"On-orbit applications" only involve a single satellite’s flexible solar wing and brain-computer interface "creating something out of nothing"? Vogt Photonics is under regulatory warning from the Shanghai Stock Exchange for information disclosure violations.

Recently, as the A-share secondary market is chasing the two major hot topics of “Commercial Spaceflight” and “Brain-Computer Interface,” statements made by listed companies on interaction platforms that deviate from objective facts can easily lead to misinformation.

On the evening of February 4th, the Shanghai Stock Exchange’s Department of Listed Company Management issued a regulatory warning decision letter (hereinafter referred to as the “Decision Letter”) to Vogt Optoelectronics (603773.SH, stock price 40.38 RMB, market value 9.072 billion RMB) and its Secretary of the Board, Gong Qingyu, stating that the company’s release of information related to the two popular concept sectors of “Commercial Spaceflight” and “Brain-Computer Interface” was inaccurate, incomplete, and lacked sufficient risk warnings, which could mislead investors’ decision-making.

Image source: Vogt Optoelectronics announcement

Exaggerating the connection to “Commercial Spaceflight” and riding the “Brain-Computer Interface” hype raises doubts about the actual business value

The Decision Letter states that the violations originated from a series of responses by Vogt Optoelectronics on the Shanghai Stock Exchange E-Interaction platform on February 2, 2026. At that time, the company provided highly “imaginative” statements in response to investor questions about the two major market hotspots. However, after regulatory verification, these statements significantly deviated from objective facts.

In the aerospace field, Vogt Optoelectronics claimed that its CPI film materials and protective coating products “have achieved in-orbit application of flexible solar wing substrates this year,” and that it is one of the few domestic companies capable of full industry chain production, with technology “at the industry-leading level,” and more capable of “large-size mass production feasibility” compared to competitors. However, after regulatory urging, the company admitted the next day after market close that the so-called “in-orbit application” only involved a single satellite’s flexible solar wing, with related orders accounting for less than 0.1% of revenue, and future order cycles, scale, and continuity are uncertain. As for the so-called “industry-leading position,” it lacks authoritative third-party rankings and is merely the company’s own judgment.

In the “Brain-Computer Interface” field, Vogt Optoelectronics’ responses are similarly misleading. The company claimed to focus on developing microfluidic biological chips, with products “about to enter mass production and shipment.” However, the company only provides glass substrates or basic structural components needed for biological chips, and does not involve chip design or manufacturing, with this business contributing a very small portion of revenue. More critically, the application scenarios of its products are for in vitro diagnostics, which have no relation to “Brain-Computer Interface” technology, and there is currently no commercial sales revenue.

Company stock price hits the daily limit, regulators reiterate the red line for information disclosure

The above “precise targeting” responses by Vogt Optoelectronics affected the secondary market trend. The day after these responses were published (February 3rd), Vogt Optoelectronics’ stock opened high and rose rapidly, hitting the daily limit in a short period. According to Eastmoney data, Vogt Optoelectronics traded 903 million RMB throughout the day on February 3rd, with a turnover rate of 10.18%.

Image source: Eastmoney screenshot

The “Decision Letter” states that “Commercial Spaceflight” and “Brain-Computer Interface” are market hotspots of considerable concern. Vogt Optoelectronics’ responses on the Shanghai Stock Exchange E-Interaction platform failed to accurately reflect the specific applications, development stages, sales scale, and overall impact of the company’s CPI products and biological chip-related glass substrates, nor did they adequately warn of the uncertainties regarding future development. It was only after regulatory supervision that the company issued announcements to clarify these issues. The information released was inaccurate, incomplete, and lacked sufficient risk warnings, which could mislead investors’ decisions.

In view of the above violations, the Shanghai Stock Exchange determined that Vogt Optoelectronics violated relevant regulations. As the person responsible for information disclosure, Secretary of the Board Gong Qingyu failed to perform his duties diligently and is responsible for the violations, also violating the relevant provisions of the “Stock Listing Rules” and the commitments made in the “Declaration and Commitment of Directors (Senior Management).”

According to the “Stock Listing Rules” and other relevant regulations, the Shanghai Stock Exchange has decided to issue a regulatory warning to Vogt Optoelectronics and Secretary Gong Qingyu. Additionally, the “Decision Letter” requires Vogt Optoelectronics to submit a rectification report signed by all directors and senior management within one month of receiving the decision letter.