- Seyond plans to go public in Hong Kong through a merger with TechStar, and plans to issue no more than 190,240,000 ordinary shares.
- Starting with the ET7, all Nio brand models use LiDAR provided by Seyond.
Seyond Holdings, a LiDAR supplier for Nio Inc (NYSE: NIO), has received approval from the China Securities Regulatory Commission (CSRC) for its Hong Kong listing, bringing it closer to accessing capital markets.
Seyond plans to list on the Hong Kong Stock Exchange through a merger with special purpose acquisition company (SPAC) TechStar Acquisition Corporation, according to a Tuesday announcement on the CSRC website.
At the same time, Seyond plans to issue no more than 190,240,000 ordinary shares.
Founded in 2016, Seyond operates R&D centers in Silicon Valley, Suzhou, and Shanghai, with LiDAR manufacturing facilities in Ningbo and Suzhou.
Originally named Innovusion, the company was rebranded as Seyond in December 2023.
On March 28, 2022, Nio delivered its first batch of ET7 vehicles, marking the mass production of Seyond's LiDAR products.
Starting with the ET7, all Nio brand models feature Seyond's 1,550 nm Falcon LiDAR mounted on the roof. Nio Inc's sub-brands Onvo and Firefly models do not utilize any LiDAR.
From 2022 to 2024, Seyond's revenue grew from $66.30 million to $159.58 million. The company achieved a positive gross margin of 12.6 percent in the first quarter of 2025.
On December 20, 2024, Seyond entered into a business combination agreement with TechStar.
On February 12, Seyond submitted its Hong Kong listing application, which lapsed due to failure to complete the listing within six months.
On August 26, the application was resubmitted.
