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Lianxun Instruments: Over 60% of patents were applied for in the year of guidance and thereafter; two R&D suppliers found to have a shareholder with the 'same name'

Jinzhen Research, Northern Capital Center, Author Zhang Han / Risk Control Zhen Lian, Lan Song, Wei Ying

After the Spring Festival, as of March 6, 2026, over 590 listed companies on the STAR Market had disclosed their earnings reports, with about 50% of them achieving year-on-year growth in both revenue and net profit. Focusing on Suzhou Lianxun Instruments Co., Ltd. (hereinafter referred to as 'Lianxun Instruments'), which is applying for listing on the STAR Market this time, it has been questioned twice regarding the fairness of procurement prices related to Sinowell Technology (Wuxi) Co., Ltd. (hereinafter referred to as 'Sinowell').

Specifically, Lianxun Instruments holds 6.67% equity in Sinowell. From 2022 to 2024 and January to September 2025, Lianxun Instruments' procurement amount from Sinowell exceeded 30 million yuan, and Sinowell's related business gross margin was higher than comparable companies. In addition, the total amount of R&D contracts signed by Lianxun Instruments with Sinowell and a 'zero-person' enterprise exceeded 50 million yuan. The actual controller of this 'zero-person' enterprise, Wang Zhen, shares the 'same name' with a Sinowell shareholder, indicating a potential relationship yet to be clarified.

On the other hand, after excluding share-based payments, the proportion of R&D investment of Lianxun Instruments rose and then fell in 2023, with the figure being lower than the average of comparable companies in the industry in 2024. In December 2022, Lianxun Instruments completed its tutoring registration, and over 60% of its valid patents were applied for in 2022 and thereafter.

First, adjusting the fundraising projects and canceling the liquidity replenishment project, resulting in a combined reduction of the planned fundraising amount by more than 200 million yuan, targeting the STAR Market where over 60% of patents were applied for in the year of guidance and thereafter

Notably, after excluding share-based compensation, Lianxun Instruments' R&D investment surged in 2023 before retreating in 2024. Specifically, the company’s R&D spending as a percentage of revenue declined by 13.7 percentage points in 2024 compared to 2023 and fell below the average of its industry peers. Additionally, Lianxun Instruments completed its tutoring registration in December 2022, with over 60% of its active patents filed in or after 2022.

1.1 The proportion of R&D investment, after deducting share-based compensation, rose in 2023 but later declined, falling below the average of comparable companies in the same industry in 2024.

According to Lianxun Instruments’ prospectus dated January 15, 2026 (hereinafter referred to as the 'prospectus dated January 15, 2026'), for the years 2022-2024 and January-September 2025, Lianxun Instruments’ R&D investment rates were 24.99%, 37.97%, 24.27%, and 24.89%, respectively. During the same periods, the average R&D investment rates of comparable companies in Lianxun Instruments’ industry were 18.99%, 29.57%, 29.7%, and 29.4%, respectively.

It should be noted that Lianxun Instruments stated that from 2022 to 2024, the R&D investment rates of its industry peers excluded share-based compensation. The formula for R&D investment rate was (R&D investment - share-based compensation within R&D investment) / operating revenue. For January-September 2025, the industry peers’ R&D investment rate equaled R&D expenses divided by operating revenue.

After calculation, compared to 2023, Lianxun Instruments’ R&D investment rate, after excluding share-based compensation expenses, fell by 13.7 percentage points in 2024, and it was lower than the industry average.

Additionally, Lianxun Instruments is involved in litigation related to disputes over invention patent rights.

1.2 Disclosure of two invention patent disputes still within the appeal period, with Lianxun Instruments listed as the defendant.

According to the prospectus dated January 15, 2026, Lianxun Instruments disclosed two lawsuits involving disputes over infringement of invention patent rights.

In case (2024) Su 05 Min Chu 1316, Aehr, the plaintiff, is the patent holder of the involved patent. The patent number is ZL201310159573.4, titled 'Method for Testing Microelectronic Circuits, Tester Equipment, and Portable Assembly Device.' The application date of the involved patent was April 4, 2008, and the publication date was February 12, 2014. The plaintiff claimed that the wafer-level aging system manufactured, offered for sale, sold, or imported by Lianxun Instruments, the defendant, might infringe on the plaintiff’s patent rights. As of the signing date of the prospectus, January 15, 2026, the first-instance court issued a Civil Judgment dismissing all claims made by the plaintiff. Both Aehr and Lianxun Instruments have appealed, but the court has not yet registered the appeals.

