Zheng Quan Shi Bao·2026-01-13 14:31Core Viewpoint - The Shanghai Stock Exchange issued regulatory warnings to two listed companies, Electric Science Digital and Hangxiao Steel Structure, for inadequate risk disclosures related to "commercial aerospace" concepts, which could mislead investors [1][3][9]. Group 1: Electric Science Digital - Electric Science Digital and its responsible personnel received a regulatory warning from the Shanghai Stock Exchange on January 13 [2]. - The warning indicated that the company provided inaccurate and incomplete information regarding its involvement in commercial aerospace, which could mislead investor decisions [3][5]. - Following the release of information about its satellite internet and AI products, the company's stock price rose by 19.37% until January 12, 2026 [4]. - The company later disclosed that its satellite communication products had only about 390,000 yuan in orders for the entire year of 2025, representing less than 0.1% of its overall business, indicating significant uncertainty in future development [5][6]. - The stock price of Electric Science Digital fell nearly 7% on the day of the warning [7]. Group 2: Hangxiao Steel Structure - Hangxiao Steel Structure also received a regulatory warning from the Shanghai Stock Exchange on the same day [9]. - The company reported winning a contract worth approximately 2.53 billion yuan for a project related to large liquid rocket assembly, which led to multiple stock price increases, including several trading halts [9][11]. - After regulatory oversight, the company clarified that the contract amount was relatively small, accounting for less than 1% of its audited revenue for 2024, and would not significantly impact its overall performance [10][11]. - The stock price of Hangxiao Steel Structure continued to rise, achieving a nearly 50% increase year-to-date [11].