At the beginning of 2026, approximately nine board secretaries of listed companies have received regulatory warnings. These warnings were issued due to their responses on investor interaction platforms, official social media posts, or voluntary disclosures that involved hot market concepts. Among them, Tianpu Co., Ltd., Shenzhen Injoinic Technology Co.,Ltd., and Asia Pacific Medical Technology Co., Ltd. are also under formal investigation. All cases occurred within the Shanghai Stock Exchange system, covering companies listed on both the Main Board and the STAR Market.
The regulatory language was not exaggerated, but the stance was clear: investor interaction platforms, official WeChat accounts, and records of investor relations activities are all considered extensions of information disclosure channels. The keywords themselves may not be违规, but if companies fail to simultaneously disclose the development stage, sales scale, revenue proportion, and associated uncertainty risks, it constitutes "inaccurate and incomplete information disclosure."
Regionally, six of the nine companies are from the Yangtze River Delta region of Jiangsu, Zhejiang, and Shanghai. These include Trina Solar Co.,Ltd. and Shuangliang Eco-Energy Systems Co.,Ltd. from Jiangsu; Hangxiao Steel Structure Co., Ltd. and Tianpu Co., Ltd. from Zhejiang; and China Shipbuilding Information Technology Co., Ltd. from Shanghai. The remaining companies are Jiangxi-based Wogen Photovoltaic Co., Ltd. and Guoke Military Industry Group Co., Ltd., as well as Shenzhen-based Asia Pacific Medical Technology Co., Ltd.
The Yangtze River Delta is one of China's most concentrated areas for manufacturing and technology innovation firms, and it is also one of the most active regions for platform interactions. The combination of hot concepts and frequent disclosures has made it a focal point for this round of regulatory cases. However, the regulatory focus is not on the region itself, but on the boundaries of disclosure.
What is truly worth analyzing are the board secretaries themselves.
They almost uniformly possess impressive professional backgrounds.
At Trina Solar Co.,Ltd., the career path of Wu Qun is representative. Starting as a software engineer, he held technical roles at ZTE, Alcatel, and Motorola before transitioning to investment. He served as a Senior Investment Manager at Pudong Science and Technology Investment before moving into corporate roles, eventually becoming Board Secretary. The recent issue stemmed from an interactive platform statement claiming a "past cooperative relationship with SpaceX for a ground-based photovoltaic power station at its rocket launch site." That evening, the company clarified that the historical client was Tesla Motors and its predecessor SolarCity, and that no cooperation with SpaceX had occurred. Regulators determined the interactive response did not accurately reflect the actual situation.
At Shuangliang Eco-Energy Systems Co.,Ltd., Yang Likang represents another typical profile. With dual backgrounds in law and finance, having previously worked in the Investment Banking Department of China International Capital Corporation Limited, and possessing legal and securities practice qualifications, he serves as both Deputy General Manager and Board Secretary after joining the listed company. A post on the company's official account about "supporting commercial aerospace space exploration" mentioned overseas orders for the expansion of the SpaceX Starship launch base. An after-market announcement revealed the order amount accounted for about 0.11% of revenue. Regulators pointed out the failure to fully explain the supply method, scale, and uncertainties.
Injoinic's Wu Renchao came from the securities and investor relations system of real estate leader Huafa Industrial, having served as Securities Affairs Representative before being promoted to Board Secretary. The company stated on the interactive platform that it had entered the brain-computer interface chip field, with the IPA1299 chip "already in mass production and shipment." A follow-up announcement the next day clarified that the product was jointly launched by an affiliated company, was still in the market cultivation phase, and had not achieved large-scale sales. His career path shows long-term experience on the front lines of capital market communication, but regulators deemed the disclosure regarding the launching entity and sales scale insufficient.
At Hangxiao Steel Structure Co., Ltd., Yao Jianfeng has deep roots within the company, progressing from Information Director to General Manager of the Operations Management Center, and then to Vice President and Board Secretary, representing a typical "internally-grown" Board Secretary. He is familiar with the operational front lines. The company, as a consortium member, participated in a liquid carrier rocket final assembly and testing base project, with the involved amount being less than 1% of its annual revenue. However, the "commercial aerospace base" label was quickly amplified in interactive replies. Regulators noted the failure to fully disclose the actual operational impact.
