Core Viewpoint - The China Securities Regulatory Commission (CSRC) has approved the registration application for Suzhou Lianxun Instrument Co., Ltd. to conduct its initial public offering (IPO) on the Sci-Tech Innovation Board, with the approval valid for 12 months from the date of registration [1]. Company Overview - Suzhou Lianxun Instrument is a high-end testing instrument equipment company, primarily engaged in the research, development, manufacturing, sales, and service of electronic measurement instruments and semiconductor testing equipment [1]. IPO Details - The company’s IPO application was accepted on August 15, 2025, entered the inquiry stage on August 28 of the same year, and was approved on January 14 of the current year, with registration submitted on January 16 [1]. - Lianxun Instrument aims to raise approximately 1.711 billion yuan through this IPO [1].

智通财经APP获悉，1月29日，中国证监会发布《关于同意苏州联讯仪器股份有限公司首次公开发行股票注册的批复》。据悉，联讯仪器拟在上交所科创板 上市，中信证券为保荐机构，拟募资19.54亿元。 | 索 引 号 | bm56000001/2026-00001144 | ਜੇ 崇 | 注册结果;结果公示 | | --- | --- | --- | --- | | 发布机构 | | 发文日期 | 2026年01月29日 | | ਸਮ 称 | 关于同意苏州联讯仪器股份有限公司首次公开发行股票注册的批复 | | | | 文 름 | 证监许可〔2026〕197号 | 主题词 | | 招股书显示，联讯仪器是国内领先的高端测试仪器设备企业，主营业务为电子测量仪器和半导体测试设备的研发、制造、销售及服务，专业为全球高速通信 和半导体等领域用户提供高速率、高精度、高效率的核心测试仪器设备，助力人工智能、新能源、半导体等前沿科技行业提升产品开发和量产效率。 公司电子测量仪器包括通信测试仪器和电性能测试仪器，通信测试仪器主要面向光通信测试，包括采样示波器、时钟恢复单元、误码分析仪等核心测试仪 器；电性能测试仪器主要包括精密源表和低漏电 ...

Core Viewpoint - Suzhou Lianxun Instrument Co., Ltd. has passed the IPO review by the Shanghai Stock Exchange, marking it as the fourth company to be approved for listing in 2026, with a focus on high-end testing instruments and semiconductor testing equipment [1]. Group 1: Company Overview - Lianxun Instrument specializes in the research, development, manufacturing, sales, and service of electronic measurement instruments and semiconductor testing equipment [1]. - The company plans to publicly issue no more than 25,666,667 new shares, accounting for no less than 25% of the total share capital after the issuance [2]. Group 2: Shareholding Structure - The actual controllers of Lianxun Instrument are Hu Haiyang, Huang Jianjun, and Yang Jian, who collectively control 54.79% of the company through direct and indirect shareholdings [2]. - Hu Haiyang directly holds 20.55% of the shares and has significant indirect control through employee stockholding platforms [2]. Group 3: Fundraising and Project Plans - The company aims to raise approximately 1.711 billion yuan (171,144.28 million yuan) for various R&D projects, including next-generation optical communication testing equipment and automotive chip testing equipment [2]. - The fundraising will support the development and industrialization of several testing equipment projects [2]. Group 4: IPO Review Insights - The IPO review committee raised questions regarding the revenue recognition of semiconductor testing equipment, emphasizing the need for clarity on sales contracts and income recognition timing [3]. - The committee also inquired about the sustainability of the company's performance in relation to industry cycles, technological advancements, and the expected benefits of the fundraising projects [3].

Core Viewpoint - The Shanghai Stock Exchange's listing review committee approved the IPO of Suzhou Lianxun Instrument Co., Ltd., marking a significant milestone for the company in its pursuit of capital for growth and innovation [1]. Company Overview - Lianxun Instrument is a leading domestic high-end testing instrument manufacturer, focusing on the R&D, manufacturing, sales, and service of electronic measurement instruments and semiconductor testing equipment [3]. - The company provides core testing instruments that enhance product development and mass production efficiency in advanced technology sectors such as artificial intelligence, new energy, and semiconductors [3]. Market Position - Lianxun Instrument has established a dominant position in the domestic market, being the only local company among the top five in the Chinese optical communication testing instrument market, ranking third [4]. - The company holds the first position in the Chinese optoelectronic device testing equipment market and leads the domestic market for silicon carbide power device testing equipment with a 21.7% market share [4]. - In the silicon carbide power device wafer-level aging system market, Lianxun Instrument boasts a significant 43.6% market share [4]. Financial Performance - From 2022 to 2024, Lianxun Instrument's revenue is projected to grow from 214 million to 789 million yuan, with a turnaround in net profit expected to reach 140 million yuan in 2024 [4]. - The company anticipates a revenue of approximately 1.15 to 1.2 billion yuan in 2025, representing a year-on-year growth of about 45.82% to 52.16% [4]. - Expected net profit growth for 2025 is projected to be between 3.21% to 17.44% and 5.98% to 21.12%, driven by rapid market demand and strong customer business development [4]. IPO Fundraising - Lianxun Instrument plans to raise 1.711 billion yuan through its IPO, which will be allocated to various R&D and industrialization projects, including next-generation optical communication testing equipment and automotive chip testing equipment [5]. - The investment in next-generation optical communication testing equipment aims to solidify the company's leading position in the optical communication testing field [5]. - Other projects will focus on expanding growth points and enhancing overall R&D capabilities and technical reserves [5].

