Company Name: Seyond Holdings Ltd.

Date of Prospectus: August 2025 (Latest Practicable Date: August 15, 2025)

Seyond Holdings Ltd. Launches Hong Kong IPO: In-Depth Investor Analysis, Offer Structure, Financials, and Outlook

Seyond Holdings Ltd. (IPO Symbol: not explicitly disclosed) is set to debut on the Main Board of the Hong Kong Stock Exchange in 2025, following a high-profile De-SPAC transaction with TechStar Acquisition Corporation. This comprehensive analysis distills all key facts, figures, and risks directly from the official prospectus, enabling investors to assess the opportunity and likely listing-day dynamics.

IPO Snapshot: Seyond Holdings Ltd. Hong Kong Listing

Seyond Holdings Ltd. is seeking a listing through a De-SPAC merger with TechStar Acquisition Corporation. The transaction will result in Seyond Holdings becoming a publicly traded entity on the Main Board of the Hong Kong Stock Exchange.

• IPO Symbol: Not explicitly disclosed
• Offer Price: HK\$10.00 per share
• Total Offer Size: Up to HK\$500,000,000 through Permitted Equity Financing, plus PIPE investments; aggregate PIPE Investment Shares: 55,130,000
• Number of Shares Offered (PIPE + Public): 55,130,000 (PIPE), up to additional through Permitted Equity Financing (exact split not provided)
• Post-IPO Outstanding Shares: 1,360,240,000 shares immediately after closing

Dividend Policy: No dividend policy or payout ratio commitment disclosed.

Use of Proceeds:

• R&D
• Building manufacturing facilities
• Business expansion
• General working capital

Approximately 98% of funds from prior pre-listing investments have already been utilized, demonstrating a strong growth-driven use of capital. The new proceeds are similarly earmarked for expansion and operations, underlining a **growth-oriented story** [[227]].

Investor Participation & Book Quality

PIPE Investors: Independent third-party investors. No specific anchor or cornerstone investors are listed by name. All PIPE Investment Shares are to be subscribed at HK\$10.00 per share [[63]].

Pre-Listing Investors: A diverse set of institutional and strategic investors participated across rounds, including:

• Honour Key Limited
• Dahlia Investments PTE. LTD.
• ERVC Technology IV LP
• Banyan Partners Fund II, L.P.
• Other major funds and individuals (full list in prospectus)

Book Quality: The requirement for a minimum of 100 Professional Investors at listing and the size of PIPE and pre-listing allocations suggest broad institutional interest. No oversubscription metrics are disclosed at the prospectus stage.

Deal Parties & Structure

This large-scale De-SPAC transaction brings together prominent financial institutions as sponsors and coordinators:

• Joint Sponsors: Zero2IPO Capital Limited, CITIC Securities (Hong Kong) Limited, China Securities (International) Corporate Finance Company Limited
• Overall Coordinators: Zero2IPO Securities Limited, CLSA Limited, China Securities (International) Corporate Finance Company Limited
• Sponsor-Overall Coordinator: China Securities (International) Corporate Finance Company Limited

All parties are recognized for their roles in major Hong Kong listings. The fixed and discretionary fee structure for coordinators is 3.5% and up to 1% of gross proceeds, respectively [[666]].

Stabilization/Over-allotment: No explicit greenshoe or stabilization mechanism is described.

Company Overview: Business Model, Market Position, and Financial Profile

Seyond Holdings Ltd. (formerly Innovusion Holdings Ltd.) is a technology company headquartered in the Cayman Islands with core operations in China.

• Business Model: Focused on advanced LiDAR (Light Detection and Ranging) solutions for intelligent vehicles, smart infrastructure, and industrial applications
• Revenue Streams: Sales of LiDAR hardware, integrated systems, and supporting software; primarily to automotive OEMs, smart city projects, and industrial clients
• Key Products: High-performance, automotive-grade LiDAR sensors and solutions
• Customer Segments: Major auto manufacturers (notably, partnerships with NIO Inc.), infrastructure operators, and industrial automation firms
• Geographic Focus: China and global emerging markets

Industry Definition & Size: The company operates in the new economy technology sector in China, with a focus on automotive and smart infrastructure. Specific sector size not provided, but the company is positioned in a high-growth, innovation-driven segment [[13]].

Competitive Advantages:

• Alignment with national industrial policies and long-term economic trends
• Distinct product differentiation, high technological barriers, and IP portfolio
• Strong management team and commitment to ESG values
• Established partnerships with leading automakers and technology ecosystems

Financial Highlights

Note: The prospectus does not disclose specific revenue, net profit, or margin figures in the summary or main sections. Investors should refer to Appendix I for detailed financials.

