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

Recently, the commercial aerospace concept has repeatedly gained momentum, with the share prices of related companies fluctuating abnormally and frequently, drawing the attention of regulators. On the evening of January 13, the Shanghai Stock Exchange issued regulatory warning letters to CETC Digital, Hangxiao Steel Structure, and the relevant responsible parties. The reason was that, in relation to information concerning concepts such as “commercial aerospace,” the companies had cases of inaccurate and incomplete information disclosure, as well as insufficient risk warnings.

Data from Wind shows that as of the close on January 13, the Commercial Aerospace Index (8841877.WI) had risen by 31.19% cumulatively over the past month. In the meantime, many listed companies involved in the “commercial aerospace concept” saw their share prices rise too sharply in the short term, triggering the exchanges’ rule on “abnormal price fluctuations.” The relevant companies released stock trading risk warnings or share price fluctuation notices in a dense series, reminding investors to beware of the risk of a rapid pullback that could result from irrational speculation.

CETC Digital and Hangxiao Steel Structure face regulatory warnings from the SSE

According to the regulatory warning issued by the SSE, the violations by CETC Digital mainly stem from improper information disclosure in its investor relations activities.

The investor relations activity record table disclosed by the company on December 31 shows that its subsidiary, Bo Fei Electronics, mainly provides three categories of products: spaceborne high-performance computing, AI computing, and RF transmission. It states that it has successfully built a domestically produced solution. In the special domain, it also mentions that the company’s AI products have entered the mass-production stage, among other content. After such content was published, as of January 12, 2026, CETC Digital’s share price had risen cumulatively by 19.37%.

After being urged by regulators, on January 13 CETC Digital disclosed a risk warning announcement stating that its satellite communication products such as intelligent computing and spaceborne communications had annual orders of about 3.9 million yuan for full-year 2025, accounting for less than 0.1% of its overall business. It also said that there is substantial uncertainty in its subsequent development. The AI products mentioned above that had entered the mass-production stage were still at the stage of small-batch delivery, have not formed large-scale sales. Orders were about 10 million yuan in 2025, and the share of revenue is low, with no material impact on the company’s performance; future development remains uncertain.

The SSE held that the information disclosed in the company’s investor relations activity record table failed to accurately reflect the development stage, sales scale, and the impact on the company’s overall operating situation of its satellite communication and AI products. The company also did not sufficiently flag risks such as the uncertainty in its future development, and only after being urged by regulators did it release the announcement to explain the matter. Its information disclosure was inaccurate and incomplete, with insufficient risk warnings, which could mislead investors’ decisions. Therefore, the SSE issued a regulatory warning to Hou Ziping, the acting secretary to the board of directors of the company at the time.

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

On December 31, 2025, on the SSE E-interactive platform, Hangxiao Steel Structure replied to an investor’s question, stating that, as a member of a joint project, the company and Hunan Construction Engineering Group Co., Ltd. jointly won the bid for the EPC project for the Arrow Yuan large and medium liquid launch vehicle assembly, integrated testing, and recovery and reuse base (Phase I) project. The signed contract price was about 253 million yuan. For the engineering portion, the company’s contract price was about 69.3188 million yuan. After this information was released, it drew market attention. As of January 13, 2026, the company’s share price had already hit the daily limit several times in a row and reached abnormal price fluctuations twice.

After being urged by regulators, on January 8 Hangxiao Steel Structure issued an announcement stating that the contract amounts involved in the above project were small, accounting for less than 1% of its audited revenue for 2024, and would not have a material impact on full-year performance. The SSE stated that the content replied on the company’s E-interactive platform did not accurately reflect the specific implementation work of the company’s project bid winning, nor did it sufficiently flag risks such as the actual impact on operating performance and uncertainties in contract performance, and the announcement was only disclosed after being urged by regulators to explain. The relevant information disclosure was inaccurate and incomplete, with insufficient risk warnings, which could mislead investors’ decisions. According to relevant regulations, the SSE issued a regulatory warning to Yao Jianfeng, the acting secretary to the board of directors of the company at the time.

The SSE pointed out that the market currently has high attention to related concepts such as “commercial aerospace,” “satellites,” and “AI applications,” which could have a significant impact on the company’s share price and investors’ decisions. When publishing related information, the company should be particularly prudent, accurate, and objective, and should sufficiently flag risks arising from uncertainties to avoid misleading investors.

Risk warnings from multiple listed companies

Recently, the commercial aerospace concept has been performing remarkably well. Behind the frenzy of share price speculation, multiple listed companies involved in related concepts have issued announcements to warn of trading risks.

On the evening of January 13, Tongyu Communications disclosed a notice of abnormal stock price movements, stating that since the closing price on November 27, 2025, the cumulative increase in its stock’s closing price had reached 256.08%, and there are circumstances of overheated market sentiment and irrational speculation. It also said there is a risk of a rapid short-term pullback in the share price. As of the close on January 13, the stock’s closing price was 69.97 yuan per share, at a historic high, and the share price has 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 satellite communications and commercial aerospace. On November 10, 2025, when Tongyu Communications responded to investor questions, it had previously said that at the end of 2024 it invested 30 million yuan to take an equity stake in Hongqing Technology, a company that develops satellite core components, in order to strengthen the upstream layout of key components for satellite internet. It stated that the company and Blue Arrow Aerospace are both shareholders of Hongqing Technology, and since it invested in Hongqing Technology, both sides have maintained close communication.

At the same time, multiple listed companies emphasized in their announcements that their contributions from commercial aerospace-related businesses are limited. On January 13, CETC Chip issued an announcement stating that the company’s stock had had a cumulative closing price increase deviation value of more than 20% over three consecutive 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 used in satellite communication payloads; this portion of the business’s operating revenue accounts for less than 1% of the company’s operating revenue, contributing little to the company’s profit.

On January 12, Aerospace Hongtu announced that it noted that in recent days some media and other platforms had discussed the company’s business in connection with related hot concepts. There is a risk of periodic mismatch between upstream and downstream in the industry: delays in upstream satellite launches or downstream application expansion falling short of expectations may both affect business progress. The company signed a strategic cooperation agreement with Guangzhou CAS Space Exploration Technology Co., Ltd. in July 2023. More than two and a half years have passed since the agreement was signed, and the two sides have not yet carried out substantive cooperation. At present, the company’s main business is still in the stage of satellite applications.

On the same day, HaoNeng Co., Ltd. emphasized in its announcement that although some of its products are used in the commercial aerospace field, the revenue scale of that part of the business is extremely small and does not constitute a material impact on its 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 Universe said that it expects that in 2025 the share of its commercial aerospace-related revenue will be less than 15%, and that the actual revenue situation should be confirmed based on disclosures in its annual report.

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

Aerospace Engineering said its products and technologies are mainly applied in the field of clean and efficient utilization of coal, and its customers mainly are concentrated in chemical enterprises. The company does not involve commercial aerospace or aerospace-related businesses. BeiFang Navigation said that some websites and stock forums include the company’s stock in the commercial aerospace sector; the company has never issued relevant announcements, and it has no related business in the commercial aerospace field, nor has it obtained related orders. GalaxyRing Technology said that it does not actually carry out commercial aerospace business and is not related to Shanghai GalaxyRing Polyenergy Technology Co., Ltd.