Investors affected by the incident can register their claims through the appropriate channels.
On February 12, 2026, at 13:25, Shuangliang Eco-Energy Systems Co.,Ltd. (600481) published a market update on its official WeChat account regarding overseas orders. The announcement claimed the company had recently secured three overseas orders, involving a total of 12 high-efficiency heat exchangers destined for the fuel production system supporting the expansion of the SpaceX Starship launch base.
Just one minute after the release, market funds rapidly flowed in, causing the company's stock price to surge sharply and hit the daily upside limit. The stock closed at 10.71 yuan per share for the day, with total trading volume reaching 1.762 billion yuan. The news spread widely on social media, directly leading investors to speculate about the company's deep involvement in the core supply chain of the commercial space industry.
Following intervention by regulators, Shuangliang Eco-Energy Systems urgently issued a clarification after market hours the same day, disclosing key information that had been previously omitted. An investigation revealed that the three orders were not signed "recently" but were actually secured in October 2025 and January 2026. The total contract value was only 13.923 million yuan, accounting for a mere 0.11% of the company's audited revenue for 2024.
The clarification further disclosed that Shuangliang Eco-Energy Systems did not sign a direct cooperation agreement with SpaceX and was only participating as a non-exclusive, indirect supplier. The company emphasized that the commercial space sector is not a primary business area for them, and the relevant orders would not have a significant impact on performance, with future business being highly uncertain. The initial information release was deemed inaccurate, incomplete, and lacked necessary risk disclosures.
The Shanghai Stock Exchange explicitly stated that when Shuangliang Eco-Energy Systems released the information via its WeChat account, it failed to clarify the supply method, the scale of the sales, and the minimal operational impact. This action violated the Shanghai Stock Exchange Listing Rules and related self-regulatory guidelines, constituting misleading information for investors. Based on the violation, the exchange issued a regulatory warning to Shuangliang Eco-Energy Systems and its then Board Secretary, Yang Likang. The company is required to submit a rectification report within one month of receiving the decision.
Investors who suffered losses due to the disclosure violation on the afternoon of February 12, 2026, may be eligible to pursue compensation. Currently, it is preliminarily determined that investors who meet the following criteria can participate: those who purchased shares between 13:25 on February 12, 2026, and the market close on February 12, and subsequently sold these shares after February 13, 2026, or continued to hold them and incurred losses.
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