Group 1 - Seyond Holdings Ltd. (also known as 图达通) submitted its Hong Kong IPO application on February 12, 2025, which became invalid after six months on August 12, 2025 [1] - TechStar Acquisition Corporation announced a business combination agreement with Seyond Holdings Ltd. and its wholly-owned subsidiary, Merger Sub, to complete a SPAC merger transaction [1][2] - The SPAC merger will result in TechStar merging with the target group, with the target company being listed on the Hong Kong Stock Exchange as the surviving entity [2] Group 2 - 图达通 is a global leader in designing, developing, and producing automotive-grade lidar solutions [3] - In 2023, 图达通 delivered over 147,000 automotive-grade lidar units, ranking first globally in sales revenue for ADAS lidar solutions [3] - NIO has chosen to adopt 图达通's lidar solutions across nine of its vehicle models [3]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 TechStar Acquisition Corporation （於開曼群島註冊成立的有限公司） （股份代號：7855） （權證代號：4855） 董事會召開日期 TechStar Acquisition Corporation（「本公司」）董事會（「董事會」）謹此宣佈，本公 司將於2025年8月22日（星期五）舉行董事會會議，藉以（其中包括）考慮及批准本 公司截至2025年6月30日止六個月之中期業績及其刊發，以及處理其他事項。 承董事會命 TechStar Acquisition Corporation 主席 倪正東 香港，2025年8月8日 於本公告日期，董事會包括執行董事倪正東先生、羅旋先生、李竹先生、陳耀超 先生及江君女士，非執行董事劉偉傑先生及獨立非執行董事ZHANG Min先生、薛 林楠先生及李衛鋒博士。 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: TechStar Acquisition Corporation 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 07855 | 說明 | A類普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | HKD | | 0.0001 | HKD | | 100,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 1,000,000,000 | HKD | | 0.0001 | HKD ...

Financial Performance - The company recorded a total loss of approximately HKD 99.9 million during the reporting period, primarily due to costs associated with equity-settled share payments related to the completion of the merger transaction[7]. - The company has not generated any operational revenue during the reporting period and expects to start generating revenue only after the completion of the merger transaction[12]. - The company anticipates incurring significant costs related to the merger transaction, which will continue until the transaction is completed[11]. - The company incurred a loss of HKD 99,863,000 during the execution of its special purpose acquisition company merger transaction and expects to continue incurring significant costs[196]. - The fair value of the equity-settled share-based payment expenses recognized during the year was HKD 94,250,000[198]. Assets and Liabilities - As of December 31, 2024, the company's current assets amounted to approximately HKD 1,106.2 million, mainly due to funds held in escrow accounts from the share issuance[13]. - The company's current liabilities were approximately HKD 1,147.5 million, which included accrued expenses and other payables of about HKD 141.2 million and the book value of redeemable Class A shares of HKD 1,001.0 million[13]. - As of December 31, 2024, the company has drawn approximately HKD 2.8 million from a loan facility that provides up to HKD 10.0 million in operating capital[16]. - As of December 31, 2024, the company's net current liabilities and total liabilities amounted to HKD 41,283,000[196]. Merger and Acquisition Activities - The merger transaction with Seyond Holdings Ltd. is expected to position the company as a leader in the design and production of automotive-grade lidar solutions[8]. - A merger agreement related to a special purpose acquisition company transaction was established on December 20, 2024[18]. - The company has established a business combination agreement and PIPE investment agreement as part of the merger transaction[8]. - The merger will result in the company becoming a wholly-owned subsidiary of the target company, Seyond Holdings Ltd.[189]. - The company is preparing for the issuance of shares and warrants as part of the merger and financing strategy[188]. Funding and Financial Strategy - The company plans to utilize various funding sources to complete the merger transaction, including proceeds from the share issuance and investments from independent third-party investors[11]. - The company received approximately HKD 1,001.0 million from the sale proceeds, which has been deposited into a custody account in Hong Kong[14]. - The total amount received from the sale of the offering is approximately HKD 1,001.0 million[76]. - The proceeds from the sale of warrants amount to approximately HKD 40.0 million, while the proceeds from the issuance of Class B shares are HKD 2,500.0[78]. Corporate Governance - The company is committed to high standards of corporate governance, adhering to all applicable code provisions during the reporting period[94]. - The board consists of a balanced mix of experience, including one female director and eight male directors, ensuring