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The largest de-SPAC listing in Hong Kong sets a new benchmark

The largest de-SPAC listing in Hong Kong sets a new benchmark
Published Date
Dec 17 2025
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Image of Jonathan Hsui
Jonathan HsuiPartner, Hong Kong SAR
Image of Matthew Chan
Matthew ChanSenior Associate, Hong Kong SAR
Tim QiaoLegal Manager, Hong Kong SAR
Image of Kyungwon (Won) Lee
Kyungwon (Won) LeePartner, Hong Kong SAR
Image of Alice Tang
Alice TangRegistered Foreign Lawyer, Hong Kong SAR
A&O Shearman advised the sponsors and overall coordinators on the successful listing of Seyond Holdings Ltd. (Seyond) on the Hong Kong Stock Exchange (HKSE) by way of a de-SPAC transaction. The transaction represents the city’s third completed de-SPAC and the largest by deal size to date. A&O Shearman has advised on two out of the three de-SPAC listings in Hong Kong to date, including the listing of ZG Group in March this year.

The transaction combined TechStar Acquisition Corporation (TechStar), a special purpose acquisition company (SPAC), with Seyond, with Seyond becoming the publicly traded successor at a valuation of approximately USD1.67 billion. Seyond’s shares commenced trading on the HKSE on 10 December 2025. Zero2IPO Capital, CITIC Securities and China Securities International acted as joint sponsors and overall coordinators.

TechStar is a SPAC incorporated to effect a business combination, with a focus on merging with businesses in high-growth new economy sectors, including innovative technology, advanced manufacturing, healthcare, life sciences, green energy and e-commerce.

Seyond is a global leader in the design, development, and production of automotive-grade LiDAR solutions. The company provides automotive-grade LiDAR solutions for autonomous driving and other automotive and non-automotive application scenarios. The A&O Shearman team was led by partner Jonathan Hsui, with support from team members including senior associate Matthew Chan and registered foreign lawyer Tim Qiao, as well as paralegal Mason Zhang from Allen & Overy Lang Yue (FTZ) Joint Operation Office in Shanghai. Other key team members also included partner Kyungwon (Won) Lee and registered foreign lawyer Alice Tang.

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