New Stock News | Tudatong files for shell listing on HKEx, ADAS Lidar solution sales revenue ranks first in the world in 2023

According to the disclosure by the Hong Kong Stock Exchange on February 12th, Techstaracq-Z applied for a backdoor listing on the Hong Kong Stock Exchange. At the end of December last year, TECHSTARACQ-Z Acquisition Corporation (abbreviated as TECHSTARACQ-Z (07855)) announced that it had signed a business merger agreement with Seyond Holdings Ltd. (abbreviated as Seyond) and its wholly-owned subsidiary Merger Sub, reaching a Special Purpose Acquisition Company merger transaction (SPAC merger). The Hong Kong Stock Exchange disclosure showed that on December 20, 2024, TECHSTARACQ-Z entered into a business merger agreement with Seyond (the target company) and Merger Sub (the target company's wholly-owned subsidiary) regarding the merger; (2) entered into a PIPE investment agreement with the target company and PIPE investors; (3) entered into a lock-up agreement with the target company and sponsors; (4) entered into a lock-up agreement with the target company and a member of the target company's largest shareholder group; and (5) revised the listing warrant of TECHSTARACQ-Z. The SPAC merger transaction will result in TECHSTARACQ-Z merging its operations with the target group, with the target company as the resulting entity listed on the Hong Kong Stock Exchange. Seyond is a global leader in designing, developing, and manufacturing automotive-grade LiDAR solutions. According to Zeo Insight Consultancy, in 2023, Seyond delivered a total of over 147,000 automotive-grade LiDAR units, making it the global leader in sales revenue of ADAS LiDAR solutions in 2023. As of the last practicable date, Nio has chosen to adopt Seyond's LiDAR solutions in nine of its vehicle models.