gender balance[99]. - The company has established three committees under the board: the audit committee, the remuneration committee, and the nomination committee, to enhance corporate governance[118]. - The board is responsible for ensuring effective risk management and internal control systems, with regular assessments conducted at least annually[135]. Shareholder Information - The total issued shares of the company amounted to 125,100,000, including 100,100,000 Class A shares and 25,000,000 Class B shares[65]. - Fortune Opportunity Fund holds 37,478,375 Class A shares, representing 37.44% of the relevant class and 29.96% of the total issued shares[67]. - The company has no plans for significant investments or capital assets beyond those mentioned[20]. - No dividends will be declared before the completion of the special purpose acquisition company merger transaction[80]. Environmental, Social, and Governance (ESG) Efforts - The company is committed to promoting sustainable development and minimizing environmental impact[63]. - The company has published its third Environmental, Social, and Governance (ESG) report, detailing its ESG policies and strategies to enhance stakeholder understanding of its sustainability efforts[148]. - The company has identified 11 significant ESG issues, with 4 being of high importance, including anti-corruption and anti-fraud, integrity and compliance management, diversity and elimination of discrimination, and anti-money laundering and counter-terrorism financing[161]. - The company is committed to reducing greenhouse gas emissions and energy consumption, with no fuel consumption from fixed sources or vehicles during the reporting period[163]. Compliance and Risk Management - The company has not engaged in any significant non-compliance events during the reporting period that could adversely affect its business or financial condition[79]. - The audit committee and board reviewed the effectiveness of the company's risk management and internal control systems during the reporting period, finding them to be effective and adequate[137]. - The company has established a whistleblowing mechanism to address financial, operational, and internal control issues[136]. - The company has established a policy to ensure board diversity, including a goal of having at least one female director[173].

Core Viewpoint - TudaTong Holdings Ltd plans to go public through a merger with the Hong Kong SPAC TechStar Acquisition Corporation, with the merger agreement signed in December 2022 [2]. Company Overview - TudaTong specializes in designing, developing, and manufacturing automotive-grade LiDAR solutions, having delivered over 147,000 units in 2023, ranking first globally in sales revenue for ADAS LiDAR solutions [2]. - NIO has chosen TudaTong's LiDAR solutions for nine of its vehicle models [2]. Financial Performance - TudaTong reported revenues of $66.3 million in 2022, $121.1 million in 2023, and $118.5 million in the first three quarters of 2024, with losses of $188.2 million, $219 million, and $130 million respectively [3][4]. - The loss in the first three quarters of 2024 narrowed by 17.72% compared to the previous year [3]. - The gross loss margin improved from -62.3% in 2022 to -15.2% in the first three quarters of 2024 [4]. Valuation and Investment - Prior to the IPO, TudaTong's valuation reached HKD 11.7 billion (approximately RMB 11 billion), representing a 115-fold increase since its valuation of $13 million in 2016 [4].

Financial Performance - For the fiscal year ending December 31, 2024, TechStar Acquisition Corporation reported a total loss of HKD 99,863,000, compared to a loss of HKD 99,849,000 in the previous year, indicating a slight increase in losses of 0.014%[5] - The company generated no revenue for the fiscal year 2024, consistent with the previous year[5] - Interest income decreased to HKD 2,000 from HKD 13,000, reflecting an 84.6% decline year-over-year[5] - The loss before tax expenses was approximately HKD 94,610,000, which includes professional fees related to the special purpose acquisition company (SPAC) merger of HKD 2,556,000 and employee costs of HKD 94,250,000[32] - The basic loss per share was calculated at approximately HKD 3.99, based on a weighted average of 25,000,000 shares outstanding[35] - The company recorded a total loss of approximately HKD 99.9 million during the reporting period, primarily due to expenses related to equity-settled share payments for Class B shares and warrants[51][56] Assets and Liabilities - Total current assets as of December 31, 2024, amounted to HKD 1,106,182,000, a significant increase from HKD 2,804,000 in 2023, primarily due to restricted bank deposits[7] - The company’s total liabilities increased to HKD 1,147,465,000 in 2024 from HKD 1,094,713,000 in 2023, representing a