The Shanghai Stock Exchange has issued a regulatory warning to Hangxiao Steel Structure and related responsible persons. The company's reply on the E Interactive Platform did not accurately reflect the specific implementation work of the company's project winning bid.

Announcement of the Shanghai Stock Exchange: After investigation, it was found that Hangxiao Steel Structure Co., Ltd. replied to investor inquiries on the Shanghai Stock Exchange E Interactive Platform on December 31, 2025, mentioning that the company, as a member of a consortium, jointly won the bid with Hunan Construction Group Co., Ltd. for the general contract project of the launch, assembly, testing, and recycling of large liquid-carrying rockets at Arrow Element's base. The contract price is approximately 253 million yuan, and the contract price for the company's engineering part is approximately 69.3188 million yuan. This information has attracted market attention, and as of January 13, 2026, the company's stock price has continuously hit the upper limit and experienced abnormal fluctuations twice. The reply on the E Interactive Platform did not accurately reflect the specific implementation of the project won by the company, nor did it fully alert investors to the uncertainties in the company's operating performance and contract fulfillment, only providing an explanation after regulatory prompting. The release of relevant information was inaccurate and incomplete, with insufficient risk warning, which may mislead investor decisions. In view of the above violations, the Shanghai Stock Exchange has issued a regulatory warning to Hangxiao Steel Structure Co., Ltd. and its current Secretary of the Board of Directors, Yao Jianfeng.