联讯仪器IPO：估值飙升近19亿遭问询，存在资金拆借

Core Viewpoint - Suzhou Lianxun Instrument Co., Ltd. is set to hold its listing meeting on the Sci-Tech Innovation Board, marking it as the first company to do so in 2026, with CITIC Securities as the sponsor [1] Company Overview - Lianxun Instrument specializes in the research, development, manufacturing, sales, and service of electronic measurement instruments and semiconductor testing equipment, including communication testing instruments and semiconductor testing devices [1] - The company was established in March 2017 and underwent a shareholding reform in October 2022, increasing the number of shareholders to 20, with Hu Haiyang holding 22.6% of the shares [1] Shareholding Structure - The controlling shareholders are Hu Haiyang, Huang Jianjun, and Yang Jian, with direct shareholding ratios of 20.55%, 7.19%, and 5.83% respectively, and they collectively control 54.79% of the company through various employee shareholding platforms [1][3] Valuation Changes - The company's valuation has seen significant fluctuations, with a post-investment valuation of 11.1 billion yuan after capital increases in 2022, and a subsequent valuation of 30 billion yuan following further capital increases in December 2022 [4][5] - The stock transfer prices during these capital increases were 105.39 yuan and 42.86 yuan per share, respectively, indicating a substantial increase in valuation [4][5] Regulatory Scrutiny - The Shanghai Stock Exchange has raised concerns regarding the company's valuation increase of nearly 1.9 billion yuan, requesting explanations related to business development, operational performance, and comparable company valuations [5][6] Financial Transactions - The company has engaged in fund lending to its actual controllers and employees, with amounts ranging from 0.12 million yuan to 32.66 million yuan, raising questions about the nature and procedures of these transactions [7][8]