Furthermore, in case (2024) Su 05 Min Chu 1317, Aehr, the plaintiff, is the patent holder of the involved patent. The patent number is ZL200880018734.5, titled 'Method for Testing Microelectronic Circuits, Tester Equipment, and Portable Assembly Device.' The application date of the involved patent was April 4, 2008, and the publication date was February 12, 2014. The plaintiff claimed that the wafer-level aging system manufactured, offered for sale, sold, or imported by Lianxun Instruments, the defendant, might infringe on the plaintiff’s patent rights. As of the signing date of the prospectus, January 15, 2026, the first-instance court issued a Civil Judgment dismissing all claims made by the plaintiff. Both Aehr and Lianxun Instruments have appealed, but the court has not yet registered the appeals.

According to the reply report to the second round of review inquiry letter signed by Lianxun Instruments on January 4, 2026 (hereinafter referred to as the 'Second Round Inquiry Reply'), the latest development in the litigation between Lianxun Instruments and Aehr is that on December 3, 2025, and December 10, 2025, the Intermediate People's Court of Suzhou City issued judgments dismissing all of Aehr’s claims in two infringement disputes over invention patent rights. As of the signing date of the Second Round Inquiry Reply, the two dispute cases are still within the appeal period.

In addition, Lianxun Instruments stated that although the two dispute cases are still within the appeal period, the impact of the litigated products on its production and operations is continuously decreasing, and the R&D and industrialization of alternative technical products are proceeding smoothly. Therefore, it is expected that the outcome of the litigation will not have a significant adverse effect on the production and operations, financial condition, or ongoing operational capability of Lianxun Instruments.

Next, let’s focus on Lianxun Instruments’ planned fundraising amount.

On December 2022, Lianxun Instruments filed for listing on the STAR Market after completing its IPO coaching. In December 2025, it adjusted some of the fundraising projects and canceled the supplementary liquidity project, reducing the planned use of raised funds by more than 2 billion yuan.

According to the prospectus signed on January 15, 2026, this public offering will take place on the STAR Market, andthe total planned fundraising amount is 1.711 billion yuan,which will be invested in the 'Next-Generation Optical Communication Testing Equipment R&D and Industrialization Construction Project,' the 'Automotive Chip Testing Equipment R&D and Industrialization Construction Project,' the 'Storage Testing Equipment R&D and Industrialization Construction Project,' the 'Digital Testing Instrument R&D and Industrialization Construction Project,'and the 'Next-Generation Testing Instrument Equipment R&D Center Construction Project.'The total investment amounts and planned fundraising amounts are consistent, at 513 million yuan, 199 million yuan, 385 million yuan, 304 million yuan, respectively.CNY 310 million。

It should be noted that during this IPO process, Lianxun Instruments reduced its planned fundraising amount.

According to the prospectus signed on January 15, 2026, and passed at the fourth meeting of the second board of directors held on December 26, 2025, Lianxun Instruments decided to adjust some of its fundraising investment projects. The planned amount of raised funds for the Next-Generation Testing Equipment R&D Center Construction Project was changed from403 million yuan to 310 million yuan, and the 'Supplementary Working Capital' project in the fundraising investment projects was canceled.。

Specifically, according to the prospectus signed by Lianxun Instruments on August 14, 2025 (hereinafter referred to as the 'prospectus signed on August 14, 2025'), as of the signing date, August 14, 2025, Lianxun Instruments plans to raise a total amount of 1.954 billion yuan, which will be allocated to the 'Next-Generation Optical Communication Test Equipment R&D and Industrialization Construction Project', 'Automotive Chip Test Equipment R&D and Industrialization Construction Project', 'Memory Test Equipment R&D and Industrialization Construction Project', 'Digital Test Instrument R&D and Industrialization Construction Project', 'R&D Center and Manufacturing Center Construction Project (Phase I)', and 'Supplementary Working Capital'. The planned amounts are 513 million yuan, 199 million yuan, 385 million yuan, 304 million yuan, 403 million yuan, and 150 million yuan, respectively.

After evaluation, compared with the prospectus signed on August 14, 2025, the total planned amount of raised funds in the prospectus signed on January 15, 2026, decreased by 242 million yuan, including the cancellation of the 'Supplementary Working Capital' project.

