Core Viewpoint - TechStar Acquisition Corporation is in the final stages of merging with Seyond Holdings (Tuda Technology), which has passed the Hong Kong Stock Exchange listing hearing, marking it as the third lidar company to go public in Hong Kong after Hesai and RoboSense [2] Financial Performance - Tuda Technology reported revenues of $66.3 million, $121.1 million, and $159.6 million for the years 2022, 2023, and 2024 respectively, with losses of $188.2 million, $219 million, and $398.2 million during the same periods [3][4] - For the first five months of 2025, Tuda Technology generated $51.96 million in revenue and incurred a loss of $21.49 million [4][5] - The gross profit for the first five months of 2025 was $6.71 million, with a gross margin of 12.9%, a significant improvement from previous periods where gross margins were negative [5][6] Product and Market Position - Tuda Technology's primary product, the Falcon lidar, contributed $48.09 million in revenue, accounting for 92.5% of total revenue as of May 31, 2025 [8][12] - The company has established long-term procurement agreements with NIO, which has chosen Tuda Technology's lidar solutions for nine of its models, leading to significant revenue contributions from NIO [13][14] - Tuda Technology's market share in ADAS lidar solutions was 12.8% in 2024, ranking fourth globally [14] Investment and Shareholding Structure - Tuda Technology has entered into a PIPE investment agreement totaling approximately HKD 551 million, with major investments from Huangshan Jian Investment Capital, Fucai, and Zhuhai Hengqin Huagai [15] - The company's shareholding structure post-IPO indicates that founder Dr. Bao Junwei will control approximately 13.70% of the voting rights through various entities [21][23] Leadership Background - The founders of Tuda Technology, Dr. Bao Junwei and Dr. Li Yimin, previously worked at Baidu, where they were involved in the development of autonomous driving technologies [19]