Seyond raised HKD 1.027 billion ($144 million) in its Hong Kong debut, becoming the third company to go public on the exchange through a SPAC merger.
Seyond (02665.HK), a Chinese LiDAR supplier, began trading on the Hong Kong Stock Exchange’s Main Board on December 10 through a De-SPAC listing, becoming the third firm to list in Hong Kong via a SPAC merger.
The listing raised approximately HKD 1.027 billion ($144 million), making Seyond the third Chinese LiDAR manufacturer to float shares in Hong Kong following RoboSense and Hesai.
Founded in 2016, Seyond is the world’s first supplier to mass-produce automotive-grade high-performance LiDAR solutions.
Between 2022 and 2024, the company ranked second globally in cumulative sales revenue of ADAS LiDAR solutions.
In 2024, Seyond delivered around 230,000 automotive-grade LiDAR units, placing it in the industry’s first tier alongside Huawei, Hesai and RoboSense.
Financially, Seyond’s revenue grew from $66.3 million in 2022 to $160 million in 2024, representing a compound annual growth rate of 55.1%.
Gross profit reached $6.71 million during the first five months of 2025, with a gross margin of 12.9%, marking its first positive margin after several years of losses.
NIO remains its most critical customer, a fact reflected in its revenue profile. From 2022 to 2024, revenue contribution from NIO stood at 88.7%, 90.6% and 91.6% respectively, and was still 86.2% in the first five months of this year.
Seyond currently supplies LiDAR for nine NIO models and is NIO’s exclusive LiDAR solution provider under a long-term procurement framework signed in 2022.
Beyond NIO, the company is accelerating customer diversification. Since June, Seyond has secured design wins from two state-owned automakers and a major joint-venture OEM, and has expanded into logistics and sanitation scenarios through partnerships with Shaanxi Heavy Duty Automobile and Pony AI.
As of September 2025, the company had delivered about 181,131 automotive-grade LiDAR units, up 7.7% from the same period in 2024.
The stock surged more than 60% at market open, pushing Seyond’s market capitalization above HKD 20 billion ($2.8 billion). At the time of publication, shares traded at HKD 12.69.
Discover more from ChinaEVHome
Subscribe to get the latest posts sent to your email.
