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].

Core Insights - TudaTong (Seyond) has passed the hearing of the Hong Kong Stock Exchange, joining Hesai and Suton in the laser radar market [1] Company Performance - In the first nine months of 2025, TudaTong delivered approximately 181,000 automotive-grade laser radars, marking a year-on-year growth of 7.7% [3] - The company achieved positive gross profit for four consecutive quarters from Q4 2024 to Q3 2025, indicating improved scale effects and refined management [3] Product and Market Strategy - TudaTong's main automotive-grade laser radar, "Falcon," has delivered over 600,000 units, showcasing its top-tier performance and stable mass delivery capabilities [4] - The company has diversified its customer base, securing contracts with three Chinese state-owned automotive manufacturers and a leading joint venture, expected to contribute to sales from the end of 2025 [4] - TudaTong's product applications have expanded beyond passenger vehicles to commercial vehicles and robotics, receiving mass production orders from industry players like DeepWay and Shaanxi Heavy Duty Truck [4] Industry Positioning - The competition among laser radar companies is evolving from a focus on performance parameters to a comprehensive assessment of product matrix integrity, stable mass delivery, and product maturity [5] - TudaTong is one of the few companies achieving large-scale production of both high-performance 1550nm and cost-effective 905nm laser radars, establishing a complete product matrix covering high-end to mainstream markets [5] - The company is at the forefront of developing pure solid-state laser radars, with its next-generation product, the Hummingbird D1, already receiving mass production orders from leading manufacturers [6] Market Outlook - As the global automotive industry shifts from electrification to intelligence, the demand for laser radars as core sensors is expected to experience explosive growth [6] - TudaTong's technological foresight, stable mass delivery capabilities, and mature market experience position it well to seize market opportunities [6]

Group 1: Tuda Technology's IPO Progress - Tuda Technology has passed the Hong Kong Stock Exchange hearing, indicating readiness for public listing [1] - The company delivered approximately 181,000 automotive-grade LiDAR units in the first nine months of 2025, representing a year-on-year growth of 7.7% [1] - Tuda Technology achieved positive gross profit for four consecutive quarters from Q4 2024 to Q3 2025, with cumulative deliveries of its main LiDAR product "Falcon" exceeding 600,000 units [1] Group 2: Anker Innovations' IPO Announcement - Anker Innovations announced plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange [2] - The company aims to consider the interests of existing shareholders and market conditions to choose an appropriate timing for the issuance [2] - This move is part of Anker's strategy to establish an "A+H" platform, enhancing international financing channels and global brand recognition [2] Group 3: Axbio International's Listing Application - Axbio International has submitted a listing application to the Hong Kong Stock Exchange, with joint sponsors being CICC and PSBC International [3] - The company specializes in molecular diagnostic instruments and biochips, holding a leading position in this field since its establishment in 2016 [3] - Axbio's product portfolio includes a microarray chip analyzer, two EL-NGS gene sequencers, and various testing kits, all developed in-house [3] Group 4: Copper Master’s Listing Application - Copper Master has submitted a listing application to the Hong Kong Stock Exchange, with CMB International as the exclusive sponsor [4] - The company focuses on integrating traditional craftsmanship with modern design, developing copper cultural products [4] - As of the end of 2024, Copper Master is projected to hold a 35.0% market share in China's copper cultural craft product market, ranking first by total revenue [4]