Baker McKenzie Advises TechStar Acquisition on De‑SPAC Transaction with Seyond and Related Equity Financing

Baker McKenzie, in cooperation with FenXun through the Baker McKenzie FenXun joint operation, advised TechStar Acquisition Corporation on its de‑SPAC business combination with Seyond Holdings Ltd and on the related private equity financings. The transaction involved TechStar entering into a business combination agreement with Seyond, under which Seyond became the publicly traded successor with a valuation of approximately HKD 12.99 billion (USD 1.67 billion). Concurrent private equity financings raised approximately HKD 1,038.2 million (USD 133.1 million) in gross proceeds. The deal closed on 10 December 2025; TechStar’s shares and warrants were delisted and Seyond’s shares commenced trading on the Hong Kong Stock Exchange the same day. The transaction is the third completed de‑SPAC in Hong Kong to date and, by deal size, the largest. TechStar is a special purpose acquisition company focused on mergers with businesses in high‑growth new economy sectors, including innovative technology, advanced manufacturing, healthcare, life sciences, green energy and e‑commerce. Seyond is principally engaged in the design, development and production of automotive‑grade LiDAR solutions and ranks fourth globally by sales revenue for advanced driver assistance system (ADAS) LiDAR solutions. Baker McKenzie represented TechStar Acquisition Corporation as Hong Kong and US legal adviser with a team composed by: Dan Ouyang (Partner and Co‑chair, Asia Pacific and China Capital Markets Practices), Winfield Lau (Partner), Giselle Ma, Michael Chau, Layla Du and Philip Chi. FenXun (Baker McKenzie FenXun joint operation) represented TechStar Acquisition Corporation with a team composed by: Zhenzhen Bao (International Capital Markets Practice).

Baker McKenzie Advises TechStar Acquisition on De‑SPAC Transaction with Seyond and Related Equity Financing

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