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Shares in the Chinese clean energy equipment manufacturer experienced a significant jump today, despite the company and several executives facing a hefty fine of approximately 13 million yuan (around $1.8 million) from the country’s securities regulators for releasing what has been deemed misleading information last month regarding an order linked to U.S. aerospace company SpaceX.
The company’s stock closed up 4.6% at 7.19 yuan (roughly $1). Earlier in the trading session, it climbed as much as 7.7% to reach 7.40 yuan, pushing the company’s market capitalization beyond 15 billion yuan ($2.1 billion).
Regulators from the Jiangsu branch of the securities commission determined that the company failed to fully and clearly disclose all relevant details when they announced via social media on February 12 that they had secured equipment orders connected to SpaceX. The company stated yesterday that the order was valued at only 13.9 million yuan (around $2 million), representing a mere 0.11% of anticipated revenue for 2024. They also clarified that they are not working directly with SpaceX, but are a non-exclusive, indirect supplier on the project.
The announcement was considered misleading by regulators because it didn’t accurately reflect key information—specifically, the small size of the order, the company’s role as a non-exclusive indirect supplier, and that it was a one-time deal.
The company primarily manufactures energy-efficient and water-saving equipment, renewable energy machinery, and solar products. Its main clients include industries such as renewable power generation, steel, coal chemicals, and thermal power. The aerospace sector does not constitute a significant part of its business.
Meanwhile, prices throughout the entire photovoltaic supply chain continue to face downward pressure, driven by volatile raw material costs and impairments of certain fixed assets. The company projects a net loss between 780 million yuan (about $112.9 million) and 1.06 billion yuan ($153.6 million) in 2025—an improvement compared to the losses of 2.1 billion yuan ($303.9 million) reported the previous year.
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