According to the IPO announcement, Seyond Holdings Ltd. (hereinafter referred to as "Tudatong") updated its prospectus on August 26, 2025, continuing to advance the De SPAC listing process on the Hong Kong Stock Exchange.
Founded in 2016, Tudatong is the world's first provider of automotive grade LiDAR solutions to achieve mass production, and also the first manufacturer to deploy a total of 10000 vehicles with LiDAR standard configurations.
At present, Tudatong is still the only laser radar enterprise in the world that has both 1550nm and 905nm dual line production maturity. In addition, TuDa Tong's new generation pure solid-state LiDAR Hummingbird D1 has made it one of the first companies in the world to introduce pure solid-state technology into the mass production of passenger car pre assemblies.
According to data from Zhuoshi Consulting, in 2024, Tudatong delivered a total of approximately 230000 vehicles of standard grade LiDAR, ranking second globally in cumulative sales revenue for ADAS LiDAR solutions during the track record period (2022-2024 and the first quarter of this year), with a market share of 20.7% in China.
It is worth mentioning that in the past period, the customer structure of Tudatong has been continuously optimized, covering various fields from automotive to robotics.
In the field of passenger cars, Tudatong has further deepened its cooperation with NIO and has been used in nine NIO models, with a cumulative delivery of over 500000 units of its Falcon series; In the field of commercial vehicles and logistics, Tudatong has established stable cooperation with Deepway, Shaanxi Automobile Heavy Truck, Winch Technology, Pony AI, etc., and continues to expand its application scenarios.
As of the latest feasible date, Tudatong has also secured designated orders from ten other host manufacturers and ADAS/ADS companies. In addition to the existing Hongjing Intelligent Driving and Zhitu Technology Pony AI， Three Chinese companies focusing on commercial vehicles, passenger electric vehicles, and ride hailing services have also added three Chinese state-owned automobile manufacturers and one leading joint venture car company. The prospectus reveals that the latest designated orders are expected to be converted into actual sales by the end of 2025.
At the same time, Tudatong has also entered the core scene of the robot track, and has obtained large-scale orders from leading enterprises such as Jiushi Intelligence, Zhongli Shares, Kusa Technology, and Yushi Technology, covering logistics, sanitation, and handling fields.
It is worth noting that according to the latest version of the prospectus, the profitability of TuDa Tong is also constantly improving - in the first quarter of this year, TuDa Tong's gross profit was 3.197 million US dollars, with a gross profit margin of 12.6%, continuing the positive gross profit trend of the fourth quarter of 2024.
Among them, significant improvement in cost has become an important support for profit breakthroughs: in the first quarter of 2025, costs decreased significantly by 36.9% compared to the same period in 2024, from $35.023 million to $22.099 million. This achievement stems from the unit cost reduction brought about by product design optimization, the increased bargaining power due to the expansion of procurement scale, and the continuous manifestation of production scale effects. Multiple measures have been taken to promote the continuous optimization of cost structure.
According to the announcement, the agreed valuation for this De SPAC transaction is HKD 11.7 billion. At the same time, Tudatong has also introduced three PIPE investors with a cumulative investment of about HK $553.1 million - of which, Huangshan Construction Investment Capital invested HK $387.5 million, Fuce Group, wholly-owned by well-known angel investor Gong Hongjia, invested HK $156 million, and Huagai Capital invested HK $7.8 million.
Previously, TuDa Tong had received investments from well-known institutions such as NIO Capital, Temasek, Fidelity Investments, GaoRong Venture Capital, Sidao Capital, Huachuang Capital, Joyful Capital, BAI Capital, Shunwei Capital, Hexuan Capital, and Guotai Junan Venture Capital.
Tudatong stated in its prospectus that the net proceeds from the De SPAC fundraising will mainly be used for the research and development of new LiDAR architectures, hardware and software upgrades; Upgrade the existing production line; Global expansion; And for general company use.
