Shuangliang Eco-Energy Systems Co.,Ltd. announced on the 23rd that the company and its controlling shareholder have received prior notices of administrative penalties, with each facing a proposed fine of 4 million yuan.
According to the announcement, the company disclosed on February 28, 2026 and March 14, 2026 that it and its controlling shareholder Shuangliang Group had received立案告知书 (case filing notices) from the China Securities Regulatory Commission (CSRC) due to suspected violations of information disclosure regulations. The CSRC decided to investigate based on the Securities Law of the People's Republic of China and the Administrative Penalty Law of the People's Republic of China.
The company and Shuangliang Group received the "Prior Notice of Administrative Penalty" from the CSRC's Jiangsu Bureau on March 22, 2026.
The notice revealed that since its listing, Shuangliang Group has been the controlling shareholder of Shuangliang Eco-Energy. On February 12, 2026, at 13:02, 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 account published an article with the same title and content. The articles stated that Shuangliang Eco-Energy had successively obtained three overseas orders, totaling 12 high-efficiency heat exchanger units, which would be used for the fuel production system supporting the expansion of the SpaceX Starship launch base. This marked the product's reapplication at the SpaceX launch base after prior cooperation, strongly demonstrating the high trust of overseas clients in the reliability of Shuangliang's products. Due to internal information transfer issues, the articles were not published simultaneously on both accounts as planned and customary. Starting at 13:05 on February 12, 2026, Shuangliang Eco-Energy's stock price began to rise rapidly, and by 13:26, it hit the daily limit-up. These facts are supported by evidence including company announcements, relevant explanations, communication records, and inquiry transcripts.
The Jiangsu Bureau determined that the WeChat articles involved operational information related to Shuangliang Eco-Energy's business expansion, customer relationships, and product application areas. Furthermore, commercial aerospace was a market hotspot at the time. The content constituted information voluntarily disclosed by a listed company that is relevant for investors making value judgments and investment decisions. However, the company failed to accurately and completely disclose important details, such as the relatively small order value and proportion, the fact that Shuangliang Eco-Energy was a non-exclusive indirect supplier to SpaceX, and that the related business was incidental. This resulted in the articles published on both WeChat accounts being misleading. The company's actions allegedly violated relevant provisions of the Securities Law, constituting the illegal act of making misleading statements.
According to regulations, Yang Likang, the Board Secretary of Shuangliang Eco-Energy, responsible for organizing and coordinating the company's information disclosure affairs, failed to diligently review the article related to the market hotspot and is deemed directly responsible for the company's information disclosure violation.
Shuangliang Group, as the controlling shareholder, organized and arranged for Shuangliang Eco-Energy to carry out the aforementioned information release, leading to the company's information disclosure violation. This is suspected to constitute the illegal circumstance where a controlling shareholder organizes or instigates the violation. Lu Jie, General Manager of the Brand and Public Relations Department of Shuangliang Group, aware that commercial aerospace was a market hotspot and that the article content involved the listed company, still planned and arranged the publication of the misleading WeChat article and is deemed directly responsible for Shuangliang Group's organizing and instigating behavior.
Based on the facts, nature, circumstances, and degree of social harm of the parties' illegal actions, and in accordance with the Securities Law, the Jiangsu Bureau proposed the following decisions: 1. Order Shuangliang Eco-Energy Systems Co.,Ltd. to make corrections, issue a warning, and impose a fine of 4 million yuan. 2. Issue a warning to Yang Likang and impose a fine of 2.5 million yuan. 3. Impose a fine of 4 million yuan on Shuangliang Group. 4. Impose a fine of 2.5 million yuan on Lu Jie.
Regarding the impact on the listed company, Shuangliang Eco-Energy stated that based on the rules of the Shanghai Stock Exchange and the circumstances described in the prior notice, the company judges that this information disclosure violation does not trigger the criteria for special treatment (other risk警示) or mandatory delocation due to major illegality. The final outcome of the administrative penalty will be subject to the conclusion in the "Administrative Penalty Decision" issued by the CSRC Jiangsu Bureau. The company will continue to monitor the progress of the matter and strictly fulfill its information disclosure obligations in accordance with relevant laws and regulations.
In terms of performance, on January 23, 2026, Shuangliang Eco-Energy disclosed its 2025 annual performance forecast, anticipating a net loss attributable to shareholders of the listed company between 780 million yuan and 1.06 billion yuan.
In the secondary market, as of the midday close on the 23rd, Shuangliang Eco-Energy's stock price rose 6.26% to 7.30 yuan per share, with a total market capitalization of 15.1 billion yuan.
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