Seyond Holdings, a LiDAR supplier to Nio, has cleared the Hong Kong Stock Exchange’s listing hearing, paving the way for trading to begin on December 10, according to a filing document on Wednesday.
Seyond will become the third Chinese LiDAR manufacturer to debut in Hong Kong, following RoboSense Technology (HKG: 2498), which listed on January 5, 2024, and Hesai Group, which went public on September 16 this year. Unlike the other two, Seyond’s listing will take place through a merger with special purpose acquisition company (SPAC) TechStar Acquisition Corporation.
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Founded in 2016, Seyond—formerly known as Innovusion until its rebranding in December 2023—operates R&D centers in Silicon Valley, Suzhou, and Shanghai, with manufacturing bases in Ningbo and Suzhou. The company’s LiDAR products entered mass production when Nio began deliveries of its ET7 sedan on March 28, 2022. Since then, all Nio models have been equipped with Seyond’s LiDAR systems, with some vehicles featuring up to three units. However, Nio’s Onvo and Firefly sub-brands do not use LiDAR sensors.
Seyond’s business remains heavily dependent on Nio, which has been its exclusive LiDAR customer to date. The company reported revenue of $66.3 million, $121 million, $160 million, $51.6 million, and $52 million for 2022, 2023, 2024, and the five months ended May 31, 2024 and 2025, respectively. Revenue from Nio accounted for over 86 percent of total income during these periods.
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In 2024, Seyond delivered around 230,000 automotive-grade LiDAR units, ranking fourth globally in sales revenue for Advanced Driver Assistance System (ADAS) LiDAR solutions with a market share of 12.8 percent. Late last month, Hesai filed a lawsuit against Seyond for alleged patent infringement involving its Robin E1X LiDAR, which was unveiled at CES 2025, according to local media outlet Yicai.