China Shipbuilding Information Technology Co., Ltd.'s Hou Zhiping has a more complex resume. From an engineer in the aviation industry, to executive roles in several communications and information security companies, then entering the East China Computer system, serving successively as Board Secretary and Deputy General Manager. His background in military and information security makes him familiar with contexts involving satellite and AI technologies. The company mentioned in its investor relations records that satellite internet and AI products were in the mass production stage. Subsequent disclosures revealed the annual order value accounted for less than 0.1%. Regulators determined the disclosure of the development stage and sales scale was insufficient.
Wogen Photovoltaic Co., Ltd.'s Gong Qingyu has long been responsible for information disclosure and investor relations within the board office of large tech groups, representing a standard "board office system" background. The company mentioned on the interactive platform the orbital application of CPI film and progress towards mass production of biochips. It later clarified that the relevant products had not yet entered mass production, orders accounted for less than 0.1% of revenue, and they did not involve brain-computer interfaces. Regulators pointed out the failure to fully reflect the development stage and uncertainties.
Guoke Military Industry Group Co., Ltd.'s Deng Weiyong comes from a finance background, having worked his way up from an accounting position to CFO and Board Secretary, with long-term experience within the military industry system. The company mentioned on the interactive platform that it provides full-process supporting services for commercial aerospace enterprises and has established a strategic layout to "expand into commercial aerospace." A subsequent announcement stated that relevant cooperation was still in the R&D stage, accounting for less than 1%. Regulators emphasized the insufficient disclosure of R&D uncertainties.
Asia Pacific Medical Technology Co., Ltd.'s Wang Mingyang previously worked as an industry analyst at Haitong Securities Research Institute, following a typical "research + IR" path. The company disclosed a strategic cooperation framework agreement with a brain-computer/star-chain entity, mentioning both invasive and non-invasive paths. A supplementary announcement clarified that the partner was currently only involved in the non-invasive path, and products had not yet entered the registration application stage. Regulators noted inconsistencies in the description of the technical path.
Tianpu Co., Ltd.'s Kang Xiao holds an MBA from a financial institute and has experience as Board Secretary at Guosen Securities, an industry research institute, and a semiconductor company. After multiple announcements stating no plans for AI-related business, the company established a new subsidiary whose business scope covered AI-related content, which was then quickly amended. Regulators deemed the risk warnings insufficient against the backdrop of abnormal stock price fluctuations.
Piecing these backgrounds together reveals a commonality: they are familiar with both the capital markets and internal corporate operations. Paths in engineering, finance, investment banking, research, and investor relations all converge on this single role. The Board Secretary is no longer just an information conduit, but a key participant in shaping the capital market narrative.
The problem arises when terms like "commercial aerospace," "brain-computer interface," "AI application," and "satellite" become emotional amplifiers, rapidly compressing the room for narrative. Orders worth 13.92 million yuan, 3.9 million yuan for satellite communication products, 10 million yuan for AI products, and revenue contributions of less than 0.1% are, in themselves, cold, hard numbers. But when disclosed without proper context, the keywords alone are enough to ignite market speculation.
These nine cases are concentrated within the SSE system. In recent years, the SSE has intensified supervision over interactive platforms and investor relations records, especially in contexts highly sensitive to hot concepts. Interactive responses are no longer viewed as "informal communication" but as an extension of formal information disclosure.
The fact that Yangtze River Delta companies constitute over half the cases also reflects the region's industrial structure: high concentration of photovoltaic, new energy equipment, semiconductor, steel structure, military, and information technology firms, which are naturally linked to concepts like commercial aerospace and AI. High interaction frequency and conceptual overlap make it easier for statements to cross the line.
Ultimately, what is repeatedly emphasized is the completeness of information disclosure.
The regulatory statements follow a consistent logic: failure to accurately reflect the development stage, insufficient disclosure of sales scale, inadequate warning of uncertainty risks, with supplementary announcements only made following regulatory prompting. This has become almost a standard phrasing for each case.
The role of the Board Secretary is, in essence, about managing boundaries. They must address investor concerns while avoiding misinformation; they must communicate the company's strategic direction without amplifying concepts.
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