Core Summary
Lianxun Instruments, which listed on the STAR Market just over a month and a half ago, saw its stock price soar from an initial issue price of 81.88 yuan to a peak of 2323 yuan, closing at 2145 yuan—a increase of more than 25 times—making it the highest-priced stock in the A-share market at present. This stock price boom has resulted in substantial gains for various parties: the three controlling shareholders have seen their wealth increase by 87 billion yuan; the 3 million yuan invested by Suzhou state-owned assets has grown to 4 billion yuan (a hundredfold return); and the sponsoring brokerage firm, CITIC Securities, which also invested 63 million yuan, now has a floating profit of 1.59 billion yuan (a 25-fold gain). Behind this success are two major factors: the explosive growth in AI computing power (driving demand for high-speed optical modules) and the domestic substitution of advanced testing instruments (where the Chinese market was previously monopolized by foreign companies, leaving significant room for improvement).
However, these gains are currently merely "paper wealth," and the future performance of the company's technology and market position will determine whether they can be realized.
1. Stock Price Boom: From 81 Yuan to 2000 Yuan in 50 Days—A Myth in the A-share Market
Lianxun Instruments went public on April 24 with an issue price of 81.88 yuan. Few could have predicted that this stock, which specializes in high-end testing instruments, would reach the 2000-yuan mark in just 50 days: it surpassed 1000 yuan on the fifth day after listing and reached a peak of 2323 yuan during trading on June 5, closing at 2145 yuan, with a total market value of 220.2 billion yuan. This represents a 25.2-fold increase from the issue price—meaning that an initial investment of 10,000 yuan would now be worth more than 250,000 yuan.
Why such a sharp rise? Firstly, there is a massive demand for AI computing power, which requires a large number of high-speed optical modules (such as 400G and 800G), and Lianxun Instruments is one of the few domestic companies capable of producing these testing devices. It is also the second company in the world to mass-produce 1.6T full sets of testing equipment. Secondly, there is a strong demand for domestic alternatives, as the Chinese high-end testing instrument market was previously dominated by foreign giants (such as German technology companies), with only a 16% domestic penetration rate. As a leader in this field, Lianxun Instruments has significant potential for growth. The company's performance has also supported this rise, with its net profit in the first quarter of 2026 increasing by more than five times year-on-year, boosting market expectations for its continued success.
2. Controlling Shareholders Earn 87 Billion Yuan: A Rocket-like Increase in Wealth
The controlling shareholders of Lianxun Instruments are Hu Haiyang, Huang Jianjun, and Yang Jian, who collectively hold 54.79% of the company's shares through direct holdings and employee stock ownership programs. Before listing, their wealth was approximately 3.454 billion yuan; now, with the closing price of 2145 yuan, their wealth has increased to 90.492 billion yuan, an increase of 87 billion yuan. Even considering only their direct holdings, their wealth has grown from 2.1 billion yuan to 55.4 billion yuan, a surge of over 533 billion yuan.
In other words, these three individuals have earned an average of 1.8 billion yuan per day over the past month and a half—equivalent to achieving 18 times their initial investment, instantly moving them from the "billionaire" category to the "multibillionaire" club.
3. Suzhou State-owned Assets: Early and Small Investments Lead to Huge Returns
Suzhou state-owned assets were among the biggest winners in this transaction. For example, Suzhou High-Tech's Gaoxin Fengqiao invested 3 million yuan during the company's angel round and now holds 860,000 shares, with a market value of about 1.84 billion yuan; another platform, Jingu Huifeng, invested a total of 560,000 yuan and currently holds 1.09 million shares, with a market value of about 2.35 billion yuan. Together, their floating profit amounts to 4.198 billion yuan, representing a return rate of 117 times their initial investment—meaning an initial investment of 1 yuan has now grown to 117 yuan.
The key to their success lies in their early and sustained investment in Lianxun Instruments, which is based in Suzhou's high-tech zone and focuses on cutting-edge technology (high-end testing instruments), aligning with the local industrial development strategy. State-owned assets entered the company at its inception and have remained invested for a long period, finally reaping substantial benefits. Another local private venture capital firm, Yongxin Fangzhou, invested 66 million yuan and now has a floating profit of 4.14 billion yuan, with a return rate of 62.7%, also as a result of their investment in the optical module industry chain.
4. CITIC Securities' Profitable Investment: 63 Million Yuan Turns into 1.6 Billion Yuan—A 25-fold Gain
The STAR Market requires sponsoring brokers to purchase a certain percentage of the shares at the issue price (known as "follow-on investment") and hold them for 24 months. CITIC Securities, as the sponsor of Lianxun Instruments, invested 63 million yuan in 770,000 shares, which now have a market value of 1.654 billion yuan, resulting in a floating profit of 1.59 billion yuan—a 25-fold return.
Although CITIC Securities must hold these shares for two years and cannot sell them immediately, even if the stock price falls later, they will still have a substantial profit. This highlights the dual nature of the STAR Market's follow-on investment rule: while it can result in losses for some brokers on underperforming new stocks, it has turned into a windfall for firms like CITIC Securities with such a successful investment.
5. Can Paper Wealth Be Sustainable? The Future Depends on Technology and Domestic Substitution
Although all parties have made significant gains, these are still "paper profits." The controlling shareholders may face restrictions on selling their shares (for example, for 1-3 years after listing), and CITIC Securities is locked into a two-year holding period. Whether the stock price can maintain its level of 2000 yuan will ultimately depend on Lianxun Instruments' ability to continuously innovate (e.g., by meeting the demand for 1.6T optical modules), capture more market share from foreign competitors, and sustain high growth.
However, Lianxun Instruments' success demonstrates that investing in hard-tech sectors (such as AI and domestic substitution) can lead to substantial long-term returns—whether for founders, early investors, or brokerage firms. This story is a case study of wealth creation driven by major trends in AI and domestic substitution. While ordinary individuals may not achieve hundredfold returns like the controlling shareholders or state-owned assets, choosing the right sectors and investing in promising tech companies can still lead to unexpected gains. Of course, there are also risks; rapid stock price increases can be followed by sharp declines, so paper wealth does not always equate to real financial value.
In summary, Lianxun Instruments' story highlights the potential of hard-tech industries and the importance of strategic investments in these fields. While the gains are substantial, they are still contingent on the company's performance and market conditions.