According to the 'Completion Report on Initial Public Offering and Listing Coaching Work for Suzhou Lianxun Instruments Co., Ltd.' signed by CITIC Securities Co., Ltd. on May 23, 2025, Lianxun Instruments filed for listing coaching on December 2, 2022.

It should be noted that Lianxun Instruments may apply for patents in a concentrated manner.

Among the 339 patents obtained, more than 60% were applied for during 2022-2024 and January-September 2025.

According to the prospectus signed on January 15, 2026, Lianxun Instruments was established on March 15, 2017. As of the signing date of the prospectus, Lianxun Instruments has nine controlled subsidiaries, including domestic subsidiaries such as Suzhou Lianxun Semimetro Co., Ltd. (hereinafter referred to as 'Lianxun Semimetro'), Wuhan Lianxun Instruments Co., Ltd. (hereinafter referred to as 'Wuhan Lianxun'), and Hangzhou Lianxun Instruments Co., Ltd. (hereinafter referred to as 'Hangzhou Lianxun').

As of September 30, 2025, Lianxun Instruments has actually obtained 339 patents, including 334 domestic patents (including three jointly owned patents) and five international patents.

Among the 339 patents actually obtained by Lianxun Instruments, the number of patents applied for in 2017-2024 and January-September 2025 were four, seventeen, thirty-six, thirty-four, thirty-six, fifty-one, ninety-four, fifty-eight, and nine, respectively.

According to calculations, among the 339 patents actually obtained by Lianxun Instruments, the number of patents applied for during 2022-2024 and January-September 2025 accounts for 62.54% of its total effective patent count.

Overall, in 2023, after excluding share-based compensation, the proportion of R&D investment by Lianxun Instruments increased but dropped by 13.7 percentage points in 2024 compared to 2023, falling below the average of comparable companies in the industry. In this IPO, Lianxun Instruments disclosed two patent disputes still within the appeal period, with the expected litigation outcome posing no material adverse impact on the company. Additionally, Lianxun Instruments reduced its planned use of raised funds by over 200 million yuan, including canceling a liquidity replenishment project. On December 2, 2022, Lianxun Instruments completed its tutoring filing. Notably, the proportion of valid patents filed in the year of tutoring filing and thereafter exceeds 60% of its total valid patents.

II. Behind signing a research and development contract exceeding fifty million yuan, two suppliers reveal 'same-name' shareholders or relationships yet to be clarified.

One issue follows another. In this public offering, Lianxun Instruments has cumulatively purchased over thirty million yuan from its invested company, Sinoway, whose related business gross margin is higher than other enterprises, drawing regulatory inquiries. Moreover, Lianxun Instruments signed R&D contracts totaling over fifty million yuan with Sinoway and Nanjing Bocore Electronics Technology Co., Ltd. (hereinafter referred to as 'Bocore Electronics'). Research indicates that Bocore Electronics may be a 'zero-person' enterprise, and its actual controller shares the same name as a shareholder directly holding 26.44% of Sinoway.

2.1 In 2023, Lianxun Instruments acquired a 6.67% stake in supplier Sinoway, and Hu Haiyang, the actual controller of Lianxun Instruments, serves as a director of Sinoway.

According to the prospectus signed on January 15, 2026, as of the signing date, Sinoway is an invested company in which Lianxun Instruments holds a 6.67% stake. Additionally, Hu Haiyang, the actual controller and chairman of Lianxun Instruments, serves as a director of Sinoway.

According to the 'Reply Report to the First Review Inquiry Letter for the Application Documents of Initial Public Offering and Listing on the Sci-Tech Innovation Board,' signed by Lianxun Instruments on November 27, 2025, as of the signing date of the first review inquiry reply, Sinoway is a supplier of Lianxun Instruments. Since establishing cooperation with Lianxun Instruments in 2021, Sinoway has mainly provided chip design services and chip prototyping services. In August 2023, Sinoway planned to increase capital and expand shares to attract external investors, further enhancing its R&D industrialization capabilities. In September 2023, after approval by the board of directors of Lianxun Instruments, Lianxun Instruments invested 20 million yuan in Sinoway and obtained a 6.67% equity stake.

The 'problem' has only just begun.

2.2 Cumulative transactions with Sinoway exceeded thirty million yuan over the past three years and one period, with reasons for Sinoway's higher gross margin than comparable companies under scrutiny.

