Core Viewpoint - Changzhou Tongbao Optoelectronics Co., Ltd. (referred to as "Tongbao Optoelectronics") has initiated its third IPO journey on the Beijing Stock Exchange, raising concerns about its heavy reliance on its largest customer, SAIC-GM Wuling, which has reached 83.35% of its sales in 2024 [1][7][10]. Group 1: IPO Attempts and Challenges - Tongbao Optoelectronics has attempted to go public three times since 2017, changing its underwriting broker each time, which raises questions about underlying issues preventing a successful IPO [1][4]. - The company has faced significant challenges, including a failed IPO attempt in 2018 and another in 2023, with the latest attempt being supported by Dongwu Securities [5][6]. - The company’s IPO counseling approval is nearing expiration, adding pressure to its current attempt to list on the Beijing Stock Exchange [6]. Group 2: Customer Dependency - The company's revenue heavily depends on SAIC-GM Wuling, with sales to this customer accounting for 66.83%, 63.99%, and 83.35% of total revenue from 2022 to 2024, respectively [7][10]. - The concentration of revenue from a single customer raises concerns about the company's operational independence, as it is perceived to be functioning almost as a "processing plant" for SAIC-GM Wuling [10]. - Compared to industry peers, Tongbao Optoelectronics exhibits a significantly higher customer concentration, with no comparable company having over 67% revenue dependency on a single customer [8]. Group 3: Competitive Landscape - Notably, Huayu Vision, which is both a major customer and supplier, poses a unique challenge as it is also a competitor in the automotive lighting sector [11][15]. - The sales revenue from Huayu Vision has increased significantly, indicating a complex relationship where the company is both reliant on and competing with its suppliers [12][14]. - The dual role of Huayu Vision as a customer and supplier raises questions about the sustainability and rationality of such business relationships [14].