Group 1 - The core viewpoint of the article is that Suzhou Lianxun Instrument Co., Ltd. has successfully passed the IPO review for the Sci-Tech Innovation Board, aiming to raise approximately 1.711 billion yuan [1] - Lianxun Instrument specializes in the research, manufacturing, sales, and service of high-end electronic measurement instruments and semiconductor testing equipment [1] - The company’s IPO was accepted on August 15, 2025, and it entered the inquiry phase on August 28 of the same year [1] Group 2 - The listing committee requested Lianxun Instrument to provide sufficient evidence for revenue recognition of semiconductor testing equipment, considering factors such as sales contracts, acceptance documents, and the timing of revenue recognition [1] - The committee also required the company to explain the sustainability of its performance by addressing industry cycles, technological iterations, new product levels, downstream demand, procurement of core components, and expected R&D benefits from fundraising projects [1]

Core Viewpoint - Suzhou Lianxun Instrument Co., Ltd. has successfully passed the IPO review for the Sci-Tech Innovation Board, aiming to raise 1.954 billion RMB to enhance its capabilities in high-end testing instruments for the telecommunications and semiconductor industries [1]. Group 1: Company Overview - Lianxun Instrument is a leading domestic enterprise specializing in high-end testing instruments, focusing on the R&D, manufacturing, sales, and service of electronic measurement instruments and semiconductor testing equipment [1]. - The company provides core testing instruments that support advanced technology sectors such as artificial intelligence, new energy, and semiconductors, enhancing product development and mass production efficiency [1]. Group 2: Product Offerings - The electronic measurement instruments include communication testing instruments and electrical performance testing instruments, with the former primarily targeting optical communication testing [1]. - The semiconductor testing equipment includes devices for optical communication testing, power device testing, and semiconductor integrated circuit testing, showcasing a comprehensive product range [1][2]. Group 3: Market Position - Lianxun Instrument is one of the few manufacturers globally that can meet the testing needs across the optical communication industry chain, producing core testing instruments for 400G, 800G, and 1.6T high-speed optical modules [2]. - The company is recognized as the second globally to launch all core testing instruments for the highest level of 1.6T optical modules [2]. Group 4: Financial Performance - Projected revenues for Lianxun Instrument are approximately 214 million RMB, 276 million RMB, 789 million RMB, and 806 million RMB for the years 2022, 2023, 2024, and the first nine months of 2025, respectively [2]. - The net profit figures for the same periods are projected to be -37.89 million RMB, -56.70 million RMB, 141 million RMB, and 97.69 million RMB, indicating a turnaround in profitability by 2024 [2]. Group 5: Financial Metrics - Total assets are expected to grow from 520.88 million RMB in 2022 to 1.61025 billion RMB by September 30, 2025 [3]. - The equity attributable to the parent company is projected to increase from 381.29 million RMB in 2022 to 808.70 million RMB by September 30, 2025 [3]. - The company's debt-to-asset ratio is anticipated to rise from 26.71% in 2022 to 49.74% by September 30, 2025, reflecting increased leverage [3].

Core Viewpoint - Suzhou Lianxun Instrument Co., Ltd. is a leading high-end testing instrument company in China, focusing on the R&D, manufacturing, sales, and service of electronic measurement instruments and semiconductor testing equipment, currently applying for an IPO [1] Company Background - The company was founded by Hu Haiyang, who was still employed at Shanghai Chengxun Information Technology Co., Ltd. as a marketing director when Lianxun was established [2] - Hu Haiyang's previous company also operates in the high-speed communication testing equipment sector, indicating potential overlaps in technology and market [2] - Lianxun Instrument applied for its first patent in July 2017, shortly after Hu left his previous position, which raises questions about potential competition restrictions [2] Financial Performance - The company reported a cash dividend of 21.0641 million yuan in 2022, despite having an undistributed profit of -44.1161 million yuan at the end of 2022 and a net profit of -38.07 million yuan for the same year [3] - Financial projections show a significant turnaround, with expected net profits of 96.643 million yuan for the first nine months of 2025, compared to a net loss of -55.3938 million yuan in 2023 [4] - The basic earnings per share are projected to improve from -1.95 yuan in 2022 to 1.26 yuan in 2025 [4] Supply Chain and Procurement - The procurement prices for key materials, such as the CoC optical chip loading and unloading system, show discrepancies between supplier quotes and the company's reported prices, indicating potential cost management strategies [5][6] - The company has established relationships with multiple suppliers for critical components, which may enhance its supply chain resilience [6]

