An astonishing scene unfolded.
Lianxun Instruments, as a leader in optical communication testing instruments, saw its stock price surge 30-fold within just two months of listing, becoming the only A-share stock currently priced above 2,000 yuan.
Thus, a group of engineer employees in Suzhou reaped immense wealth—
To retain technical talent, the company began planning many years ago. After the IPO, nearly one hundred employees held a total of 15.91% of the company's shares through three employee持股 platforms: Lianrui Guangtong, Boheng Ruizhe, and Borui Guangtong. Calculated at the current market value, this exceeds 36 billion yuan.
Once again, it's a testament that "joining a good company is the best investment."
Two Months, a 30-Fold Increase
Hundred Engineers Become Tycoons Overnight
Looking back at the company's development, three key figures are inseparable—Hu Haiyang, Yang Jian, and Huang Jianjun. According to the prospectus, Hu Haiyang graduated with a Ph.D. in Optical Engineering from the Shanghai Institute of Optics and Fine Mechanics, Chinese Academy of Sciences; Huang Jianjun graduated from Beijing University of Technology in Optical Engineering; Yang Jian majored in Communication Engineering at Huazhong University of Science and Technology.
In 2017, witnessing the scenario of domestic high-end testing instruments being "strangled" by foreign counterparts, Hu Haiyang and Yang Jian started their venture in Suzhou, giving birth to Lianxun Instruments. Several months later, Huang Jianjun also joined.
Quickly, Lianxun Instruments rose rapidly: within just three months of its establishment, it released a 100G Bit Error Rate Tester; that same year, it successively released single/multi-mode optical attenuators and a 400G PAM4 Bit Error Rate Tester. Along the way, several new products have been launched annually.
Behind such a rapid R&D pace is precisely a庞大 team of engineers.
According to the prospectus, R&D personnel, production, and technical support staff account for nearly 80% of Lianxun Instruments' total workforce. Technical talent has become this company's most核心 asset.
Therefore, Lianxun Instruments started early to bind its core technical team through employee持股 platforms. In 2019, the employee持股 platform Lianrui Guangtong was established, and the first batch of internal technical talent began holding company equity.
In early 2022, Lianxun Instruments又 established Borui Guangtong and Boheng Ruizhe. According to the prospectus, Lianrui Guangtong has 47 partners, Boheng Ruizhe has 45 partners, and Borui Guangtong has 6 partners, covering the company's directors, supervisors, senior management, and core technical骨干.
Little did they expect this would become immense财富 years later.
After successfully ringing the bell for its listing in April this year, Lianxun Instruments' stock price soared all the way, with its latest market capitalization exceeding 230 billion yuan. The three实际 controllers, Hu Haiyang, Huang Jianjun, and Yang Jian, directly hold 15.41%, 4.37%, and 5.39% of Lianxun Instruments' shares, respectively. Calculated accordingly, their仅 direct shareholdings are worth 35 billion yuan, 10 billion yuan, and 12 billion yuan, respectively, making them Suzhou's newly minted百亿富豪.
What's even more振奋 is the暴富 of a group of technical talent—After the listing, Lianxun's three employee持股 platforms collectively hold 15.91% of the company's shares, worth over 36 billion yuan at the current market value. Roughly calculated, nearly one hundred employees hold these shares, almost all of whom are the company's technical骨干, with nearly 40 among them becoming亿万富豪. Even the person holding the least shares has股份 corresponding to a market value exceeding 5 million yuan.
Furthermore. During the IPO issuance, Lianxun Instruments also established an employee asset management plan, with 62 senior executives and core employees participating in the strategic placement, increasing their holdings with real money. At the current price, the R&D manager with the lowest subscription amount already has floating profits of about 9 million yuan,堪称 the年度爽文 for employees.
A Super Return in the Venture Capital Circle
Suzhou State-Owned Capital Made a Fortune
Such a scene, many might still be processing.
After all, Lianxun Instruments' performance has been beyond imagination: On April 24, Lianxun Instruments officially landed on the科创板, with an issue price of 81.88 yuan per share, opening with an 800% surge. Then, within just 5 trading days, its stock price broke through 1,000 yuan, and now it is the only "stock king" in A-shares priced above 2,000 yuan.
