On the final trading day morning before the holiday, shares of Shuangliang Eco-Energy Systems Co.,Ltd. (600481) opened limit-down, with sell orders at the跌停板一度 exceeding 150 million yuan.

The company issued two announcements the previous evening. One was a clarification regarding its overseas orders, and the other was a Warning Letter from the Shanghai Stock Exchange (SSE). The SSE's letter pointed out multiple violations by Shuangliang Eco-Energy and its board secretary, Yang Likang.

The incident stemmed from an article published on the company's official WeChat account at noon the previous day. The article, titled "Shuangliang Eco-Energy Secures Another Overseas Order, Aiding Commercial Aerospace Space Exploration," stated that the company had recently obtained three overseas orders totaling 12 high-efficiency heat exchanger units. These units were designated for the fuel production system supporting the expansion of the SpaceX Starship launch base. The company emphasized that this marked a repeat application of its products at the SpaceX facility, strongly validating the high level of trust from the overseas client.

Less than a minute after the article was published, Shuangliang Eco-Energy's stock price surged to the daily limit-up. Notably, the stock had begun rising ten minutes before the WeChat article was pushed to subscribers, with charts showing a sharp upward move starting at 13:14.

Investors actively discussed the reasons behind the stock's volatility. The SSE directly stated that "commercial aerospace" is a market hotspot. By publishing information about a "commercial aerospace" overseas order on its official WeChat account without detailing specifics like supply methods, order scale, or the minimal impact on overall operations, and without adequately highlighting risks such as order uncertainty, Shuangliang Eco-Energy potentially misled investor decisions. The company only issued a clarifying announcement after regulatory intervention, violating multiple rules.

Beyond disclosure compliance, investors were also concerned about the specifics of the overseas orders. In its supplementary announcement, Shuangliang Eco-Energy revealed that the three orders were signed on October 25, 2025, and January 9, 2026, with a combined value of approximately 13.923 million yuan. This amount represents about 0.11% of the company's audited 2024 revenue and is not expected to have a significant impact on its operating performance.

A key question remains: why were orders signed in October 2025 and early January 2026 only announced via the official WeChat account in mid-February? What was the rationale for this timing? Was there an intention to capitalize on the market trend? How does the company plan to improve its information disclosure practices going forward? Attempts to reach Shuangliang Eco-Energy's securities department for comment on the morning of the 13th were unsuccessful.

The Warning Letter requires Shuangliang Eco-Energy to submit a rectification report, signed and confirmed by all directors and senior management, to the exchange within one month of receiving the decision.

In 2024, Shuangliang Eco-Energy reported declines in both revenue and profit, with operating income falling 43.68% year-over-year and net profit attributable to shareholders turning to a loss. The company previously forecasted that it would remain unprofitable in 2025, with an estimated net loss of at least 780 million yuan, potentially reaching up to 1.15 billion yuan after excluding non-recurring gains and losses.

Despite the anticipated 2025 loss, boosted by the "commercial aerospace" hype, Shuangliang Eco-Energy's stock price had more than doubled since May 2025, gaining nearly 120%. As of the end of September 2025, the number of shareholder households remained above 100,000.

Legal experts noted that companies releasing material information via official WeChat accounts can harm investor rights. This creates information asymmetry leading to unfair trading, as investors not following the account miss early access and opportunities. It also raises risks of insider trading and market manipulation, as insiders might exploit the time gap before broader market dissemination to trade advantageously, harming retail investors. Regulations stipulate that disclosed information must be released via exchange websites and qualified media; official announcements cannot be substituted by press releases or interviews.