification after regulatory prompting. The information disclosure was inaccurate and incomplete, with insufficient risk warnings, which could mislead investors. Therefore, the exchange issued a regulatory warning to the company’s then-secretary of the board, Hou Zhiping.

Hangxiao Steel Structure received a regulatory warning related to project award information disclosed on the interactive platform.

On December 31, 2025, Hangxiao Steel Structure responded to investor questions on the Shanghai Stock Exchange E-Interaction platform, stating that the company, as a joint project member, jointly won the general contracting project for the assembly, testing, and reusability base (Phase I) of the Arrow Yuan large liquid carrier rocket with Hunan Construction Engineering Group Co., Ltd. The contract was signed at approximately 253 million yuan, with the company’s involved project portion valued at about 69.32 million yuan. After this information was released, it attracted market attention, and by January 13, 2026, the company’s stock price had hit multiple consecutive daily limit-ups and twice reached abnormal 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 company’s audited revenue for 2024 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 award, nor did it sufficiently warn of the actual impact on the company’s operations, the uncertainties in contract performance, and other risks. The company only disclosed this after regulatory prompting. The information was inaccurate and incomplete, with insufficient risk warnings, which could mislead investors. According to relevant regulations, the 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’s high attention to concepts such as “commercial aerospace,” “satellites,” and “AI applications” could significantly influence the company’s stock price and investor decisions. The company must publish related information cautiously, accurately, and objectively, fully warn of uncertainties and risks, 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 announcements warning of trading risks.

On the evening of January 13, Tongyu Communications disclosed an abnormal stock trading fluctuation announcement, stating that since November 27, 2025, the company’s stock closing prices have cumulatively increased by 256.08%, indicating overheated market sentiment and irrational speculation, with risks of rapid short-term price 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 expressed concern about the company’s business layout in satellite communications and commercial aerospace. On November 10, 2025, Tongyu Communications responded to investor questions, stating that at the end of 2024, the company invested 30 million yuan to acquire a stake in Hongqing Technology, a core satellite component enterprise, to strengthen upstream satellite interconnection components. The company and Blue Arrow Aerospace are both shareholders of Hongqing Technology, maintaining close communication since the investment.

Meanwhile, several other listed 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 noticed recent discussions on some media platforms involving its business and related hot concepts. The upstream and downstream industry segments face cyclical mismatches; delays in satellite launches or slower-than-expected downstream application expansion could impact business progress. The company signed a strategic cooperation agreement with Guangzhou Zhongke Aerospace Exploration Technology Co., Ltd. in July 2023, but two and a half years later, 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 business contributes a very small scale and does not significantly impact the company’s main business revenue; Oriental Communications stated that satellite internet network maintenance accounts for less than 1% of revenue and has a minor profit contribution; Aerospace Huan Yu indicated that it expects 2025 revenue related to commercial aerospace to be less than 15%, with actual figures subject to annual report disclosure.

Several other listed companies issued clarifications, stating that their main businesses do not involve the commercial aerospace sector.

Aerospace Engineering announced that its products and technologies are mainly applied in the field of clean and efficient coal utilization, with clients primarily in chemical enterprises, and do not involve commercial aerospace or space-related businesses; Northern Navigation stated that some websites and stock forums have listed its stock in the commercial aerospace sector, but the company has never issued such announcements, has no related business in commercial aerospace, and has not obtained relevant orders; Xinghuan Technology stated that it does not actively engage in commercial aerospace business and has no relation to Shanghai Xinghuan Juneng Technology Co., Ltd.