On June 9, 2026, the Shanghai Stock Exchange sent an inquiry letter to Suqian Liansheng Technology Co., Ltd. The inquiry focused on the company's plan to co - invest 10 million RMB with individual shareholder Zhu Ronghui and Huizhi Guangxin Artificial Intelligence Technology (Suzhou) Co., Ltd. The aim is to establish a joint - venture company dedicated to the research, development, production, and sales of indium phosphide substrates.

The Shanghai Stock Exchange asked the company to reveal detailed arrangements for the project's construction. It also demanded an explanation of the feasibility of building a production line capable of producing 120,000 4 - 6 inch indium phosphide substrates annually within just 10 months. This takes into account various factors, including pre - construction approvals, planning and construction permits, and the availability of core equipment.

Moreover, the company was required to elaborate on several other aspects. These include subsequent funding arrangements, the financial strength guarantees provided by shareholders, and risk prevention strategies. It also needed to justify the necessity and rationality of large - scale cross - industry investments and fully disclose the associated risks.

Additionally, the Shanghai Stock Exchange requested the company to explain, in relation to shareholder reduction plans, whether there were any instances where information disclosure was used to facilitate shareholder reductions. The company was also asked to conduct a self - inspection regarding the implementation of insider information registration and confidentiality measures.