rise of 4.8%[7] - Cash and cash equivalents decreased to HKD 2,070,000 from HKD 2,804,000, a decline of 26%[9] - The company reported a net current liability and net debt of HKD 41,283,000 as of December 31, 2024, with a loss of HKD 99,863,000 for the year[27] - Restricted cash deposits amounted to HKD 1,001,000,000, held in a trust account, which is classified as current assets due to the requirement to complete the SPAC merger by December 23, 2025[36] - Accrued expenses totaled HKD 38,100,000, with interest payable of HKD 103,112,000, leading to total accrued liabilities of HKD 141,212,000[37] Business Combination and Future Plans - TechStar Acquisition Corporation announced a business combination agreement with Seyond Holdings Ltd. on December 20, 2024, aiming for a merger to facilitate the listing of the successor company[11] - The company expects to generate operational revenue only after the completion of the business combination transaction[12] - The company must ensure that the fair market value of the acquisition target accounts for at least 80% of the funds raised since its listing before any redemptions[15] - If the company fails to complete the acquisition within 36 months from the listing date, it will return funds to Class A shareholders within one month after the suspension of Class A shares[16] - The company has agreed to waive any rights to funds held in the escrow account if it fails to announce an acquisition within 24 months or complete it within 36 months[17] - The company plans to focus on technology companies in the new economy sector, including innovative technologies and advanced manufacturing, aligned with national economic trends[51] - The company anticipates that it will not generate any operational revenue until the completion of the SPAC merger transaction[56] Corporate Governance and Compliance - Financial statements are prepared in accordance with International Financial Reporting Standards and the Hong Kong Companies Ordinance[18] - New or revised International Financial Reporting Standards will take effect from January 1, 2024, but are not expected to have a significant impact on the company's financial statements[19] - The company is committed to maintaining high standards of corporate governance, although it deviates from the guideline requiring separation of the roles of Chairman and CEO[75][76] - The audit committee, consisting of three independent non-executive directors, has reviewed the company's annual performance during the reporting period[81] - The financial statements for the reporting period have been audited by Hong Kong Lixin Dehao CPA Limited[82] Shareholder Information - There were no dividends declared or proposed for the year ending December 31, 2024, consistent with the previous year[34] - The annual general meeting of shareholders is scheduled for June 27, 2025[79] - The company will suspend the transfer of shares from June 24, 2025, to June 27, 2025, to determine shareholder voting rights[80] - The annual report containing all required information will be sent to shareholders and published on the Stock Exchange and the company's website[84] Securities and Investments - The total amount raised from the listing was HKD 1,001,000,000, which is held in a segregated trust account[14] - The company raised a total of HKD 1,001.0 million from the issuance of Class A shares and warrants on December 23, 2022[51] - The company has not made any significant investments or acquisitions during the reporting period[61] - The company has not utilized any proceeds from the sale of securities as of January 1, 2024[69] - Approximately HKD 40.0 million was received from the sale of warrants, and HKD 2.5 million from the issuance of Class B shares[70] - The company has no foreign currency exposure as there are no significant financial assets or liabilities denominated in currencies other than its functional currency[65] - The company has no plans for significant investments or capital assets beyond those mentioned[63] - The company has not engaged in any buybacks or redemptions of its listed securities during the reporting period[73] Warrants and Share Structure - The company has issued a total of 100,100,000 Class A shares and 50,050,000 warrants as of December 31, 2024[12] - The exercise price for the outstanding founder warrants is HKD 11.5, with a weighted average remaining contract term of 0.98 years[49] - The fair value of each founder warrant is estimated at HKD 1.8059 based on a Monte Carlo simulation model[49] - The fair value of the warrants was approximately HKD 2,503,000 as of December 31, 2024, unchanged from the previous year[41] - The company recognized share-based payment expenses related to B shares and founder warrants of approximately HKD 94,250,000 for the year[45] Merger Specifics - The merger with