According to the prospectus signed on January 15, 2026, during 2022-2024 and January-September 2025, the amounts Lianxun Instruments procured from Sinoway for goods and technical services were 1.3299 million yuan, 3.6792 million yuan, 12.3421 million yuan, and 13.8754 million yuan, respectively. During 2024 and January-September 2025, the amounts Lianxun Instruments sold to Sinoway were 74,300 yuan and 74,300 yuan, respectively.

According to calculations, during 2022-2024 and January-September 2025, the cumulative procurement amount from Sinoway by Lianxun Instruments was 31.2266 million yuan, and the cumulative sales amount was 148,600 yuan.

According to data from the Market Supervision Administration, the number of social security contributors at Sinoweight in 2022-2024 were 19, 18, and 12 respectively.

According to the reply to the second round inquiry letter, during the reporting period, the gross profit margin for Lianxun Instruments' related-party purchases from Sinoweight was approximately 29%. The average gross profit margin for chip mass production businesses of ChipOne Semiconductor (Shanghai) Co., Ltd. (hereinafter referred to as 'ChipOne') and VeriSilicon Microelectronics (Shanghai) Co., Ltd. (hereinafter referred to as 'VeriSilicon') ranged between 21% and 27%.

The SSE requested that Lianxun Instruments explain in conjunction with the technical sources and business operations of Sinoweight,The reasons why Sinoweight's business gross profit margin is higher than comparable companies in the same industry,And further elaborate on the fairness of the prices in Lianxun Instruments' related-party purchases from Sinoweight.

In response, Lianxun Instruments stated that Sinoweight’s gross profit margin for providing chip design services and chip mass production services to Lianxun Instruments is slightly higher than that of ChipOne and VeriSilicon. This is mainly because all chips involved in the chip design services and chip mass production services provided by Sinoweight to Lianxun Instruments are industrial-grade analog chips. In contrast, the chips involved in the chip design services and chip mass production services provided by ChipOne and VeriSilicon to Lianxun Instruments cover a wider range of downstream application fields, with a relatively high proportion of consumer-grade chips. The design and mass production difficulty of industrial-grade chips is higher than that of consumer-grade chips. Therefore, it is reasonable that Sinoweight's business gross profit margin is higher than the average of comparable companies in the same industry.

Additionally, Lianxun Instruments signed an outsourced R&D contract with Sinoweight.

2.3 Signing of outsourced R&D contracts with Sinoweight and BXC Electronics, with a total contract value exceeding fifty million yuan

According to the prospectus signed on January 15, 2026, as of the end of September 2025, Lianxun Instruments had four major outsourced R&D contracts with Sinoweight, with contract values of 16 million yuan, 6.5 million yuan, 5 million yuan, and 12 million yuan, and start dates of July 10, 2024, March 15, 2023, June 18, 2024, and May 9, 2025, respectively, until the completion of each contract objective. The objectives of all contracts are IC design services. As of the signing date of the prospectus, among the aforementioned four contracts, the one with a contract value of 6.5 million yuan has been completed, while the remaining three contracts are currently in progress.

Furthermore, as of the end of September 2025, Lianxun Instruments had one major outsourced R&D contract with BXC Electronics, with a contract value of 16 million yuan and a performance period from July 15, 2024, until the completion of the contract objective. All contract objectives are IC design services. As of the signing date of the prospectus, this contract is currently in progress.

According to calculations, as of the date of the prospectus signing on January 15, 2026, the total amount of significant R&D entrustment contracts signed between Lianxun Instruments and Sinoway and Bocore Electronics amounted to 55.5 million yuan.

It should be noted that Bocore Electronics is a 'zero-person enterprise'.

Section 2.4: Wang Zhen, a shareholder of Sinoway, shares the same name as the actual controller of Bocore Electronics, which is also a 'zero-person' enterprise.

According to data from the Market Supervision Administration, as of the inquiry date of March 6, 2026, Sinoway's registered capital was 11.538462 million yuan. Among this,Wang Zhen, Zhu Xiaosheng, Wuxi Compass Integrated Circuit Partnership (Limited Partnership) (hereinafter referred to as 'Compass'), Wuxi Wave Integrated Circuit Partnership (Limited Partnership) (hereinafter referred to as 'Wuxi Wave'), Wuxi Maihe Integrated Circuit Partnership (Limited Partnership) (hereinafter referred to as 'Wuxi Maihe'), and Wuxi Zhonglingwei Integrated Circuit Partnership (Limited Partnership) (hereinafter referred to as 'Zhonglingwei') have subscribed amounts of 3.050778 million yuan, 290,800 yuan, 2.6 million yuan, 500,000 yuan, 557,692 yuan, and 3.00073 million yuan respectively.

