Core Viewpoint - The article discusses the upcoming listing of the lidar solution provider, TuDatong, on the Hong Kong Stock Exchange through a De-SPAC process, highlighting its market position and financial performance. Company Overview - TuDatong is a leading company in designing, developing, and producing automotive-grade lidar solutions, ranking fourth globally with a market share of 12.8% in ADAS lidar solution sales, delivering approximately 230,000 units in 2024 [6][8]. - The company was founded in 2016 by Dr. Bao and Dr. Li, initially operating in the United States before entering the Chinese market in 2018 to leverage emerging market opportunities [6][7]. Technology and Product Development - TuDatong utilizes a 1,550 nm short-wave infrared laser for long-distance detection and has developed a dual-axis mirror scanning technology, which it considers the best architecture for forward-looking lidar [6]. - The company has launched several lidar product series, including the Cheetah series in 2018 and the Falcon series in 2020, and has strategically chosen a 905 nm system for urban low-speed applications [6][9]. Market Position and Client Base - The company has delivered over 533,000 automotive-grade lidar solutions and has secured design approvals from 14 Chinese OEMs focused on commercial vehicles, passenger electric vehicles, and ride-hailing services [8][9]. - NIO is the largest customer, accounting for 88.7% to 91.6% of TuDatong's revenue from 2022 to 2024, with agreements in place for lidar solutions across nine vehicle models [13][14]. Financial Performance - TuDatong's revenues were $66.3 million, $121 million, and $160 million for 2022, 2023, and 2024, respectively, with losses of $188 million, $219 million, and $398 million during the same periods [16]. - The company has shown a trend of narrowing gross losses, achieving a gross profit of $670,000 in 2024, and has delivered approximately 181,131 units in the first nine months of 2025, a 7.7% increase year-over-year [16]. Fundraising and Future Plans - The net proceeds from the SPAC transaction are estimated to be approximately HKD 474 million, with plans to allocate 60% for R&D, 20% for upgrading production lines, and 10% each for global expansion and general corporate purposes [17][18].