Core Viewpoint - The successful listing of Seyond (图达通) on the Hong Kong Stock Exchange through the De-SPAC method marks a significant milestone for the company and the hard technology sector, achieving a market value exceeding HKD 20 billion on its opening day [1][10]. Company Overview - Founded in 2016 by Baidu's former executive Bao Junwei and Li Yimin, Seyond specializes in the development and mass production of lidar technology, specifically focusing on both 1550nm and 905nm wavelength products [2][3]. - The company aims to address the challenges of mass production in the automotive lidar market, positioning itself as a leader in the field [3][4]. Challenges and Breakthroughs - In its early years, Seyond faced significant challenges, including high R&D costs and skepticism from the automotive industry regarding lidar technology's feasibility and cost [3]. - A pivotal moment occurred in 2020 when NIO announced that its flagship model ET7 would feature Seyond's 1550nm lidar, leading to a substantial revenue increase of 1341% in 2021 [3]. Product Strategy - Seyond has developed a product matrix that includes three main series: Falcon, Robin, and Hummingbird, focusing on both automotive and non-automotive applications [4]. Listing Journey - The company’s listing journey involved a complex De-SPAC process with TechStar Acquisition Corporation, which raised approximately HKD 1 billion during its IPO [7]. - The De-SPAC method offers advantages such as time certainty, transparent valuation, and controlled costs, making it an attractive option for companies seeking to go public [7]. Investment and Market Position - Seyond has attracted a diverse group of investors, including notable firms such as CICC Capital and Temasek, raising a total of HKD 553 million in strategic investments [8][9]. - The company is projected to deliver over 230,000 automotive-grade lidar units in 2024, ranking second globally in sales revenue for ADAS lidar solutions [9]. Industry Context - The successful listing of Seyond reflects a broader trend of increasing interest in Chinese technology assets, particularly in sectors like autonomous driving, where companies are transitioning from followers to equal competitors in the global market [10][12].

Core Viewpoint - The article highlights the successful listing of TuDatong (Seyond) on the Hong Kong Stock Exchange through the De-SPAC model, marking a significant milestone for the company and the hard technology sector in China [2][12]. Company Overview - TuDatong was founded in 2016 by technical experts Baijunwei and Li Yimin, focusing on the development and mass production of laser radar technology, which is crucial for autonomous driving [3][4]. - The company has achieved a market capitalization exceeding 20 billion HKD after its stock surged over 60% on its debut [2]. Development Journey - The founders faced significant challenges during the early stages, including high R&D costs and skepticism from the automotive industry regarding the feasibility of laser radar technology [5]. - A pivotal moment occurred in 2020 when NIO announced that its flagship model ET7 would feature TuDatong's 1550 nm laser radar, leading to a revenue increase of 1341% in 2022 [6]. Listing Process - TuDatong's listing was facilitated by Tech Star SPAC, which raised approximately 1 billion HKD and completed the merger with TuDatong, making it the first hard technology company to go public via the De-SPAC route [7][8]. - The De-SPAC model offers advantages such as time certainty, transparent valuation, and controlled costs, making it an attractive option for companies seeking to go public [8]. Investment Landscape - TuDatong has attracted a strong lineup of investors, including prominent firms like CICC Capital and Gao Rong Venture Capital, which have supported the company since its early days [10]. - The company is positioned to deliver over 230,000 vehicle-grade laser radars in 2024, ranking second globally in sales revenue for ADAS laser radar solutions [11]. Market Context - The article reflects a broader trend of increasing interest in Chinese technology assets, particularly in sectors like autonomous driving, where companies like TuDatong are gaining recognition for their technological advancements [12][13]. - The successful listing of TuDatong is seen as part of a larger narrative of value reassessment for Chinese tech companies on the global stage [12][13].