Seyond Holdings Ltd. is set to establish the company as a wholly-owned subsidiary post-merger[24] - The PIPE investment agreement was signed on December 20, 2024, allowing third-party investors to purchase shares in the successor company[25] - The target company, Seyond Holdings Ltd., was incorporated on November 4, 2016, under Cayman Islands law[26] - The company plans to issue warrants to the sponsors at an issue price of HKD 1.00 per warrant upon the completion of the offering[25] - The merger plan will be filed with the Cayman Islands Registrar in accordance with the business combination agreement[26] - The company aims to convert each B class share held by sponsors into one fully paid A class share[26] - A lock-up agreement regarding the shares held by the target company's shareholders will be established on December 20, 2024[26] - The successor company's shares will be listed on the main board of the Hong Kong Stock Exchange[25]

TechStar Acquisition Corporation （於開曼群島註冊成立的有限公司） 股份代號：7855 權證代號：4855 2024 中期報告 目 錄 | --- | --- | --- | |-------|------------------------|-------| | | | | | | 公司資料 | | | | 管理層討論及分析 | | | | 其他資料 .. | 8 | | | 釋義 . | 18 | | | 損益及其他全面收益表 . | 22 | | | 財務狀況表. . | 23 | | | 權益變動表 . | 24 | | | 現金流量表. . | 25 | | | 中期財務報表附註 | 26 | 2 4 1 公司資料 | --- | --- | |----------------------------------------------------------------------------------------------------------|--------------------------------------------------------- ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 TechStar Acquisition Corporation （於開曼群島註冊成立的有限公司） （股份代號：7855） （權證代號：4855） 截至2024年6月30日止六個月 中期業績公告 TechStar Acquisition Corporation董事會欣然公佈本公司於截至2024年6月30日止 六個月的未經審核中期業績連同截至2023年6月30日止六個月的比較數字。 1 損益及其他全面收益表 截至2024年6月30日止六個月 | --- | --- | --- | --- | |---------------------------------|-------|--------------|--------------| | | | 截至 2024 年 | 截至 2023 年 | | | | 6 月 30 日止 | 6 月 30 日止 | | | | 六個月 | 六個月 | | | | （未 ...

Financial Performance - The company recorded a total loss of approximately HKD 99.8 million during the reporting period, primarily due to expenses related to equity-settled share payments associated with the completion of SPAC merger transactions[14]. - In 2023, the company's total revenue was approximately HKD 1,001.0 million, which has been deposited into a trust account in Hong Kong[41]. - The company incurred administrative expenses of approximately HKD 98.9 million during the reporting period, primarily related to expenses associated with the completion of the special purpose acquisition company (SPAC) transaction[39]. - The company's current liabilities as of December 31, 2023, were approximately HKD 1,094.7 million, mainly consisting of accrued expenses and other payables of approximately HKD 91.2 million[40]. - The company has no contingent liabilities as of December 31, 2023[48]. - The company has not issued any debt securities during the reporting period[100]. - The company will not declare any cash dividends prior to the completion of the special purpose acquisition company transaction[186]. - The board has decided not to recommend the distribution of any final dividend for the reporting period[186]. Capital and Funding - The total amount raised from the issuance of Class A shares and warrants was HKD 1,001.0 million[9]. - The company plans to utilize various funding sources for the SPAC transaction, including proceeds from the sale of B shares and investments from independent third-party investors[37]. - The company has a credit facility providing up to HKD 10.0 million for operational funding, which has not been drawn as of December 31, 2023[44]. - The company has a credit facility of up to HKD 10 million for operational funding, but no amounts were drawn during the reporting period[81]. - Approximately HKD 20.0 million was used to settle underwriting commissions related to the issuance of Class B shares and warrants[1]. - As of January 1, 2023, approximately HKD 6.4 million remains unutilized from the proceeds of the issuance of warrants and Class B shares[1]. Business Strategy and Operations - The company is focusing on potential business combinations in the new economy sectors of China, including innovative technologies and advanced manufacturing[10]. - The company is currently in the process of selecting and negotiating potential merger opportunities, with no binding agreements established yet[33]. - The company plans to manage operational expenses effectively during negotiations and due diligence for potential SPAC merger targets[17]. - The company has sufficient financial resources to meet its ongoing capital needs prior to the completion of any SPAC merger transactions[18]. - The company will continue to incur compliance-related expenses associated with being a publicly listed entity[13]. - The company has not entered into any revenue-generating