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 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 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]

Core Insights - The report highlights the competitive landscape of the optical communication testing instrument industry in China, indicating a significant shift towards domestic brands with increasing market share [2][3] - The market is currently dominated by foreign companies, with Keysight and Anritsu holding a combined market share of approximately 53.3% in 2024 [3] Industry Overview - The optical communication testing instrument market in China is characterized by rapid technological advancements, with domestic manufacturers improving their technical capabilities to compete with foreign products [2] - As of 2024, foreign companies account for about 84% of the market share, while local brands have increased their share to approximately 16% [2] Market Share Analysis - The top five companies in the Chinese optical communication testing instrument market for 2024 are: 1. Keysight: 30.8% 2. Anritsu: 22.5% 3. 联讯仪器 (Lianxun Instruments): 9.9% 4. Tektronix: 8.2% 5. EXFO: 4.8% [3] Competitive Dynamics - 苏州联讯仪器股份有限公司 (Suzhou Lianxun Instruments Co., Ltd.) is identified as the leading domestic player, holding a market share of 9.9%, making it the third-largest company in the market [2][3]

Group 1 - The company plans to acquire 100% equity of Shanghai Weiyu Tiandao Technology Co., Ltd. through a combination of share issuance and cash payment, along with fundraising [1] - Weiyu Tiandao is an innovative technology enterprise focused on global satellite positioning, navigation timing (PNT), satellite internet communication, high-integration chip design, and artificial intelligence [1] - The company has developed a "cloud testing platform" that provides high reliability and confidence in intelligent testing and verification services for global clients [1] Group 2 - In April, the company disclosed related party transactions, indicating plans to provide services to Weiyu Tiandao, including housing rental and utility fee collection, with a total transaction amount not exceeding 3 million yuan [2] - Weiyu Tiandao, established in November 2015, reported total assets of 413 million yuan and net assets of 275 million yuan as of December 31, 2024 [2] - The current acquisition transaction is in the planning stage, with no formal agreements signed yet, and it requires approval from the board, shareholders, and regulatory authorities [2]

Group 1 - The core point of the news is that Chuangyuan Xinke plans to acquire 100% equity of Shanghai Weiyu Tiandao Technology Co., Ltd. through a combination of share issuance and cash payment, with funding to be raised alongside this transaction [1] - The acquisition is expected to enhance Chuangyuan Xinke's capabilities in high-precision positioning, navigation, and satellite communication technologies, leveraging Weiyu Tiandao's innovative technology and integrated circuit platform [1] - The stock of Chuangyuan Xinke will be suspended from trading starting September 16, with an expected resumption by September 30 [1] Group 2 - Weiyu Tiandao, established on November 2, 2015, is controlled by Chuangyuan Xinke's actual controller, Feng Yuejun, and reported total assets of 413 million and net assets of 275 million as of December 31, 2024 [2] - Chuangyuan Xinke has disclosed that the current transaction is in the planning stage, with no formal agreements signed yet, and the specific transaction plan is still under discussion [2] - The transaction requires approval from the company's board, shareholders, and regulatory authorities, indicating potential uncertainties regarding its completion [2]

Core Viewpoint - Suzhou Lianxun Instrument Co., Ltd. has applied for the Shanghai Stock Exchange's Sci-Tech Innovation Board listing, with its review status changed to "inquired," aiming to raise 1.954 billion yuan [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 [1] - The company provides core testing instruments for high-speed communication and semiconductor industries, contributing to the efficiency of product development and mass production in cutting-edge technology sectors such as AI and new energy [1] - The electronic measurement instruments include communication testing instruments and electrical performance testing instruments, with applications in high-precision electrical testing [1] Product Offerings - The semiconductor testing equipment includes optical device testing systems, power device testing equipment, and electrical performance testing devices [2] - Lianxun Instrument is one of the few manufacturers covering core testing needs across the optical communication industry chain, producing critical testing instruments for 400G and 800G high-speed optical modules [2] - The company is also among the few in China capable of providing a comprehensive range of electrical performance testing instruments and has achieved industrial application of wafer-level aging testing equipment [2] Financial Performance - The company reported revenues of approximately 214 million yuan, 276 million yuan, 789 million yuan, and 201 million yuan for the years 2022, 2023, 2024, and the first quarter of 2025, respectively [3] - Net profits for the same periods were approximately -37.89 million yuan, -56.70 million yuan, 141 million yuan, and 19.28 million yuan [3] - As of March 31, 2025, total assets amounted to approximately 1.444 billion yuan, with equity attributable to shareholders of approximately 708 million yuan [4]

Core Viewpoint - Suzhou Lianxun Instrument Co., Ltd. has officially submitted its IPO application to the Shanghai Stock Exchange, aiming to raise funds for the development and industrialization of next-generation optical communication testing equipment and other projects, positioning itself as a key player in the high-end testing instrument market for telecommunications and semiconductors [2][8]. Company Overview - Lianxun Instrument is a leading domestic high-end testing instrument manufacturer, specializing in the R&D, manufacturing, sales, and service of electronic measurement instruments and semiconductor testing equipment [2]. - 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 [2]. Product Offerings - The company’s electronic measurement instruments include communication testing instruments and electrical performance testing instruments, with a focus on optical communication testing [2][4]. - Lianxun Instrument is one of the few manufacturers globally that can supply core testing instruments for 400G and 800G high-speed optical modules, and it is the second company worldwide to launch all core testing instruments for the industry’s highest level 1.6T optical modules [3][4]. Market Position - According to Frost & Sullivan, Lianxun Instrument ranks third in the Chinese optical communication testing instrument market in 2024, being the only domestic company in the top five [4]. - The company also ranks first in the Chinese optical electronic device testing equipment market in 2024, indicating a strong competitive position [5]. Technological Capabilities - Lianxun Instrument has developed a core technology system focused on high-speed signal processing, weak signal processing, and ultra-precision motion control, which are critical for the testing industry [3][9]. - The company has successfully industrialized key products such as the wafer-level aging system and power chip KGD sorting testing system, demonstrating its technological capabilities in the power device testing field [6]. IPO Fund Utilization - The company plans to raise 1.954 billion yuan through its IPO, which will be allocated to various projects including the R&D and industrialization of next-generation optical communication testing equipment, automotive chip testing equipment, and storage testing equipment [7][8]. - The funding will also support the construction of R&D and manufacturing centers, enhancing the company's existing R&D and production capabilities [8][9].