Seyond's de-SPAC Listing Becomes Hong Kong's Largest to Date

A&O Shearman advised the sponsors and overall coordinators, Zero2IPO Capital, CITIC Securities and China Securities International, on the successful listing of Seyond Holdings Ltd. (Seyond) on the Hong Kong Stock Exchange by way of a de‑SPAC transaction. The transaction marks the third completed de‑SPAC in Hong Kong and, by deal size, the largest to date. A&O Shearman has now advised on two of the three Hong Kong de‑SPAC listings, including the listing of ZG Group in March 2025. The deal combined TechStar Acquisition Corporation, a special purpose acquisition company established to pursue business combinations in high‑growth new economy sectors, with Seyond. As a result of the combination, Seyond became the publicly traded successor at an implied valuation of approximately USD 1.67 billion. Seyond’s shares commenced trading on the HKEX on 10 December 2025. Zero2IPO Capital, CITIC Securities and China Securities International acted as joint sponsors and overall coordinators. TechStar was incorporated as a SPAC with a focus on merging with businesses in innovative technology, advanced manufacturing, healthcare, life sciences, green energy and e‑commerce. Seyond is a global leader in the design, development and production of automotive‑grade LiDAR solutions, providing systems for autonomous driving as well as other automotive and non‑automotive applications. A&O Shearman represented the sponsors and overall coordinators, Zero2IPO Capital, CITIC Securities and China Securities International, with a team composed by: Partner Jonathan Hsui (Hong Kong SAR); Partner Kyungwon (Won) Lee (Hong Kong SAR); Senior Associate Matthew Chan (Hong Kong SAR); Registered Foreign Lawyer Alice Tang (Hong Kong SAR); Legal Manager Tim Qiao (Hong Kong SAR); and Paralegal Mason Zhang (Allen & Overy Lang Yue (FTZ) Joint Operation Office, Shanghai).

Seyond's de-SPAC Listing Becomes Hong Kong's Largest to Date

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