Leading automotive connector manufacturer Sisu Technology restarts its IPO sprint

Driven by both the electrification and intelligentization of automobiles, the domestic connector industry is ushering in a golden age of capital and technology synergy. On November 27, 2025, Dongguan Siso Technology Co., Ltd. (hereinafter referred to as "Siso Technology") completed its listing guidance filing with the Guangdong Securities Regulatory Bureau, with Everbright Securities as the guidance institution, officially launching its second IPO attempt. As a leading domestic automotive connector manufacturer, what is the significance of Siso Technology's move?

01 Siso Technology's IPO Journey This national high-tech enterprise, which has been deeply involved in the connector field for 17 years, set a record in 2024 for the fastest withdrawal of its listing application after the full implementation of the registration system. This comeback not only carries the company's own capitalization aspirations but also reflects the industry microcosm of domestic connector companies breaking through in the high-end track. Looking back at its IPO journey, in December 2023, Sisu Technology first submitted its application for listing on the Shenzhen Stock Exchange's ChiNext board and it was accepted. However, just 29 days later, on January 26, 2024, it and its sponsor, Minmetals Securities, jointly applied to withdraw the documents, and the Shenzhen Stock Exchange immediately terminated the review.

This rare "flash withdrawal" case in the A-share market coincided with the peak period of IPO withdrawals in 2024—data shows that 436 A-share IPOs were withdrawn in 2024, a year-on-year increase of 50%, with the ChiNext board becoming the hardest hit area for termination of reviews, accounting for 35%. Industry analysts pointed out that at that time, the new rules of the Shanghai and Shenzhen Stock Exchanges raised the performance threshold for listing, requiring the ChiNext board to have a cumulative net profit of no less than 100 million yuan in the past two years. Sisu Technology's strategic adjustment may be related to adapting to the new rules and optimizing the timing of its application.

02 Sisu Technology's Three Layers of Confidence Now restarting its IPO, Sisu Technology's confidence stems from its continuously strengthened hard power.

Founded in 2008, this company focuses on the R&D, production, and sales of connectors and their components, covering four major sectors: automotive, consumer electronics, industrial control, and new energy. Automotive connectors contribute approximately 60% of its revenue, becoming its core growth engine.

Financial data shows that from 2020 to the first half of 2023, the company's operating revenue steadily increased from 192 million yuan to 310 million yuan (2022), while net profit climbed from 44.2771 million yuan to 75.8875 million yuan (2022). The gross profit margin consistently remained above 43%, reaching 47.47% in 2022, significantly higher than the industry average. In 2024, the company's overseas business experienced explosive growth, with revenue exceeding 500 million yuan, further expanding its profit margins.

Technological and product advantages are the core support for its high profitability. As a leading Chinese brand in the automotive lighting connector segment, Sisu Technology's main products have gained a competitive edge in domestic substitution thanks to cost control, rapid response, and customization capabilities. Facing the technological upgrade wave of 800V high-voltage platforms for new energy vehicles, Sisu Technology has completed the R&D and adaptation of related automotive connectors. Its products have a temperature resistance range of -40℃ to 150℃, meeting the needs of extreme operating conditions.

In the high-speed transmission field driven by intelligent driving, its FAKRA connectors support 6GHz high-frequency transmission, adapting to autonomous driving perception systems. This segment of the market reached a global size of US$118.74 billion in 2024 and is projected to exceed US$469.08 billion by 2033, with a CAGR of 16.15%. Meanwhile, Sisu Technology invests over 6% of its revenue in R&D annually and has accumulated over 120 patents, including 35 invention patents, placing its technological strength among the top tier in the domestic market.

High-quality and diversified customer resources have laid a solid foundation for its capitalization path. Through years of dedicated development, SiSo Technology has entered the supply chain of the world's top ten automotive lighting vision system companies, establishing long-term partnerships with well-known Tier 1 manufacturers such as Xingyu Technology and Huayu Vision. This has allowed it to penetrate the supply chains of major domestic automakers like FAW-Volkswagen, SAIC-Volkswagen, GAC Group, and Great Wall Motors, as well as leading international brands like Tesla.

