Core Viewpoint - Seyond Holdings Ltd. (referred to as "图达通") is advancing its De-SPAC listing process on the Hong Kong Stock Exchange, having established itself as a leading provider of automotive-grade LiDAR solutions since its inception in 2016 [2]. Group 1: Company Overview - 图达通 is the world's first company to achieve mass production of automotive-grade LiDAR solutions and has deployed over 10,000 units in vehicles [2]. - The company is the only one globally to have mature mass production capabilities for both 1550nm and 905nm LiDAR technologies [2]. - The new generation solid-state LiDAR, the "Hummingbird D1," positions 图达通 as one of the first to introduce solid-state technology into mass production for passenger vehicles [2]. Group 2: Market Position and Customer Base - 图达通 is projected to deliver approximately 230,000 automotive-grade LiDAR units in 2024, ranking second globally in sales revenue for ADAS LiDAR solutions during the historical period from 2022 to 2024, with a market share of 20.7% in China [2]. - The customer base has been continuously optimized, covering various sectors from passenger vehicles to robotics [3]. - In the passenger vehicle sector, 图达通 has deepened its collaboration with NIO, with over 500,000 units delivered across nine models [3]. - The company has established stable partnerships in the commercial vehicle and logistics sectors with firms like Deepway, Shaanxi Heavy Truck, and Pony AI, among others [3]. - Recently, 图达通 secured additional orders from ten OEMs and ADAS/ADS companies, including three state-owned automotive manufacturers and a leading joint venture [3]. Group 3: Financial Performance - 图达通's profitability is improving, with a gross profit of $3.197 million and a gross margin of 12.6% in Q1 of this year, continuing the positive trend from Q4 2024 [3]. - Significant cost improvements were noted, with costs in Q1 2025 dropping by 36.9% year-over-year, from $35.023 million to $22.099 million, driven by product design optimization and increased procurement scale [4]. - The estimated valuation for the De-SPAC transaction is set at HKD 11.7 billion, with PIPE investors contributing approximately HKD 553.1 million [4]. Group 4: Future Plans - The net proceeds from the De-SPAC fundraising will primarily be used for R&D of new LiDAR architectures, hardware and software upgrades, production line enhancements, global expansion, and general corporate purposes [4].

Group 1: SPAC Market Performance - The SPAC IPO market in the U.S. has shown strong performance in early 2025, with 62 SPACs completing listings, surpassing the total of 57 for all of 2024, representing an 8.8% year-on-year increase [2] - The total fundraising amount reached $10.8 billion, nearly six times that of the same period last year, with an average fundraising of $180 million and a median of $200 million, indicating a significant leap in scale [2] - In the first half of 2025, 23 SPACs completed merger transactions valued at approximately $22.5 billion, with 21 more seeking new merger targets, reflecting a focus on both quantity and quality in the SPAC market [5][6] Group 2: Chinese Companies in the U.S. SPAC Market - In 2024, 25 Chinese companies successfully entered the U.S. market through the De-SPAC process, while 4 Chinese companies have already utilized this method to list in the U.S. by June 30, 2025 [6] - The industry distribution of Chinese companies entering the U.S. market through De-SPAC in the first half of 2025 includes traditional sectors like manufacturing and technology, as well as emerging areas such as consumer upgrades and gaming [7] - The trend indicates a deep integration of capital and industry, with several Chinese companies currently in the SPAC listing process in the U.S. [7] Group 3: Market Trends and Future Outlook - The new regulations on Nasdaq are accelerating the capital-raising process for companies, and the efficiency of the China Securities Regulatory Commission's filing system is improving, suggesting that more Chinese companies will enter the U.S. market via De-SPAC in the second half of 2025 [8] - The average listing cycle for SPACs has shortened to 6-12 months, attracting more high-growth companies to choose this "fast track" for market entry [8] Group 4: De-SPAC Process and Financial Disclosure Requirements - The De-SPAC process involves several stages, including preparation, agreement and filing, regulatory review, and final listing, with timelines ranging from 3 to 8 months for regulatory review [13][21] - Recent upgrades in financial disclosure rules for De-SPAC transactions focus on dilution effects, financial forecasts, and compliance with reporting standards, aligning more closely with traditional IPO requirements [21][24] - Companies undergoing De-SPAC must fulfill dual disclosure obligations to both the Chinese and U.S. regulatory bodies, with significant penalties for any false statements or violations [24]