On June 4, 2026, the Shanghai STAR Market witnessed a historic milestone as Lianxun Instruments (688808.SH) surged to a closing price of 2,119.99 RMB. This ascent makes it the first company on the tech-heavy board to cross the 2,000 RMB threshold and only the fourth in the entire history of China's A-share market. The surge is part of a broader, rapid transformation where high-performance computing and artificial intelligence are minting new market royalty at an unprecedented pace.
Since August 2025, the A-share market has minted a new 'thousand-yuan' stock—those priced above 1,000 RMB per share—every 88.6 days. This elite club, once the playground of luxury spirits and medical aesthetics, is now dominated by the AI hardware supply chain. Alongside Lianxun Instruments, AI chipmaker Cambricon, optical component specialist Source Photonics, and global optical module leader Zhongji Innolight have all cemented their positions in this rarified price bracket.
The volatility of these 'stock kings' serves as a stark mirror for China’s shifting industrial priorities. In the 1990s, the first thousand-yuan stocks were early electronic pioneers that eventually faded into obscurity. More recently, during the 2020-2022 bull market, the club was occupied by consumption darlings like skincare giant Imeik and solar hardware manufacturers like Hoymiles. Today, those former stars have seen their valuations collapse by over 80% as market liquidity pivots toward the national strategic priority of semiconductors and AI infrastructure.
Lianxun Instruments’ meteoric rise—a 25-fold increase from its 2024 IPO price—is underpinned by its dominance in the high-speed optical testing market. As the world’s second company capable of mass-producing testing equipment for 1.6T optical modules, it occupies a critical chokepoint in the global AI data center supply chain. Its clients include the very firms, such as Zhongji Innolight, that occupy the other seats in the thousand-yuan club, creating a self-reinforcing valuation loop within the sector.
Currently, the market’s high-price hierarchy is structured as 'four tech giants and one consumer icon.' While Kweichow Moutai remains the lone survivor of the old-guard consumption era, its dominance is being challenged by the sheer velocity of tech valuation growth. This rotation suggests that international investors and domestic funds have fully decoupled their growth expectations from the traditional consumer economy, betting instead on a hardware-led technological renaissance.