transactions during the reporting period[32]. - The company has not conducted any significant business since its establishment, except for identifying potential acquisition targets for its SPAC transactions[91]. - The company is committed to continuously reviewing and adjusting its business strategies to respond to changing market conditions[1]. Market and Growth Outlook - Future outlook indicates a projected revenue growth of 15% for the next fiscal year, driven by new product launches and market expansion strategies[70]. - Market expansion plans include entering three new international markets by the end of 2024, targeting a 10% increase in global market share[68]. - A new product line is expected to launch in Q2 2024, with anticipated sales of $20 million in the first year[70]. - The company has set a performance guidance of $200 million in revenue for the upcoming quarter, reflecting a 20% increase from the previous quarter[70]. - The company expects to generate operational income only after the completion of the SPAC transaction[38]. Research and Development - The company is investing $50 million in research and development for new technologies aimed at enhancing operational efficiency[66]. Corporate Governance - The board of directors has approved a new compensation strategy aimed at aligning executive pay with long-term performance metrics[74]. - The company has established three board committees: audit committee, nomination committee, and remuneration committee to oversee specific aspects of its affairs[1]. - The company has adopted the corporate governance code as its own governance code[198]. - The board is responsible for fostering a corporate culture aligned with the company's vision and business strategy[199]. Shareholder Information - As of December 31, 2023, the total number of issued shares of the company is 125,100,000, which includes 100,100,000 Class A shares and 25,000,000 Class B shares[1]. - The interests of directors and senior management in the company's securities include 6,800,000 Class A shares and 10,000,000 Class B shares held by Mr. Ni Zhengdong, representing 6.79% and 40.00% of the respective classes[145]. - Mr. Li Zhu holds 3,400,000 Class A shares (3.40%) and 5,000,000 Class B shares (20.00%) in the company[145]. - Mr. Liu Weijie holds 850,000 Class A shares (0.85%) and 1,250,000 Class B shares (5.00%) in the company[145]. - Fortune Opportunity Fund holds 37,478,375 shares, representing 37.44% of class A shares and 29.96% of total issued shares[148]. - Ningbo Limited owns 18,805,875 shares, accounting for 18.79% of class A shares and 15.03% of total issued shares[148]. - Fountainhead Partners Fund VCC holds 9,350,000 shares, which is 9.34% of class A shares and 7.47% of total issued shares[148]. - CENTURY PRIVATE WEALTH MANAGEMENT PTE. LTD. owns 9,336,250 shares, representing 9.33% of class A shares and 7.46% of total issued shares[149]. - CNCB AM TS holds 8,750,000 shares, accounting for 35.00% of class B shares and 6.99% of total issued shares[151]. - Hony Capital Group Limited owns 7,590,000 shares, representing 7.58% of class A shares and 6.07% of total issued shares[150]. - United Strength Honor Limited holds 7,590,000 shares, which is 7.58% of class A shares and 6.07% of total issued shares[150]. - Cinda Sinorock Global Portfolio Limited Partnership I owns 9,336,250 shares, accounting for 9.33% of class A shares and 7.46% of total issued shares[149]. - CNCB AM TS also holds 5,950,000 shares, representing 5.94% of class A shares and 4.76% of total issued shares[150]. - ZCL TechStar owns 3,750,000 shares, accounting for 15.00% of class B shares and 3.00% of total issued shares[151]. - JQ Brothers Ltd., Zero2IPO Acquisition, 清科香港, and 清科集團 each hold 3,750,000 shares, representing 15.00% of the class shares and 3.00% of the total issued shares[1]. - INNO SPAC holds 35,000,000 shares, accounting for 20.00% of the class shares and 3.99% of the total issued shares[1]. Compliance and Risk Management - The company has not adopted any share plans since its incorporation[105]. - The company has not been involved in any significant non-compliance events during the reporting period[185]. - The company faces risks related to the inability to announce or complete a merger transaction within specified timeframes[80]. - There were no related party transactions or significant contracts established during the reporting period[85]. - The company has not made any charitable donations during the reporting period[1]. - The financial statements for the reporting period have been audited by Hong Kong Lixin Dehao Certified Public Accountants Limited[192]. - The annual general meeting of shareholders is scheduled for May 31, 2024[187]. - The company has maintained the public float required by listing rules as of the report date[191].