In overseas markets, its products are exported to over 30 countries and regions, including Europe, the United States, and Japan. In 2023, SiSo Technology launched a deep strategic layout targeting the European and American markets, effectively addressing trade barriers related to "de-Sinicization" by establishing an office in Germany and partnering with local North American distributors. In 2024, revenue in the European market increased by 150% year-on-year, while the North American market saw an even more impressive growth rate of 200%. Furthermore, SiSo Technology has also entered the smart home and server power supply sectors through international giants such as Amphenol and Chicony Electronics, creating a diversified customer structure.

03 SiSo Technology's Breakthrough and Upgrade SiSo Technology's IPO push coincided with the golden age of development and accelerated domestic substitution in the automotive connector industry.

Mordor Intelligence predicts that the automotive connector market will reach $7.33 billion by 2025 and is projected to reach $9.14 billion by 2030, significantly exceeding the growth rate of the traditional automotive parts industry. In terms of localization, the localization rate of automotive connectors has jumped from 8% in 2021 to 35% in 2025, with high-voltage connectors reaching a localization rate of 58%, highlighting the continued advantages of domestic companies in technology, cost, and service.

This trend is driven by both new energy vehicles and intelligent driving: by 2025, new energy vehicles will account for over 40% of sales in China, with the value of connectors per vehicle exceeding 1450 yuan, 2-3 times that of traditional gasoline vehicles; the penetration rate of L2 and above intelligent driving models exceeded 45% in 2024, driving a surge in demand for high-speed products such as FAKRA and Ethernet connectors, with the market growth rate for these products expected to exceed 20%.

It is worth noting that the domestic connector industry is undergoing a qualitative transformation from "catching up" to "running alongside." International giants TE Connectivity, Amphenol, and Rosenberger once held a 92% share of the global high-voltage connector market. However, in recent years, domestic companies have accelerated their breakthroughs. AVIC Optoelectronics, with an 18% market share in high-voltage connectors for new energy vehicles, has maintained its position as the leading domestic player. Companies like Changying Precision and Ruikeda have achieved technological breakthroughs in areas such as 800V high-voltage platforms and 112Gbps high-speed transmission.

Data from the China Electronic Components Industry Association shows that by 2025, the industry's R&D investment as a percentage of sales revenue is expected to rise to 8.5%, with annual patent applications exceeding 15,000. China's contribution rate exceeds 40%, indicating a rapid eastward shift in global R&D focus. Against this backdrop, the IPO process of Sisu Technology has attracted significant attention. If successfully listed, it will become the first A-share listed company in the automotive lighting connector sub-sector, setting a benchmark for industry capitalization.

However, domestic connector companies still face multiple challenges. The patent barriers erected by international giants have not yet been fully breached, and some high-end materials and core processes still rely on imports. The widespread adoption of 800V high-voltage platforms, with their resulting high-temperature and high-voltage resistance requirements, poses a greater challenge to companies' R&D capabilities. Simultaneously, the trend of "de-Sinicization" of production under international trade barriers necessitates that domestic companies accelerate their global expansion.

In response, Dai Jiahao, Vice General Manager of Sisuo Technology Co., Ltd., stated in an interview with *International Cable & Connectivity*: "National enterprises must shoulder the mission of localization, breaking international monopolies through technological innovation and global expansion." Currently, the company has effectively mitigated trade risks through overseas offices and local supply chain partnerships, and by 2024, overseas revenue accounted for 35% of its total revenue.

Looking ahead, with the continued increase in the penetration rate of new energy vehicles and the evolution of intelligent driving to higher levels, the automotive connector industry will usher in a three-in-one revolution of "high voltage + high frequency + intelligence." The Electrical Connector Components Branch of the China Electronic Components Industry Association is accelerating the construction of a group standard system to regulate industry development and support high-quality industrial upgrading. In this process, domestic companies possessing core technologies, high-quality customer resources, and global reach are expected to achieve leapfrog development by leveraging capital.

The IPO push by Sisu Technology is not only a path to capital advancement for the company itself, but also a vivid illustration of the breakthrough efforts of the domestic automotive connector industry. The market anticipates that this leading company in the automotive connector field will successfully enter the capital market, using capital to empower technological innovation and inject stronger momentum into the process of domestic substitution.