Shuangliang Energy Efficiency: The company and its controlling shareholder have received a prior notice of administrative penalties, and are each subject to a fine of 4 million yuan.

On March 22, Shuangliang Energy announced that the company and Shuangliang Group received a "Notice of Administrative Penalty Prior Notification" from the Jiangsu Regulatory Bureau of the China Securities Regulatory Commission on March 22, 2026. The Jiangsu Securities Regulatory Bureau believes that the company failed to accurately and fully disclose the order amount and the small proportion, the fact that Shuangliang Energy is a non-exclusive indirect supplier to SpaceX, and that the related business is an occasional business, leading to misleading articles published on the "Shuangliang Group" and "Shuangliang Energy" WeChat official accounts. The company's actions are suspected of violating Article 78, paragraph 2, and Article 84, paragraph 1 of the Securities Law of the People's Republic of China, constituting illegal behavior described in Article 197, paragraph 2 of the Securities Law. Yang Likang, the secretary of the board of directors of Shuangliang Energy, who is responsible for organizing and coordinating the company's information disclosure affairs, failed to diligently review articles related to market hotspots, and is directly responsible for the illegal information disclosure behavior of Shuangliang Energy. As the controlling shareholder of Shuangliang Energy, Shuangliang Group organized and arranged for Shuangliang Energy to carry out the above-mentioned information release, resulting in illegal information disclosure by the company, which may constitute the illegal situation described in Article 197, paragraph 2 of the Securities Law - controlling shareholders organizing and instructing. Lu Jie, the general manager of the brand and public relations department of Shuangliang Group, despite knowing that commercial spaceflight was a hot topic in the market at the time and that the content of the article involved a listed company, still planned and arranged for the publication of misleading articles on WeChat official accounts, making her directly responsible for the organizing and instructing behavior of Shuangliang Group. The Jiangsu Securities Regulatory Bureau proposes the following decisions: to order Shuangliang Energy System Co., Ltd. to make corrections, issue a warning, and impose a fine of 4 million yuan; to give a warning to Yang Likang and impose a fine of 2.5 million yuan; to impose a fine of 4 million yuan on Shuangliang Group Co., Ltd.; and to impose a fine of 2.5 million yuan on Lu Jie.