's IPO on the Shanghai Stock Exchange's Sci-Tech Innovation Board has been approved, marking a milestone for domestic high-end testing equipment companies.

On January 14, Suzhou Liansun Instrument Co., Ltd. (referred to as Liansun Instrument) passed the listing committee meeting of the Shanghai Stock Exchange Science and Technology Innovation Board for its IPO. The sponsoring institution is CITIC SEC, and it plans to raise 1.954 billion yuan. According to the prospectus, Liansun Instrument is a leading high-end testing instrument and equipment company in China. Its main business is the research and development, manufacturing, sales, and service of electronic measuring instruments and semiconductor testing equipment, specializing in providing high-speed, high-precision, and high-efficiency core testing instruments for global users in the fields of high-speed communication and semiconductors, helping the development and mass production efficiency of cutting-edge technologies such as artificial intelligence, new energy, and semiconductors. The company's electronic measuring instruments include communication testing instruments and electrical performance testing instruments. Communication testing instruments mainly focus on optical communication testing, including core testing instruments such as sampling oscilloscopes, clock recovery units, and bit error analyzers. Electrical performance testing instruments mainly include precision source meters and low-leakage switch matrices, widely used in high-precision electrical tests in the fields of communication and semiconductors. The company's semiconductor testing equipment includes optical electronic device testing equipment mainly for optical communication testing (CoC optical chip aging test system, optical chip KGD sorting test system, silicon optical wafer testing system, etc.), power device testing equipment mainly for power device testing (wafer level aging system, power chip KGD sorting test system, etc.), and electrical performance testing equipment mainly for semiconductor integrated circuit testing (WAT tester and wafer level reliability testing system). The company is one of the few companies in the industry that covers 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 extremely few in China to produce and supply core testing instruments for 400G, 800G, and 1.6T high-speed optical modules, the second company in the world to launch the highest level 1.6T optical module core testing instrument in the industry; one of the few in China to provide a multi-product matrix of electrical performance testing instruments including PXIe plug-in source meters, low-leakage switch matrices, high-voltage source meters, pulse sources, etc.; one of the few in China to industrialize wafer-level aging testing equipment and bare chip sorting testing equipment at the same time, and one of the few in China to possess independent capabilities for core testing components such as precision source meters in the semiconductor testing equipment industry. The funds raised in this offering will be invested in projects related to the company's main business and technology innovation. After deducting the issuance expenses, the funds raised in this offering will be invested in the following projects: Financially, in the fiscal years 2022, 2023, 2024, and January-September 2025, Liansun Instrument's operating income was approximately 214 million yuan, 276 million yuan, 789 million yuan, and 806 million yuan respectively; during the same period, the company achieved a net profit of approximately -37.888 million yuan, -56.7031 million yuan, 141 million yuan, and 97.687 million yuan respectively.