Management Team

• Directors: Dr. Bao (Chairman), Mr. NI Zhengdong, Mr. LI Zhu, Mr. LAU Wai Kit, and others
• Senior Management: Experienced team with backgrounds in technology, finance, and operations
• Corporate Governance: The company commits to full compliance with Hong Kong’s Corporate Governance Code, with the exception of code provision C.2.1 [[442]]

Trends, Timing & Market Environment

Sector & Timing: Seyond is launching its IPO at a time of **favorable macro trends** for high-tech automotive and smart infrastructure solutions in China, benefiting from national industrial policies and strong demand for innovation.

Offer and Listing Dates: EGM to be held in 2025; exact listing date not disclosed.

Economic Environment: Prospectus highlights alignment with growth sectors, with no sector-specific macroeconomic headwinds flagged.

Recent Company Developments:

• Multiple rounds of successful pre-listing investments at rising valuations (from US\$13 million post-money in 2016 to US\$1.4 billion in 2023) [[222]]
• 98% of pre-listing capital has been deployed, signaling rapid business expansion
• Previous confidential IPO attempt on NASDAQ in 2022-2023, subsequently withdrawn in favor of Hong Kong listing [[255]]

Market Conditions Inference: The combination of strong sector tailwinds, robust institutional participation, and a growth-oriented capital deployment plan suggests a favorable environment for this IPO.

Risk Factors

Key risk exposures detailed in the prospectus include:

• Redemption Risk: If too many TechStar Class A Shareholders redeem shares, the listing may not meet the minimum Professional Investor requirement of 100 shareholders, jeopardizing the transaction [[208]]
• Dilution: Substantial dilution for existing shareholders due to PIPE, promoter, and warrant allocations. Full warrant exercise could result in up to 2.74% further dilution [[133]]
• Lock-up Expiry Sales: Potential for significant selling pressure from PIPE investors, promoters, and employees upon expiry of lock-up periods [[213]]
• Financing Needs: Risks related to obtaining additional capital in the future, which may lead to further dilution or debt [[183]]
• Regulatory: Risk of not obtaining listing approval from the Stock Exchange and SFC, or failure to comply with PRC and Hong Kong regulations [[142]]
• Operational: Intense competition for talent, technology, and capital in the new economy sector [[77]]

Growth Strategy

Seyond’s growth roadmap is built on:

• Continued investment in R&D for next-generation LiDAR and related technologies
• Expansion of manufacturing capabilities
• Deepening relationships with automotive and infrastructure partners
• Exploring new market opportunities and potential M&A
• Strategic deployment of IPO proceeds for inventory, capex, and working capital [[466]]

Ownership & Lock-ups

Pre-IPO Shareholding Structure:

• Major institutional and strategic investors (Eve One L.P. via Honour Key Limited, Dahlia Investments, ERVC Technology IV LP, etc.)
• Promoters: 25,000,000 shares post-IPO
• TechStar Class A Shareholders: 110,110,000 shares post-IPO
• PIPE investors: 55,130,000 shares
• Employees and ESOPs: Options and RSUs under the 2016 Share Incentive Plan and Post-Listing Share Incentive Plan [[446]]

Lock-up Provisions: Lock-up agreements in place for promoters and certain employees; details in the Promoters Lock-up Agreement (dated December 20, 2024). Pre-listing investor special rights terminate at listing [[227]].

Valuation and Peer Comparison

No peer company financial ratios or direct comparables are disclosed in the prospectus. No sector P/E, P/B, or other valuation metrics are presented.

Research & Opinions

No analyst price targets or research opinions are provided.

IPO Allotment Result

Allotment results and oversubscription rates are not disclosed at the prospectus stage.

Listing Outlook: First-Day Performance Inference

Based strictly on disclosed facts:

• Strong institutional participation through PIPE and pre-listing rounds, with robust pre-usage of funds for business growth
• Large, reputable sponsor syndicate with significant Hong Kong IPO experience
• Growth-centric use of proceeds and sector tailwinds in intelligent vehicle and smart infrastructure
• Risks: Dilution, potential lock-up overhangs, and regulatory hurdles remain. However, the presence of committed institutional investors and the fulfillment of professional investor requirements by listing suggest strong book quality

Inference: The IPO appears likely to see solid institutional support and has characteristics of a high-quality new economy listing. If market conditions remain stable, a strong first-day performance relative to the offer price of HK\$10.00 per share is anticipated, with the potential for a modest premium in early trading, contingent on market sentiment and absence of large-scale redemptions or immediate post-listing sales.

Prospectus Access

Obtain the full prospectus and related documents at: www.hkexnews.hk, www.techstaracq.com, and www.seyond.com

How to Apply

Application methods, channels, and eligibility requirements are not specifically disclosed in the available prospectus sections.