Shuangliang Eco-Energy Systems Co., Ltd. (600481) announced on the evening of February 27 that it had received a formal investigation notice from the China Securities Regulatory Commission (CSRC). The company is under investigation for suspected violations of information disclosure rules, including misleading statements. The CSRC initiated the probe in accordance with China’s Securities Law and Administrative Penalty Law.
The company stated that its current operations remain normal. During the investigation period, Shuangliang Eco-Energy Systems will fully cooperate with the CSRC and strictly comply with relevant legal and regulatory requirements for information disclosure.
On the last trading day before the Spring Festival holiday, the company’s stock opened with a sharp decline, hitting the daily downside limit. At one point, sell orders at the limit price exceeded 150 million yuan.
On the evening of February 12, Shuangliang Eco-Energy Systems issued two announcements. One provided details regarding overseas orders, while the other disclosed a regulatory warning letter from the Shanghai Stock Exchange. The warning letter cited multiple violations by the company and its board secretary, Yang Likang, who is in his 30s.
The incident originated from an article published on the company’s official WeChat account at noon on February 12. Titled "Shuangliang Eco-Energy Systems Secures Another Overseas Order, Supporting Commercial Space Exploration," the article stated that the company had recently won three overseas orders for 12 high-efficiency heat exchangers, which would be used in fuel production systems supporting the expansion of SpaceX’s Starship launch base. The company emphasized that this marked a repeat order following previous cooperation, demonstrating strong trust from overseas clients in its product reliability.
Within one minute of the article’s publication, the company’s stock price surged to the daily upside limit. Notably, the stock had already begun rising ten minutes before the article was posted, with a sharp upward movement observed starting at 1:14 p.m.
Investors reacted actively to the news in online stock forums. Comments included remarks such as, "They’re under investigation—they should be made an example," "This is about the same incident from before; the stock has been falling for days," and "Is this a hallmark of a speculative stock?"
As of the market close on February 27, Shuangliang Eco-Energy Systems’ stock price stood at 9.37 yuan per share, with a total market capitalization of 19.3 billion yuan.
Comments