Calculated based on the盘中 high on June 26, Lianxun Instruments had risen over 3000% compared to its issue price. Although the current股价 has somewhat回落, it still稳坐 the throne of the A-share新股王.
Looking back, Lianxun Instruments caught the tailwind of the explosive demand for AI算力. From 2023 to 2025, its revenue soared from 276 million yuan to 1.194 billion yuan, while its归母净利润 also turned from losses to a profit of 174 million yuan during the same period. Global optical module leaders like中际旭创,新易盛, Broadcom, and Lumentum are all its customers.
This scenery is vastly different from a few years ago. At the recent 2026 SuperLink大会, a Lianxun Instruments investor recalled that when Lianxun Instruments was raising funds in 2022, its valuation was quoted at 3 billion yuan, but many felt it was "too expensive": high R&D expenses, still losing money, and a small market. No one invested.
Sometimes, a thousand efforts are不如 a stroke of fate. Behind this A-share stock king, the pre-IPO shareholder list has few mainstream investment institutions. Along the way, Lianxun Instruments received investments from资方 like架桥资本,毅达资本,硅港资本,中芯聚源,永鑫方舟,兴橙资本, and国风投基金.
Thus, a super return was created. Among them, Suzhou state-owned capital reaped丰厚 returns. As early as 2019, Suzhou Hi-tech invested in Lianxun Instruments through its subsidiary高新枫桥, being one of its earliest backers; subsequently, Suzhou Hi-tech又 participated in Lianxun Instruments' subsequent financing through its subsidiary金谷汇枫. Calculated based on Lianxun Instruments' latest market cap of 230 billion, Suzhou Hi-tech has gained hundredfold账面回报.
With this battle, several dark horse funds became famous overnight.
The Era of Technology Creating Wealth
This is a footnote to the changes of the times.
In the past two years, the secondary market has迎来 a bull market. Companies like中际旭创,新易盛,智谱,源杰科技, Lianxun Instruments,佰维存储, and寒武纪 have相继 hit new stock price highs, with market capitalizations动辄 in the hundreds of billions, even突破 a trillion.
The wealth浪潮 has never arrived so汹涌 and集中.
Following the AI主线, sectors like optical communication, fiber optics, PCB, storage, and算力 have轮动,迎来火爆行情 in turn. A batch of technical companies previously unfamiliar to the大众 have stepped into the spotlight.
As seen this year, both A-shares and Hong Kong stocks each诞生 a trillion-yuan market cap company—中际旭创 and智谱. Among them,智谱, listed only a few months ago, has already seen its stock price rise 20-fold, bringing an史无前例的AI造富潮—half of智谱's employees hold company shares. Roughly calculated, these employees have an average per capita shareholding value of about 100 million HKD.
Meanwhile,中际旭创 has早已 conducted multiple rounds of奖励 for contributors. In May this year, as the归属 conditions for several equity incentive plans were met,中际旭创 announced that 803 employees would be able to归属 1.63 million shares. Corresponding to the latest stock price, this is worth over 2 billion yuan.
Similar stories are constantly上演.寒武纪's stock price持续走高,早期 technical team members' net worth水涨船高;源杰科技's stock price飙涨近20倍 in the past year, allowing optical chip engineers to开始分享 capital红利; and a batch of AI, embodied intelligence, and chip companies are孕育 the next round of财富故事.
This is a scene different from the past. Whether it's the design and manufacturing of optical communication chips, the packaging and testing of high-speed optical modules, the training frameworks for AI large models, or the advanced processes of memory chips, behind each threshold stand hundreds to thousands of technical personnel.
And in the past two decades, China's wealth stories mostly belonged to the internet and real estate sectors. Those who could truly大规模分享资本红利的 were更多 the founding teams and a少数 of senior executives. It wasn't until the科技时代 that a group of technicians who had long埋头于研发 began becoming the protagonists in wealth神话.
As scholars have said, one of China's greatest advantages is its源源不断的工程师 talent. "The人才红利 of approximately 5 million engineering and manufacturing graduates annually is a resource全球无可比拟."
Now, the times are beginning to奖励 such a group of people.
This article is from the WeChat public account "Investment界" (ID: pedaily2012), author: Wu Qiong.
