On the evening of February 27, Shuangliang Eco-Energy Systems Co.,Ltd. announced that it had received a formal notice of investigation from the China Securities Regulatory Commission (CSRC). The CSRC decided to initiate an investigation into the company due to suspected violations of laws and regulations, including making misleading statements in its information disclosures.
Previously, an article published by Shuangliang Eco-Energy on its official WeChat account involving overseas orders related to "commercial aerospace" contained misleading statements, suspected of "hype chasing." The Shanghai Stock Exchange had already issued regulatory warnings to the company and its then board secretary.
According to reports, since the beginning of this year, the CSRC has initiated investigations into several companies for information disclosures constituting misleading statements. These companies include Zhejiang Sunflower Great Health Technology Co., Ltd., Ningbo Ronbay New Energy Technology Co., Ltd., Shenzhen YHLO Biotech Co., Ltd., and Shenzhen Injoinic Technology Co., Ltd.
Industry insiders stated that the swift and precise regulatory actions and accountability measures by the authorities, aimed at punishing misleading statements such as "hype chasing," send a clear signal to the market. "Voluntary disclosure" does not equate to "discretionary disclosure." Listed companies and their key personnel must adhere to the bottom line of information disclosure, ensuring that all content disclosed through statutory or non-statutory channels is true, accurate, and complete.
The incident suspected of "hype chasing" dates back to 13:25 on February 12. Shuangliang Eco-Energy published a market update on its WeChat account titled "Shuangliang Eco-Energy Secures Another Overseas Order, Aiding Commercial Aerospace Space Exploration." The article stated that the company had recently 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. Following the article's publication, the company's stock price rose by the daily limit from 13:26 that day until the market close.
After regulatory prompting, the company disclosed an explanatory announcement after market hours on February 12. It stated that the three orders were signed on October 25, 2025, and January 9, 2026, respectively, with a total contract value of approximately RMB 13.923 million. This amount represented about 0.11% of the company's audited operating revenue for 2024 and would not have a significant impact on its operating performance. The announcement clarified that commercial aerospace is not the primary application field for the company's products, that the company did not cooperate directly with SpaceX, and that it was a non-exclusive indirect supplier for the project. It also noted that obtaining related orders is significantly influenced by the construction and capacity expansion plans of commercial aerospace projects, and that there is uncertainty regarding securing future orders.
The Shanghai Stock Exchange pointed out that "commercial aerospace" is currently a market hotspot concept that receives high investor attention. When companies release related information, they should do so prudently, accurately, and objectively, and fully disclose uncertainty risks to avoid misleading investors. The information published by the company on its WeChat account involved overseas orders related to "commercial aerospace" but failed to specify details such as the supply method, the scale of the sales, and the minimal impact on the company's overall operations. It also did not adequately warn about risks such as the uncertainty of follow-up orders, which could mislead investors' decisions. The company only issued an explanatory announcement after regulatory prompting. The information release was inaccurate and incomplete, with insufficient risk warnings. The SSE deemed that the company's actions violated relevant rules of the Stock Listing Rules and issued regulatory warnings to the company and its then board secretary.
Several companies have been investigated for misleading statements this year. For example, Sunflower was investigated for suspected misleading statements in a restructuring plan; Ronbay Technology was investigated for suspected misleading statements in an announcement about major daily operating contracts; YHLO Biotech was investigated for suspected misleading statements in an announcement about signing a strategic cooperation framework agreement; Injoinic was investigated for orchestrating "self-posed questions and answers" on the SSE E-Interaction platform, constituting misleading information disclosure; and Shuangliang Eco-Energy was investigated for suspected misleading statements regarding "commercial aerospace" overseas order information published on its WeChat account. Before the CSRC investigations, all these companies had received regulatory warnings from the exchanges.
Among them, Ronbay Technology received an "Advance Notice of Administrative Penalty" from the Ningbo Securities Regulatory Bureau on February 6. The bureau proposed a fine of RMB 4.5 million on the company, fines of RMB 3 million and RMB 2 million on the chairman and board secretary respectively, totaling proposed fines of RMB 9.5 million.
Besides the aforementioned companies, other listed companies, including CETC Digital Technology Co., Ltd., Hangxiao Steel Structure Co., Ltd., and Jiangxi Woguang Optoelectronic Group Co., Ltd., have also received regulatory warnings from the SSE for behaviors such as "hype chasing."
Industry insiders commented that the regulatory actions taken by the CSRC and exchanges against "hype chasing" by numerous listed companies since the beginning of the year demonstrate a clear signal of stringent supervision over misleading statements. Voluntary information disclosure is not "discretionary disclosure." Listed companies and relevant responsible persons should adopt a prudent attitude in their information disclosure work, ensuring the truthfulness, accuracy, and completeness of voluntary disclosure content, and effectively fulfilling their primary responsibility for information disclosure.
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