On April 29, 2026, investor compensation claims related to the alleged stock manipulation of Jiangyin Hengrun Heavy Industries Co.,Ltd. (603985), represented by attorney Xu Feng from Shanghai Jiucheng Law Firm, were submitted for filing once again to the Nanjing Intermediate People's Court.
Attorney Xu Feng has submitted the market manipulation civil compensation case for Jiangyin Hengrun Heavy Industries Co.,Ltd. to the court for filing multiple times. The case is currently awaiting the court's next procedural arrangements. The legal team is simultaneously continuing to advance the filing of subsequent cases and is still accepting new mandates from other affected investors.
On December 6, 2024, the China Securities Regulatory Commission (CSRC) imposed administrative penalties on Cheng Lixin, the second-largest shareholder, legal representative, and chairman of Jiangyin Hengrun Heavy Industries Co.,Ltd., among others.
Attorney Xu Feng believes that investors who suffered losses from trading Jiangyin Hengrun Heavy Industries Co.,Ltd. stock between July 10, 2023, and December 27, 2023, can still initiate compensation claims. The final eligibility criteria will be determined by the court according to law. Attorney Xu Feng has previously represented investors in the P2P Financial Information Services Co., Ltd. case against Xian Yan for market manipulation and successfully obtained favorable judgments for investors in the Winfull Information Technology Co., Ltd. case against Xu Xiang and others for market manipulation.
In addition to the renewed filing for the Jiangyin Hengrun Heavy Industries Co.,Ltd. manipulation case, on May 8, 2026, the investor compensation case for Shuangliang Eco-Energy Systems Co.,Ltd. (600481), also represented by Attorney Xu Feng, was submitted again to the Nanjing Intermediate People's Court for filing. This case had been submitted previously and is currently awaiting the court's next arrangements. The legal team is also continuing to accept new mandates from other affected investors.
On the evening of April 3, 2026, Shuangliang Eco-Energy Systems Co.,Ltd. announced that the company and its parent, Shuangliang Group, received the "Administrative Penalty Decision" from the Jiangsu Bureau of the CSRC on March 22, 2026. The investigation found that Shuangliang Eco-Energy Systems Co.,Ltd. was suspected of the following violations:
At 13:02 on February 12, 2026, the "Shuangliang Group" WeChat official account published an article titled "Shuangliang Eco-Energy Secures Another Overseas Order, Aiding Commercial Aerospace Space Exploration." At 13:25, the "Shuangliang Eco-Energy" WeChat official account published an article with the same title and content.
The articles stated that Shuangliang Eco-Energy Systems Co.,Ltd. had successively obtained three overseas orders, totaling 12 high-efficiency heat exchanger units, to be used in the fuel production system supporting the expansion of the SpaceX Starship launch base. Following prior cooperation, this marked another application of the product at the SpaceX Starship launch base, which was cited as fully confirming overseas clients' high trust in the reliability of Shuangliang's products. Due to internal information transmission issues, the articles were not published simultaneously on the "Shuangliang Group" and "Shuangliang Eco-Energy" WeChat official accounts as planned and customary.
At 13:05 on February 12, 2026, the stock price of Shuangliang Eco-Energy Systems Co.,Ltd. began to rise rapidly, reaching the daily limit-up by 13:26.
At 17:20 on February 12, 2026, Shuangliang Eco-Energy Systems Co.,Ltd. issued an "Announcement Regarding Overseas Orders," disclosing that the total value of the three orders mentioned in the WeChat articles was approximately 13.923 million yuan, accounting for about 0.11% of the company's audited operating revenue for 2024, and thus having no significant impact on its operating performance. The company clarified it did not cooperate directly with SpaceX and was a non-exclusive indirect supplier for the project. It also stated that obtaining such orders is heavily influenced by the construction and expansion plans of commercial aerospace projects, and there is certain uncertainty regarding securing future orders.
Attorney Xu Feng, specializing in securities litigation, believes that investors who purchased Shuangliang Eco-Energy Systems Co.,Ltd. stocks or bonds between 13:02 on February 12, 2026, and the market close on February 12, 2026, can still initiate compensation claims.
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