Financial Performance - The company reported a total loss of approximately HKD 99.8 million for the period, primarily due to expenses related to equity-settled share payments associated with the SPAC merger transaction[37]. - The company incurred a net loss of approximately HKD 99.8 million during the reporting period, which is mainly attributed to costs related to the SPAC merger transaction[37]. - For the fiscal year ending December 31, 2023, the company reported a total revenue of HKD 0, with an operating loss before tax expenses of HKD (99,849,000), compared to an operating loss of HKD (72,134,000) for the period from April 11, 2022, to December 31, 2022[95][96][98]. - The company incurred administrative expenses of HKD (98,861,000) for the year ending December 31, 2023, significantly higher than HKD (2,373,000) for the previous period[96]. - The company reported a net loss of HKD (99,849,000) for the year ending December 31, 2023, compared to a net loss of HKD (72,134,000) for the previous period, resulting in a basic and diluted loss per share of HKD (3.994) compared to HKD (3.823)[96][98]. Assets and Liabilities - As of December 31, 2023, the company's current liabilities amounted to approximately HKD 1,094.7 million, which includes accrued expenses and other payables of about HKD 91.2 million and the book value of redeemable Class A shares of HKD 1,001.0 million[38]. - The company recorded net current liabilities of HKD 1,091.9 million and net liabilities of HKD 35.67 million as of December 31, 2023[12]. - As of December 31, 2023, the company's non-current assets amounted to approximately HKD 1,056.2 million, all of which are restricted bank deposits[52]. - The company’s total liabilities as of December 31, 2023, were HKD 1,094,713,000, compared to HKD 1,070,734,000 in the previous year, indicating a slight increase in liabilities[97]. - The company’s net current liabilities were HKD (1,091,909,000) as of December 31, 2023, compared to HKD (1,030,813,000) in the previous year, reflecting an increase in net liabilities[97]. Revenue Generation and Business Strategy - The company has not generated any operational revenue prior to the completion of the SPAC merger transaction, and it expects to earn non-operational income from interest generated from the proceeds of Class B shares and warrants[36]. - The company has not generated any revenue during the reporting period and expects to generate operating income only after the completion of its special purpose acquisition company transaction[51]. - The company plans to focus on technology companies in the new economy sectors, such as innovative technologies, advanced manufacturing, healthcare, life sciences, entertainment, consumer goods, e-commerce, green energy, and climate action industries in China[33]. - The company will continue to focus on its business strategy as outlined in its listing documents, with no significant investment or capital asset plans other than for the special purpose acquisition company transaction[40]. - The company is currently in discussions regarding potential business combination opportunities but has not entered into any binding agreements for specific transactions[49]. Cash Flow and Financing - The company’s cash and operating capital are currently insufficient, and management plans to address this issue through loan financing provided by joint sponsors[12]. - The company has a loan facility providing up to HKD 10.0 million in working capital, with no amounts drawn as of December 31, 2023[55]. - The total amount raised from the listing is HKD 1,001,000,000, which has been deposited into a segregated trust account in Hong Kong[105]. - The company has confirmed share-based payment expenses related to Class B share conversion rights and founder warrants of approximately HKD 83,256,000 and HKD 10,736,000 respectively[44]. - The company anticipates significant costs in evaluating potential SPAC merger targets and negotiating transactions, funded through various sources including proceeds from the issuance of shares and investments from third-party investors[177]. Corporate Governance and Compliance - The company maintains a high standard of corporate governance to protect shareholder interests and enhance corporate value[61]. - The company anticipates continuing to incur expenses related to compliance with listing requirements, including legal, financial reporting, accounting, and audit compliance costs[36]. - The company has no independent reportable segments and was established to facilitate the completion of SPAC merger transactions[25]. - The company’s financial statements are prepared in accordance with all applicable International Financial Reporting Standards and the disclosure requirements of the Hong Kong Companies Ordinance[149]. - The company has not declared or proposed any dividends for the year ended December 31, 2023[132]. Future Outlook - The expected SPAC merger date is between December 2023 and December 2024, with an anticipated expiration date five years after the merger date[194]. - The company will continue to monitor global and Chinese economic conditions closely, aiming to identify potential SPAC merger targets while managing risks prudently[196]. - The company has a 36-month period to complete the special purpose acquisition company merger transaction, which began upon listing[146]. - The company is still in the process of selecting and negotiating potential business combination opportunities as of December 31, 2023[115]. - There is no significant foreign currency risk exposure as the company does not hold major financial assets or liabilities denominated in currencies other than its functional currency[182].