The inquiry for the IPO of Lianxun Instruments on the Science and Technology Innovation Board has already been received. They are one of the few domestic manufacturers supplying core testing instruments for 400G and 800G high-speed optical modules.

On August 28, Suzhou Lianxun Instrument Co., Ltd. (referred to as Lianxun Instrument) applied for a change in the status of the listing review on the Shanghai Stock Exchange's Sci-Tech Innovation Board to "being inquired." CITIC SEC is its sponsor institution, planning to raise 1.954 billion yuan. According to the prospectus, Lianxun Instrument is a leading domestic high-end testing equipment company, specializing in the research and development, manufacturing, sales, and services of electronic measuring instruments and semiconductor testing equipment. It provides high-speed, high-precision, and high-efficiency core testing equipment for global users in the fields of high-speed communication and semiconductors, helping advance product development and mass production efficiency in cutting-edge industries such as artificial intelligence, new energy, and semiconductors. It is an important force in realizing the localization and controllability of core basic instruments and equipment in key strategic areas of the country. The company's electronic measuring instruments include communication test instruments and electrical performance test instruments. Communication test instruments are mainly for optical communication testing, including core testing equipment such as sampling oscilloscopes, clock recovery units, and error analyzers, while electrical performance test instruments mainly include precision signal generators and low-leakage current switching matrices, widely used in high-precision electrical testing in communication and semiconductor fields. The company's semiconductor testing equipment includes optical-electronic device testing equipment for optical communication testing (CoC optical chip aging test system, optical chip KGD sorting test system, silicon wafer testing system), power device testing equipment for power devices (wafer-level aging system, power chip KGD sorting test system), and electrical performance testing equipment for semiconductor integrated circuit testing (WAT tester and wafer-level reliability test system). The company is one of the few manufacturers in the industry that cover the testing needs of core links such as modules, chips, and wafers in the optical communication industry chain, one of the few in the world and with the smallest quantity in China to manufacture core testing equipment for 400G and 800G high-speed optical modules, and the second in the world to launch core testing equipment for the highest level of 1.6T optical modules in the industry. It is also one of the few in China to provide a range of products including PXIe plug-in signal generators, low-leakage current switching matrices, high-voltage signal generators, pulse generators, etc., in the field of electrical performance testing instruments. Financially, in the fiscal years 2022, 2023, 2024, and January-March 2025, the company achieved operating income of approximately 214 million yuan, 276 million yuan, 789 million yuan, and 201 million yuan, respectively; during the same periods, the net profit was approximately -37.88 million yuan, -56.70 million yuan, 141 million yuan, and 19.27 million yuan, respectively.