Core Viewpoint - Suzhou Lianxun Instrument Co., Ltd. plans to raise 1.711 billion yuan through its IPO to fund five major projects, showing rapid revenue growth and a turnaround from losses to profits, but faces risks related to customer concentration and increasing overdue accounts receivable [1][5][12]. Group 1: Company Overview - Lianxun Instrument is a leading domestic high-end testing instrument manufacturer, focusing on electronic measurement instruments and semiconductor testing equipment [4]. - The company holds a 9.9% market share in China's optical communication testing instrument market, ranking third among competitors, and is the only domestic company in the top five [4]. - In the carbon silicon power device testing equipment market, Lianxun Instrument leads with a 21.7% market share in 2024 [4]. Group 2: Financial Performance - From 2022 to 2024, Lianxun Instrument's revenue grew from 214 million yuan to 789 million yuan, with a net profit turning from a loss of 37.89 million yuan in 2022 to a profit of 140.88 million yuan in 2024 [5][6]. - The company distributed cash dividends of 21.06 million yuan during its loss period in 2022, raising questions about the appropriateness of such actions amid tight operating capital [6]. Group 3: Customer Concentration and Revenue Distribution - The top five customers contributed 42.64%, 52.81%, 44.21%, and 36.94% of total revenue from 2022 to 2025 [8]. - A significant "long-tail effect" is observed, where approximately 10% of customers contribute about 75% of revenue, while 90% of customers generating less than 500,000 yuan account for around 30% of total revenue [9][11]. Group 4: Accounts Receivable and Inventory Risks - Overdue accounts receivable increased significantly, with amounts rising from 27.44 million yuan in 2022 to 115.10 million yuan in early 2025, representing nearly 40% of total accounts receivable [12]. - Inventory value surged from 70.73 million yuan in 2022 to 454 million yuan by the end of Q3 2025, with a higher provision for inventory impairment compared to industry averages [13].

IPO Review and Registration Progress - Two companies, Chenguang Electric and Banzhe Chuangke, were reviewed for IPO on the North Exchange, with a notable increase in IPO review frequency expected in 2025 [2][3] - Chenguang Electric reported revenue of 687 million yuan and a net profit of 68 million yuan for the first three quarters of 2025, focusing on micro-special motors for cleaning appliances [2][3] - Banzhe Chuangke's revenue for 2022 to 2025 was reported as 1.071 billion yuan, 1.168 billion yuan, 1.51 billion yuan, and 1.354 billion yuan, with net profits of 7.14 million yuan, 108 million yuan, 148 million yuan, and 121 million yuan respectively [3] Upcoming IPOs - Six companies are set to undergo IPO reviews this week, with Tianhai Electronics planning to raise 2.46 billion yuan, the highest among them [5] - Tianhai Electronics reported revenues of 8.215 billion yuan, 11.549 billion yuan, 12.523 billion yuan, and 10.898 billion yuan from 2022 to the first three quarters of 2025, with net profits of 402 million yuan, 652 million yuan, 614 million yuan, and 537 million yuan [5][6] - High-tech Electronics, focusing on new energy battery management systems, reported revenues of 346 million yuan, 779 million yuan, and 919 million yuan from 2022 to 2024, with net profits of 53.75 million yuan, 88.23 million yuan, and 98.42 million yuan [7] New Stock Listings and Subscription Dynamics - Shaanxi Tourism was listed on the Shanghai Main Board, with a first-day increase of 64.1%, closing at 132 yuan per share [9] - The company expects revenues of 951 million yuan to 1.117 billion yuan for 2025, with a projected decline of 24.69% to 11.54% [9] - Two new stocks, Aisheren and Hengyun Chang, are scheduled for subscription, with Aisheren's issue price set at 15.98 yuan per share [10][11]

Core Viewpoint - Suzhou Lianxun Instrument Co., Ltd. is set to be the first company to present at the Science and Technology Innovation Board (STAR Market) in 2026, with its IPO meeting scheduled for January 14 [1] Company Overview - Lianxun Instrument is a leading domestic high-end testing instrument and equipment company, focusing on the research, development, manufacturing, sales, and service of electronic measurement instruments and semiconductor testing equipment [1] IPO Details - The company’s IPO was accepted on August 15, 2025, and entered the inquiry stage on August 28 of the same year [1] - Lianxun Instrument aims to raise approximately 1.711 billion yuan through this IPO [1] Investment Projects - The funds raised will be allocated to several key projects, including: - R&D and industrialization of next-generation optical communication testing equipment - R&D and industrialization of automotive-grade chip testing equipment - R&D and industrialization of storage testing equipment - R&D and industrialization of digital testing instruments - Construction of a research center for next-generation testing instruments [1]