Shuangliang Eco-Energy Systems Co.,Ltd. (600481.SH) has been issued a prior notice of administrative penalty by the China Securities Regulatory Commission (CSRC), with a total fine of 13 million yuan imposed on the company and related parties. The penalty stems from a misleading WeChat article published by the company's official account.
On February 12, 2026, during afternoon trading hours, the "Shuangliang Group" WeChat public account published an article titled "Shuangliang Eco-Energy Secures Another Overseas Order, Supporting Commercial Space Exploration." The article claimed the company had obtained three overseas orders totaling 12 high-efficiency heat exchangers for SpaceX's Starship launch base expansion project.
The market reacted immediately to the SpaceX connection. Within 21 minutes of publication, Shuangliang Eco-Energy's stock price surged and hit the daily limit-up. However, after market close, the company issued a clarification announcement revealing the orders totaled only approximately 13.923 million yuan, representing just 0.11% of its 2024 audited revenue. The company clarified it had no direct cooperation with SpaceX and served as a non-exclusive indirect supplier, with future orders being uncertain.
The following day, February 13, Shuangliang Eco-Energy's stock opened at the daily limit-down. The Jiangsu branch of the CSRC determined the company failed to accurately disclose key information about the orders' small value, its indirect supplier status, and the business's occasional nature, constituting misleading statement violations under the Securities Law.
The regulatory investigation found Shuangliang Group, as the controlling shareholder, organized the publication of the misleading article. The CSRC proposed fines of 4 million yuan each for Shuangliang Eco-Energy and Shuangliang Group. Company secretary Yang Likang and Lu Jie, general manager of Brand and Public Relations at Shuangliang Group, were each fined 2.5 million yuan.
The penalty against the public relations manager is particularly notable as brand department executives are rarely held directly responsible for disclosure violations. The CSRC stated Lu Jie planned and arranged the publication despite knowing commercial space was a market hotspot and the content involved the listed company.
Legal experts note the case demonstrates enforcement extending beyond senior management to personnel directly organizing violations. While the chairman avoided penalty due to lack of involvement evidence, the PR manager was deemed directly responsible for策划 and publishing the misleading information.
The incident occurs as Shuangliang Eco-Energy faces significant operational challenges. After expanding into photovoltaic silicon wafers in 2021, the company suffered substantial losses as silicon prices collapsed. It reported losses of 2.134 billion yuan in 2024 and expects to lose 780 million to 1.06 billion yuan in 2025, totaling approximately 3 billion yuan over two years.
In October 2025, the company terminated a 2.56 billion yuan private placement plan and canceled a major silicon crystal project, shifting focus toward zero-carbon manufacturing and green hydrogen equipment. The recent disclosure violation adds to the challenges during this strategic transition period.
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