(Yicai) Feb. 12 -- Shuangliang Eco-Energy Systems has provided details of equipment orders for SpaceX after the Shanghai Stock Exchange flagged gaps in the firm’s announcement earlier today. The company’s initial disclosure sent its shares surging by their daily trading limit.

The three orders for high-efficiency heat exchangers were signed last October and last month and are together worth EUR1.7 million (USD2.02 million), the clean energy equipment maker said in an exchange filing published late this afternoon. That represents about 0.11 percent of the Wuxi-based company's audited operating revenue for 2024 and will have no major impact on its earnings, the firm said.

Shuangliang clarified that the orders were signed with a supplier to Space Exploration Technologies, better known as SpaceX, and not directly with the US space company itself. Shuangliang is only as an indirect, non-exclusive supplier, it said.

In a short social media post published earlier in the day, Shuangliang said it had recently won three overseas orders for a total of 12 high-efficiency heat exchangers to be used in the fuel production system supporting the expansion of SpaceX’s Starship launch site. Heat exchangers are devices that improve energy efficiency by transferring heat between materials at different temperatures.

The company went on to say that this is the second time the product has been used at SpaceX's Starship launch site following earlier cooperation, fully demonstrating the high level of trust overseas customers have in the reliability of its products.

It did not disclose any further details, prompting a warning from the Shanghai Stock Exchange.

Shuangliang's shares [SHA: 600481] soared 10 percent to close at CNY10.71 (USD1.55) each. The stock has gained 64 percent in value so far this year.

Texas-based SpaceX is stepping up efforts to expand its Starship launch capacity and plans to build three new launch pads at Cape Canaveral in Florida. As launch frequency rises, equipment suppliers are set to see exponential growth opportunities, Shuangliang said.

Earlier this month, local media reports said a team from SpaceX, which was founded by tech billionaire Elon Musk, had secretly visited China to inspect a number of photovoltaic companies as part of plans to promote his “space-based solar power” initiative. The reports drove the shares of several companies, including Shuangliang, sharply higher.

“Space-based solar power” is still in the early stages of technological exploration and ground testing, and there remain significant uncertainties around commercialization pathways, cost structures and in-orbit operations and maintenance, Shuangliang said on Feb. 4.

As a result, a scalable industrial ecosystem has not yet been formed and the project is not expected to make any meaningful contribution to the company’s current performance, it said.

Founded in 1982, Shuangliang has posted losses for two straight years due to tumbling prices in China’s solar industry. Last month, it forecast a loss of between CNY780 million and CNY1.1 billion (USD113 million and USD159.4 million) for last year, much less than 2024’s CNY2.1 billion loss.

Editor: Kim Taylor