Investors who have suffered losses may be eligible to file claims for compensation.
On March 6, at an economic-themed press conference during the Fourth Session of the 14th National People's Congress, Wu Qing, Chairman of the China Securities Regulatory Commission (CSRC), stated that the regulator will strictly investigate and punish activities such as exploiting hot topics, hyping concepts, and engaging in market manipulation that harm investor interests, aiming to make the market genuinely feel fairness and justice.
Recently, a regulatory crackdown targeting listed companies for "jumping on the bandwagon" has swept through the A-share market.
Companies including YHLO, Shuangliang Energy Saving, INJOINIC, and Juli Sling faced regulatory penalties and a wave of investor claims after releasing misleading information related to popular concepts such as commercial aerospace and brain-computer interfaces, causing significant stock price fluctuations.
In the YHLO case alone, several hundred investors have registered to seek compensation through the legal team of Lawyer Liu Peng from Shanghai Huzi Law Firm.
YHLO: The "Technological Illusion" of Brain-Computer Interface In early January, amid fervent interest in brain-computer interface technology, YHLO announced it had signed a strategic cooperation agreement with "Shenzhen Brain-Computer Star Chain Technology Co., Ltd.," claiming the partner possessed "dual technological pathways" and had already launched products.
However, an investigation by the securities regulator revealed the truth: the partner had only a prototype for one product, with no tangible progress on others, and the so-called "orders" were merely framework agreements.
On February 28, YHLO disclosed that it had received an "Advance Notice of Administrative Penalty" from the CSRC. The investigation found that after signing the strategic cooperation agreement, the company made three instances of inaccurate and incomplete information disclosures, constituting misleading statements.
The case was filed on February 6, and the penalty notice arrived just 22 days later, demonstrating regulators' approach of "frequent case filings + swift and severe penalties" to deter listed companies and urge prudent information disclosure.
Investors eligible for compensation are those who purchased shares between January 7, 2026, and February 6, 2026, and sold or held them at a loss after February 7, 2026.
Shuangliang Energy Saving: Artificial Stock Surge Driven by WeChat Post Perhaps the most surreal case involves Shuangliang Energy Saving.
At noon on February 12, the company's official WeChat account published a post titled "Shuangliang Energy Saving Secures Another Overseas Order, Boosting Commercial Aerospace Space Exploration." The article stated the company had received an order for 12 high-efficiency heat exchangers for the expansion of the SpaceX Starship launch base.
When the market opened in the afternoon, the stock price surged sharply and hit the daily limit-up. However, the gain was short-lived, as issues emerged that evening.
Following regulatory inquiries, the company was forced to issue an announcement clarifying the facts: the three orders were signed in October 2025 and January 2026, totaling only 13.92 million yuan, accounting for just 0.11% of the company's revenue. Moreover, the company was not directly cooperating with SpaceX but was merely a "non-exclusive indirect supplier."
The Shanghai Stock Exchange promptly issued a regulatory warning, pointing out that the company's "information disclosure was inaccurate and incomplete, with insufficient risk warnings."
On February 27, the CSRC initiated a formal investigation.
Notably, the eligibility period for claims in this case is very narrow. Only investors who purchased shares between 13:25 on February 12, 2026, and the market close on the same day, and sold or held them at a loss after February 13, 2026, qualify. Investors should carefully verify these conditions.
INJOINIC: Orchestrated "Self-Questioning and Self-Answering" Exposed INJOINIC employed a more covert method to capitalize on trends, artificially orchestrating "self-posed questions and answers" on the SSE E-Interaction platform to mislead investors.
On January 6, 2026, INJOINIC claimed on the interactive platform that its developed chip was specifically designed for measuring human bioelectrical signals, was already in mass production, and its performance was comparable to leading international products. The next day, under regulatory pressure, the company issued a clarification announcement, admitting that the chip was co-developed with an affiliated company, was still in the market cultivation phase, and had not yet achieved large-scale sales.
On February 13, the CSRC initiated an investigation into INJOINIC, stating that the company had artificially orchestrated "self-questioning and self-answering" on the E-Interaction platform, and its information disclosure constituted misleading statements.
Investors eligible for compensation are those who purchased shares between January 6, 2026, and February 13, 2026, and sold or held them at a loss after February 14, 2026.
As regulatory scrutiny intensifies, the cost for listed companies to "hitch a ride" on hot trends is rising sharply. The stock market remains the same, but regulatory oversight is becoming increasingly vigilant. Companies seeking profits through such tactics may need to find a different approach.
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