March 22, Shuangliang Energy Conservation announced that the company and its controlling shareholder, Shuangliang Group Co., Ltd., received the Prior Notice of Administrative Penalty issued by the Jiangsu Regulatory Bureau of the CSRC on the same day. Jiangsu Securities Regulatory Bureau intends to impose a fine of 4 million yuan each on Shuangliang Energy Conservation and Shuangliang Group for
suspected information disclosure violations. Yang Likang, the secretary of the board of directors of the company, and Lu Jie , the general manager of the brand and public relations department of Shuangliang Group, were fined 2.5 million yuan each, totaling 13 million yuan . At 13:02 on February 12
, 2026, the public account of "Shuangliang Group" WeChat published an article entitled "Shuangliang Energy Saving Obtains Overseas Orders Again, Helps Commercial Space Exploration"; at 13:25, the public account of "Shuangliang Energy Saving" WeChat published an article with the same title and content. According to the above-mentioned article, Shuangliang Energy Conservation has received three overseas orders, totaling 12 high-efficiency heat exchanger equipment, which will be used in the fuel production system for the expansion of Space X Starship Launch Base. It fully confirms the high trust of overseas customers in the reliability of Shuangliang energy-saving products. Due to internal information transmission reasons, the above articles failed to be published simultaneously in the public numbers of "Shuangliang Group" and "Shuangliang Energy Conservation" WeChat as planned and customary. At 13:05
on February 12, the stock price of Shuangliang Energy Conservation began to rise rapidly, and at 13:26, the stock price of Shuangliang Energy Conservation rose and stopped. (See: Straight-line Trading Limit! The photovoltaic company announced that it had won an order
from SpaceX. Shuangliang Energy issued the Announcement on the Explanation of Overseas Orders, disclosing that the total amount of the three orders involved in the articles published by the public number of the WeChat was about 13.923 million yuan, accounting for about 0.11% of the company's audited operating revenue in 2024, which had no significant impact on the company's operating performance; The Company has not directly cooperated with Space X and is a non-exclusive indirect supplier of the project; the acquisition of relevant orders of the Company is greatly affected by the construction and expansion planning of commercial aerospace projects, and there are certain uncertainties in the acquisition of future orders. On February 13, 2026, the share price of Shuangliang Energy Conservation dropped at the opening. (For details, please refer to: change from limit up to limit down! A Photovoltaic Enterprise in Jiangsu Was Warned of "SpaceX Orders"!
Jiangsu Securities Regulatory Bureau believes that the above-mentioned articles on WeChat public numbers involve business information such as energy-saving business development, customer relationship and product application fields of Shuangliang, and commercial aerospace is a hot spot in the recent market, which belongs to the voluntary disclosure of information related to investors'value judgment and investment decision-making by listed companies. However, the company did not accurately and completely express the order amount and the small proportion, the non-exclusive indirect supplier of Space X of Shuangliang Energy Conservation System, and the related business was occasional business, which led to misleading articles published in the public numbers of the two WeChat of "Shuangliang Group" and "Shuangliang Energy Conservation". The company's behavior is suspected of violating the law. As a controlling shareholder
, Shuangliang Group has been identified as organizing, arranging and implementing the above-mentioned information release, which constitutes an illegal organization and instruction of information disclosure. Yang Likang, the secretary of the board of directors of the company, was identified as the directly responsible person in charge because he failed to review the articles related to the hot spots in the market with due diligence. Lu Jie, the general manager of the brand and public relations department of Shuangliang Group, was also identified as the directly responsible person in charge because he planned and arranged to publish misleading articles.
Finally, Jiangsu Securities Regulatory Bureau intends to decide:
1. To order Shuangliang Energy Saving System Co., Ltd. to correct, give a warning, and impose a fine of 4 million yuan;
2. To give a warning to Yang Likang, and impose a fine of 2500000;
3. Impose a fine of 4 million yuan on Shuangliang Group Co., Ltd.;
4. Impose a fine of 2500000 yuan on Lu Jie.
The total is 13 million yuan.
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