Seyond Holdings HK$11.7 Billion de-SPAC Business Combination and Concurrent Private Placement

Davis Polk advised Seyond Holdings Ltd. in connection with its business combination with TechStar Acquisition Corporation. The transaction is a de‑SPAC business combination that values Seyond at a pre‑money equity value of HK$11.7 billion. The business combination was accompanied by a concurrent private placement exceeding HK$900 million. Seyond is described as a global leader in the design, development and production of automotive‑grade light detection and ranging (LiDAR) solutions, providing automotive‑grade LiDAR for autonomous driving and other automotive and non‑automotive application scenarios. TechStar is a special purpose acquisition company (SPAC) focused on identifying high‑growth enterprises in China’s "new economy" sector, including but not limited to innovative technology, advanced manufacturing, healthcare, life sciences, culture and entertainment, consumer and e‑commerce, and green energy and climate action industries that align with national economic trends and industrial policies. Davis Polk represented Seyond Holdings Ltd. with a team composed by: partners Li He, Jason Xu and Ran Li; counsel — registered foreign lawyer Jennifer (Yujia) Jiang; associates Calvin Lam, Yi Kai Sit and Andrew Pu; registered foreign lawyer Jed Rothstein; counsel Matthew R. Silver (provided 1940 Act advice); and counsel Alon Gurfinkel (provided tax advice). Members of the Davis Polk team were based in the Hong Kong, Beijing, New York and London offices.

Seyond Holdings HK$11.7 Billion de-SPAC Business Combination and Concurrent Private Placement

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