Seyond Holdings made its debut on the Hong Kong stock market today, with its shares rising in morning trading as investor interest in smart driving hardware remained firm.
As of press time, the stock was up 7.5% at HK$10.75 per share, valuing the company at about HK$14.6 billion ($1.88 billion). The LiDAR manufacturer raised HK$1.03 billion through the listing, with proceeds earmarked for strengthening research and development and expanding its global market presence.
The company becomes the third Chinese LiDAR maker to list in Hong Kong, following RoboSense Technology and Hesai Group. Unlike its peers, Seyond went public through a merger with special purpose acquisition company (SPAC) TechStar Acquisition Corporation.
Founded in 2016, Seyond operates research and development centers in Silicon Valley, Suzhou and Shanghai, and runs manufacturing facilities in Ningbo and Suzhou. The company was previously known as Innovusion before rebranding as Seyond in December 2023.
Seyond has recently made progress in broadening its customer base beyond a single core automaker. In November, Leapmotor launched the Lafa 5 electric hatchback, with some variants equipped with Seyond’s LiDAR products, marking the first time its technology has been adopted in a non-exclusive application.
Earlier this year, the company also announced a partnership with a leading Chinese automotive group to exclusively supply its 905 nm Robin Series E1X LiDAR products to multiple brands under the group’s umbrella, signaling a push toward wider commercialization of its autonomous driving sensors.