HK Movers | NIO's LiDAR Supplier Seyond Surges 62% in Trading Debut

Seyond Holdings, the LiDAR supplier for NIO, made its debut on the Hong Kong stock market today, surging 62% in morning trading.

Seyond raised HK$1.03 billion through the listing to bolster product development and market expansion.

The company becomes the third Chinese LiDAR maker to list in Hong Kong, following RoboSense Technology (HKG: 2498) on January 5, 2024, and Hesai Group on September 16 this year.

Seyond went public through a merger with special purpose acquisition company (SPAC) TechStar Acquisition Corporation, differing from the two larger LiDAR makers.

Founded in 2016, the company operates R&D centers in Silicon Valley, Suzhou, and Shanghai, with LiDAR manufacturing facilities in Ningbo and Suzhou.

Originally named Innovusion, it rebranded as Seyond in December 2023.

The company's revenue relies heavily on Nio, serving as the EV maker's sole LiDAR supplier to date.

On March 28, 2022, Nio delivered its first ET7 vehicles, marking the mass production of Seyond's LiDAR products.

Starting with the ET7, all Nio-brand models feature LiDAR sensors from Seyond, with some models incorporating three LiDARs. Nio Inc's sub-brands Onvo and Firefly models do not utilize any LiDAR.

Seyond's revenue for the first five months of 2025 was $52 million, with $44.8 million derived from Nio, accounting for 86.2 percent.

Notably, Seyond achieved some breakthroughs in securing new customers this year.