A batch of legal cases has been recently filed with the court. On April 3, 2026, the company, Shuangliang Group, and related parties received the "Administrative Penalty Decision" issued by the Jiangsu Regulatory Bureau of the China Securities Regulatory Commission.
Eligible investors who purchased shares between 13:25 on February 12, 2026, and the market close on the same day, and subsequently sold them or held them at a loss after February 13, 2026, can still register to claim compensation.
Recalling the case, at noon on February 12, 2026, Shuangliang Eco-Energy Systems Co.,Ltd. published a news flash on its official WeChat account, stating that the company's products would be used in the expansion project of the SpaceX Starship launch site. Stimulated by this news, the company's stock price hit the daily limit up immediately after the afternoon market opening.
However, an announcement disclosed later that evening under regulatory supervision revealed that the related order amount was only approximately 13.923 million yuan, accounting for merely 0.11% of the company's revenue, and the company was only a non-exclusive indirect supplier.
On February 27, Shuangliang Eco-Energy announced that it had received a notice of case filing from the CSRC, as it was under investigation for suspected violations such as misleading statements in information disclosure. On March 14, the controlling shareholder, Shuangliang Group, was also placed under investigation by the CSRC for the same matter.
The Jiangsu Regulatory Bureau determined that the aforementioned WeChat article involved operational information related to Shuangliang Eco-Energy's business expansion, customer relationships, and product application areas. Given that commercial aerospace was a recent market hotspot, the content constituted voluntarily disclosed information relevant to investors' value judgments and investment decisions.
However, the company failed to accurately and completely disclose important details, such as the small order amount and its proportion, Shuangliang Eco-Energy's status as a non-exclusive indirect supplier to SpaceX, and the incidental nature of the related business. This resulted in misleading content in articles published on the WeChat accounts of both "Shuangliang Group" and "Shuangliang Eco-Energy," constituting suspected violations related to misleading statements.
Ultimately, the Jiangsu Regulatory Bureau imposed a total fine of 13 million yuan on the company, its board secretary, the controlling shareholder, and related brand responsible persons. For listed companies, this penalty serves as another warning: whether for mandatory or voluntary information disclosure, the principles of truthfulness, accuracy, and completeness must be upheld.
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