Zheng Quan Shi Bao·2026-01-14 00:26Core Viewpoint - The Shanghai Stock Exchange issued regulatory warnings to two listed companies, Electric Science Digital (600850) and Hangxiao Steel Structure (600477), for inadequate risk disclosures related to "commercial aerospace" concepts, which could mislead investors [1][2][5][9][11]. Group 1: Electric Science Digital (600850) - The company received a regulatory warning for inaccurate and incomplete information regarding its business in commercial aerospace and AI, which could mislead investor decisions [2][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, but later revealed that its satellite communication products had only about 390,000 yuan in orders for the entire year, representing less than 0.1% of overall business [4][5]. - The company was required to clarify that its AI products were still in small-scale delivery stages and had not yet achieved significant sales, with future development remaining uncertain [4][5]. Group 2: Hangxiao Steel Structure (600477) - The company was also warned for failing to accurately disclose the implications of its involvement in a joint project related to commercial aerospace, which led to significant stock price fluctuations [10][11]. - After announcing a contract worth approximately 6931.88 million yuan for a project, the company's stock experienced multiple trading halts and significant price increases, but later disclosures indicated that the contract represented less than 1% of its audited revenue for 2024 [10][11]. - The company was reminded to provide clear and accurate information regarding the actual impact of such contracts on its business performance and to disclose any uncertainties related to contract execution [10][11].