Vian Shares' IPO on the Shanghai Stock Exchange main board has been queried, being one of the largest circuit protection companies in mainland China.

On July 17th, Shanghai Weian Electronics Co., Ltd. (referred to as Weian) applied for a change in the status of the Shanghai Stock Exchange's main board listing review to "under inquiry", with CITIC SEC as its sponsoring institution, intending to raise 1.835 billion yuan. According to the prospectus, the company is a comprehensive solution provider specializing in circuit protection and power control, mainly engaged in the research, development, production, and sales of electronic components, power semiconductor discrete devices, and analog integrated circuits. The company's main business products are divided into two categories: circuit protection products and power control products, which are the two core functional components of electronic devices. They work together in electronic device circuits to ensure the safety, reliability, and efficiency of products, and are widely used in industries such as industrial and IoT, consumer electronics, new energy, network communications, and automotive, among other important sectors of the national economy. The company is one of the largest circuit protection enterprises in mainland China. According to the "Confirmation Letter on the Industry Status of Shanghai Weian Electronics Co., Ltd." issued by the China Electronic Component Industry Association, from 2021 to 2024, Weian ranks second in the revenue ranking of circuit protection components among mainland Chinese companies, with the first position being held by WenTai Technology and its controlled company, AnShi Semiconductor. Weian's revenue from circuit protection products, operating income, and net profit are relatively large, ranking at the forefront of the mainland Chinese circuit protection component industry, with a high market share and strong market competitiveness. The company is one of the most comprehensive circuit protection product categories enterprises in mainland China, and some of its products rank among the top in the global or Chinese market. According to the "Confirmation Letter" issued by the China Electronic Component Industry Association, from 2020 to 2024, Weian is one of the most comprehensive circuit protection product category enterprises in mainland China. According to the report on the circuit protection industry published by ZhiShi Consulting, by revenue in 2024, the company's market share of PPTC and SCF self-controlled fuses ranks third globally. According to the "Confirmation Letter" issued by the China Electronic Component Industry Association, in 2024, among mainland Chinese companies, the company ranked first in the PPTC field, second in the TVS (including EOS & ESD protectors) field, and third in the electronic current fuse field. The two major business systems of circuit protection and power control have formed an organically synergistic development trend, and have also achieved a strong industry position in the local power device field in China. The company's semiconductor power protection devices, such as power surge protectors and ESD & EOS protectors, have driven the development of power control devices such as MOSFETs. According to the "Certification" issued by the Shanghai IC Industry Association, in 2024, the MOSFET products developed and sold by the company were among the top fifteen in the Chinese domestic market, and the company's power devices also ranked among the top fifteen in the Chinese domestic market. Financially, in the years 2023, 2024, and 2025, the company achieved operating income of approximately 1.252 billion yuan, 1.487 billion yuan, and 1.827 billion yuan, respectively. During the same period, net profit was approximately 132 million yuan, 162 million yuan, and 236 million yuan, respectively.