The Albany Gazette - Seyond Accelerates Global Expansion with HKEX Listing via De-SPAC Transaction

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Seyond Accelerates Global Expansion with HKEX Listing via De-SPAC Transaction

ECONOMY 03.03.2025

Seyond Accelerates Global Expansion with HKEX Listing via De-SPAC Transaction

SUNNYVALE, CA / ACCESS Newswire / March 3, 2025 / Seyond, a global leader in high-fidelity LiDAR solutions, has announced its upcoming listing on the Hong Kong Stock Exchange (HKEX) through a de-SPAC (special purpose acquisition company) transaction with TechStar Acquisition Corporation. The transaction values Seyond at HK$11.7 billion and marks a significant milestone in the company's mission to drive advancements in automotive, intelligent transportation, robotics, and infrastructure industries worldwide.

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The listing is jointly sponsored by Zero2IPO Capital, CITIC Securities, and China Securities International. Under the agreement, TechStar will be acquired and delisted, with Seyond emerging as the publicly traded successor company. This strategic move will enhance Seyond's financial strength to accelerate market expansion, drive R&D advancements, and scale commercialization efforts.

Key Transaction Highlights

Seyond's listing on the Main Board of HKEX through a de-SPAC merger with TechStar Acquisition Corporation solidifies its position as an industry leader. The agreement entails the acquisition and delisting of TechStar, with Seyond becoming the publicly traded successor. The transaction includes PIPE investment of approximately HK$551.3 million, secured from three key investors: Huangshan Construction Investment Capital, Wealth Strategy, and Zhuhai Hengqin Huagai. This funding will provide Seyond with the necessary financial strength to support its aggressive market expansion, enhance research and development capabilities, and drive further commercialization of its innovative LiDAR solutions.

Seyond demonstrated strong financial momentum in 2024, reporting US$119 million in revenue for Q1-Q3with a 43% year-over-year reduction in gross loss. The company anticipates achieving positive gross margin by Q4 2024, driven by strategic long-term chip supply agreements and advancements in in-house optoelectronic module R&D.

Dr. Junwei Bao, Founder and CEO of Seyond, commented: "This listing is a transformational milestone for Seyond as we continue our global expansion. We remain dedicated to advancing intelligent systems through relentless innovation and strategic partnerships."

About Seyond

Seyond™ is a global leader in high-fidelity LiDAR solutions, powering a safer, smarter, and more mobile world across the automotive, intelligent transportation, robotics, and infrastructure industries. With a dynamic portfolio of high-resolution LiDAR sensors, perception software, and the Seyond ITS Management Platform (SIMPL), the company delivers state-of-the-art solutions tailored for next-generation mobility. Founded in Silicon Valley with a global footprint, Seyond upholds the highest standards of engineering, manufacturing, and customer commitment.

About TechStar Acquisition Corporation

TechStar is a special purpose acquisition company (SPAC) focused on merging with businesses in high-growth new economy sectors, including innovative technology, advanced manufacturing, healthcare, life sciences, green energy, and e-commerce. TechStar's IPO in December 2022 comprised 100,100,000 Class A Shares at HK$10.00 per share and 50,050,000 listed warrants.

For media inquiries, please contact:

Sally Frykman
[email protected]

### Forward-Looking Statements This press release contains forward-looking statements regarding Seyond's anticipated business growth and financial performance. Actual results may differ due to various risk factors. Seyond disclaims any obligation to update these statements except as required by law.

SOURCE: Seyond, Inc.

View the original press release on ACCESS Newswire

(L.Thomas--TAG)

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