Lianxun Instruments Shares Plunge 14%, Market Value Down Over RMB 90 Billion; Changxin Technology Falls 4.08%
Lianxun Instruments shares fell 14% on July 28, 2026, after an intraday drop of over 18%, trimming its market value by more than RMB 90 billion from its peak. Changxin Technology, which surged 465.82% on its debut, slipped 4.08% the next day. Lianxun's Q2 2026 net profit is projected at RMB 391-461 million, up 228%-287% quarter-on-quarter. The company holds a 9.9% share of China's optical communication test instrument market, ranking third and the only domestic firm in the top five.
As of the close on July 27, 2026, Changxin Technology ended its first trading day at RMB 49 per share, up 465.82% for the day, with a total market value of RMB 3.31 trillion. On the same day, Lianxun Instruments rose 10%. On July 28, Lianxun Instruments plunged more than 18% intraday, while Changxin Technology opened down 7.71% before recovering losses. They closed down 14% and 4.08%, respectively.
Lianxun Instruments reported a net profit attributable to shareholders of RMB 119 million for the first quarter of 2026. Based on this, its second-quarter net profit is estimated at RMB 391 million to RMB 461 million, representing a quarter-on-quarter increase of 228% to 287%.
Lianxun Instruments' main business covers electronic measuring instruments and semiconductor test equipment. In 2023, 2024, and the first three quarters of 2025, combined revenue from these two product lines accounted for over 90% of total revenue. Among them, revenue from test products for the optical communications sector has consistently exceeded 70% of total revenue, rising from approximately RMB 200 million in 2023 to RMB 558 million in 2024, and further to RMB 629 million in the first three quarters of 2025.
According to Frost & Sullivan data, in 2024, overseas companies held approximately 84% of China's optical communication test instrument market, while domestic firms accounted for about 16%. Lianxun Instruments held a 9.9% share in the Chinese market, ranking third and being the only domestic company among the top five. Its main competitor, Keysight (formerly part of Hewlett-Packard), held approximately 31% of the market. In fiscal 2024, Keysight generated revenue of about USD 5.375 billion and net profit of USD 850 million. Lianxun Instruments' total revenue in 2025 was approximately RMB 1.194 billion, with net profit attributable to shareholders of RMB 174 million.
Lianxun Instruments has a total share capital of 102.6667 million shares, of which 19.2961 million shares are freely tradable, representing 18.79% of the total. Two rounds of lock-up share releases are scheduled for late October 2026 and April 2027, with the April 2027 release alone accounting for more than 30% of total share capital.
From 2022 to 2024 and the first three quarters of 2025, sales to Lianxun Instruments' top five customers accounted for 42.64%, 52.81%, 44.21%, and 36.94% of total sales in the respective periods. No single customer accounted for more than 50% of sales. Major customers include Zhongji Innolight, Eoptolink, Accelink Technologies, Hisense Group, HGTech, Saili Technology, and Lumentum.
Lianxun Instruments' accounts receivable increased from RMB 82.46 million at the end of 2022 to RMB 563 million at the end of the first quarter of 2026, an increase of more than 525%. Its inventory balance rose from RMB 70.73 million at the end of 2022 to RMB 751 million at the end of the first quarter of 2026, an increase of more than 910%.
Other domestic manufacturers of memory device test equipment include RIGOL, Siglent Technologies, Chuangcheng Technology, Huafeng Test & Control, and Liandong Technology, most of which are in the early stages of research and development or industrialization, with a gap in high-speed product areas. Domestic companies still lag overseas leaders by five to eight years in high-speed sampling algorithms and RF underlying chips.