Group 1 - The core point of the news is that TuDatong, a leading laser radar company in mainland China, has successfully passed the listing hearing and plans to merge with SPAC TechStar at a valuation of HKD 11.7 billion, marking the third De-SPAC case in the Hong Kong market [1] - TuDatong is expected to be listed on the main board of the Hong Kong Stock Exchange on December 10, joining other prominent laser radar companies like Hesai and Suton [1] - The company has secured approximately HKD 551.3 million from PIPE investors, including significant investments from Huangshan Construction Investment and Gong Hongjia's Fucai [1] Group 2 - Founded in 2016, TuDatong is a global leader in designing, developing, and producing automotive-grade laser radar solutions, with a product range that includes "Falcon," "Lynx," and "Jaguar" [2] - The company is projected to deliver over 230,000 automotive-grade laser radars in 2024, ranking fourth globally in sales revenue for ADAS laser radar solutions with a market share of 12.8% [2] - TuDatong has established stable partnerships in commercial vehicles and robotics, securing large orders from leading companies in logistics and sanitation applications [2] Group 3 - NIO is the largest customer for TuDatong during the reporting periods, with revenue from NIO accounting for 88.7%, 90.6%, 91.6%, and 86.2% of total revenue from 2022 to 2024 and the first five months of 2025, respectively [3] - TuDatong has been the exclusive supplier of laser radar solutions for NIO since 2022, having entered into two long-term framework procurement agreements with the company [3]