Baker McKenzie Advised TechStar Acquisition Corporation on De-SPAC Transaction with Seyond and Equity Financing
Baker McKenzie Advised TechStar Acquisition Corporation on De-SPAC Transaction with Seyond and Equity Financing
Baker McKenzie acted as Hong Kong and US legal advisor to TechStar Acquisition Corporation (Stock Code: 7855.HK; Warrant Code: 4855; “TechStar”) on the successful completion of its de-SPAC transaction with Seyond Holdings Ltd. (Stock Code: 2665.HK; Warrant Code: 2673.HK; “Seyond”), marking the third completed de-SPAC transaction in Hong Kong to date and the largest by deal size.
The transaction involved TechStar entering into a business combination agreement with Seyond, resulting in Seyond becoming the publicly traded successor with a valuation of approximately HKD 12.99 billion (USD 1.67 billion). Concurrent with the transaction, approximately HKD 1,038.2 million (USD 133.1 million) in gross proceeds was raised through related private equity financings. The transaction closed on 10 December 2025, with TechStar’s shares and warrants delisted and Seyond’s shares commencing trading on the Hong Kong Stock Exchange on the same day.
TechStar is a special purpose acquisition company (SPAC) focused 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 principally engaged in the design, development, and production of automotive-grade LiDAR solutions and ranks fourth globally in terms of sales revenue for advanced driver assistance system (ADAS) LiDAR solutions.
This transaction adds to the Firm’s growing list of de-SPAC deals, including Youlife’s de-SPAC merger and Nasdaq listing, and Scage International’s business combination with Finnovate and Nasdaq listing.
Baker McKenzie is a transactional powerhouse, with more than 2,500 deal practitioners in over 40 locations offering leading expertise in the areas most critical for our clients. We excel in complex transactions and cross-border deals — over 65% of our deals are multijurisdictional. We are global and local, combining money-market sophistication with local excellence.
The Baker McKenzie team was led by Dan Ouyang (Partner and Co-chair) of Baker McKenzie’s Asia Pacific and China Capital Markets Practices, and Winfield Lau (Partner) from Baker McKenzie, alongside Zhenzhen Bao from FenXun’s International Capital Markets Practice. Core deal team members also included Giselle Ma (Associate), Michael Chau (Associate), Layla Du and Philip Chi.
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