As of the inquiry date of March 6, 2026, the managing partners of Compass, Wuxi Wave, Wuxi Maihe, and Zhonglingwei were all 'Zhu Xiaosheng'.

As of the inquiry date of March 6, 2026, no changes in investors had occurred for Compass. Wuxi Wave underwent two investor changes, with Zhu Xiaosheng being one of its partners both before and after the changes. Both Wuxi Maihe and Zhonglingwei underwent three investor changes each, with Zhu Xiaosheng being one of their respective partners both before and after the changes.

According to calculations, as of the inquiry date of March 6, 2026, Wang Zhen, Zhu Xiaosheng, Compass, Wuxi Wave, Wuxi Maihe, and Zhonglingwei held equity stakes in Sinoway of 26.44%, 2.52%, 22.53%, 4.33%, 4.83%, and 26.01% respectively.

Behind multiple instances of the same name, Zhu Xiaosheng, the managing partner of Compass, Wuxi Wave, Wuxi Maihe, and Zhonglingwei, may be the same person as 'Zhu Xiaosheng', a shareholder of Sinoway.

Moreover, the actual controller of Borex Electronics is also named 'Wang Zhen'.

According to data from the Market Supervision Administration, Borex Electronics was established on January 14, 2005. As of the query date, March 6, 2026, the registered capital of Borex Electronics is 5 million yuan,Wang Zhen is the legal representative, director, and shareholder of Borex Electronics, Wang Zhen's subscribed capital for Borex Electronics amounts to 4.75 million yuan, with a shareholding ratio of95%。

The change records show that from July 15, 2015, until the query date of March 6, 2026, Wang Zhen has been one of the investors in Borex Electronics.

Additionally, from 2022 to 2024, the number of employees paying social security at Borex Electronics was zero.

According to public information, as of the query date, March 6, 2026, the enterprises associated with Wang Zhen include Sinoway and Borex Electronics.

It can be seen that Wang Zhen, who holds 26.44% of Sinoway, a subsidiary in which Lianxun Instruments has invested, shares the same name as the actual controller 'Wang Zhen' of Borex Electronics, a supplier with zero employees that Lianxun Instruments commissioned for research and development.

As noted above, in 2021, Lianxun Instruments began its cooperation with supplier Sinoway, and by 2023, Lianxun Instruments acquired a 6.67% stake in Sinoway. It should be mentioned that over the past three years, the cumulative transaction amount between Lianxun Instruments and Sinoway exceeded thirty million yuan, and Sinoway’s related business faced inquiries due to higher gross profit margins compared to its peers. Additionally, Lianxun Instruments signed major research and development contracts with Sinoway and Borex Electronics, with the total amount exceeding fifty million yuan, including a contract worth 16 million yuan specifically with Borex Electronics. Research indicates that Borex Electronics is a company with zero employees, and its actual controller, Wang Zhen, shares the same name as a shareholder of Sinoway. The relationship between Lianxun Instruments’ supplier Sinoway and Borex Electronics may raise questions requiring further clarification.

III. Conclusion

In short, after experiencing an increase in 2023, the proportion of R&D investment by Lianxun Instruments, excluding share-based compensation, declined by 13.7 percentage points compared to 2023, falling below the average of comparable companies in the industry in 2024. In this initial public offering, Lianxun Instruments disclosed two patent disputes that are still within the appeal period, with the anticipated litigation results not expected to have a materially adverse impact on the company. In December 2022, Lianxun Instruments completed its coaching registration, while more than 60% of its patents were applied for in 2022 or later.

On the other hand, in 2021, Lianxun Instruments began cooperating with supplier Sinowealth, and in 2023, it acquired a 6.67% stake in Sinowealth. Over the past three years, Lianxun Instruments has purchased more than thirty million yuan from Sinowealth. Additionally, Lianxun Instruments signed significant R&D entrustment contracts worth over fifty million yuan with Sinowealth and Boxin Electronics, a 'zero-person' supplier. Moreover, Wang Zhen, the actual controller of Boxin Electronics, shares the same name as a shareholder of Sinowealth. The relationship between the entrusted R&D parties, Sinowealth and Boxin Electronics, raises questions that remain to be resolved.

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