Lieqi Smart's Shenzhen Stock Exchange GEM IPO passed the listing committee meeting and ranked first in the world in the market share of optical module patch equipment

The Zhitong Finance App learned that on July 31, Suzhou Lieqi Intelligent Equipment Co., Ltd. (abbreviation: Lieqi Intelligent) passed the Shenzhen Stock Exchange GEM Listing Committee meeting. The sponsor of the IPO is Cathay Pacific Haitong Securities, which plans to raise 9134.1 million yuan.

According to the prospectus, Lieqi Smart is a leading domestic manufacturer of high-end intelligent equipment, focusing on R&D, production and sales of intelligent production equipment in the fields of optical communications, semiconductors, and automotive automation. After years of technology accumulation and market development, the company's products have covered the core aspects of optical module packaging testing, including key processes such as patching, coupling, and aging tests. Related equipment is the core equipment to ensure the transmission efficiency and reliability of optical modules, and is finally used in the digital communication market and telecommunications market. At the same time, the company relies on the technical advantages of automation equipment accumulated in the field of optical communication, actively lays out the fields of semiconductors and intelligent automotive automation equipment, and continues to strengthen its comprehensive competitive strength.

According to Frost & Sullivan data, in 2025, the company ranked first in the world in terms of market share of optical module patch equipment and second in the world in the market share of optical module coupling equipment.

As an advantageous industry in the field of optoelectronic information in China, optical modules are a key fulcrum for achieving industrial autonomy and control. Since its establishment, the company has always been to promote domestic replacement of high-end optical module packaging and testing equipment. Through technological catch-up and innovation breakthroughs, the company has provided high-performance and high-reliability packaging test equipment to downstream optical module and device manufacturers, enhancing the core competitiveness of China's optical communication industry from the source of the industrial chain.

Relying on years of deep cultivation and independent innovation in the fields of motion control, machine vision, software algorithms, mechanical design, etc., the company now has the ability to develop core equipment for the entire optical module packaging process, and has achieved domestic replacement in patch equipment, coupling equipment, and aging test equipment. Among them, the equipment accuracy of eutectic patch equipment reached ± 1 μm, product accuracy reached ± 3 µm. The technical level is on par with international leaders. The performance of coupling equipment and solid crystal patch equipment is at the leading level in China, which helps customers improve process and efficiency and achieve the goal of intelligent production.

Adhering to “technology empowers customer value” as the guide, the company has built a product iteration mechanism that responds quickly through deep exploration of industry pain points and potential customer needs, continuously optimizes core performance indicators such as equipment accuracy, stability and production efficiency, and forms a closed-loop innovation system of “demand insight - technology development - product implementation - service feedback”.

The company has become one of the main suppliers of intelligent manufacturing equipment for optical modules in China, and its products are highly recognized by mainstream markets. The company's equipment has been widely used by leading customers and well-known enterprises in the optical communications industry such as Zhongji Xuchuang (300308), Solse Technology (002281), and Yuanjie Technology (688498), and has maintained good cooperation with nine of the world's top ten optical module manufacturers in 2025 (the ranking of the top ten manufacturers comes from LightCounting).

As of December 31, 2025, the company has 52 invention patents, and holds numerous processes and know-how in the form of technical know-how (know-how) and trade secrets. The company adheres to an independent innovation strategy, and its core technology is completely autonomous and controllable. It has successively received honors such as Jiangsu Specialized Special New Small and Medium Enterprises (2022), “Jiangsu Gazelle Enterprise” (2024), and National Specialized Special New “Key Little Giant” (2025). The self-developed automatic coupling equipment and co-crystal patch equipment were rated as “the first (set) major equipment” by the Jiangsu Provincial Department of Industry and Information Technology.

On the financial side, in 2023, 2024 and 2025, the company achieved operating income of approximately RMB 289 million, RMB 543 million and RMB 698 million respectively; during the same period, the company's net profit was approximately RMB 82 million, RMB 181 million and RMB 182 million, respectively.