Tesla Rival Nio's LiDAR Supplier Receives Hong Kong Stock Listing Approval Through SPAC
Nio Inc.'s LiDAR supplier, Seyond Holdings Ltd., has received approval for a Hong Kong stock listing via SPAC, allowing it to list up to 190,240,000 shares. This follows successful debuts for CATL and Chery Automobile in Hong Kong. Meanwhile, Tesla reported a 126% increase in sales in China, and rival Hesai Group secured a $40 million deal for LiDAR sensors. Nio shows strong momentum but lacks growth, with favorable price trends in the short, medium, and long term.
Nio Inc.'s (NYSE:NIO) LiDAR supplier Seyond Holdings Ltd. received approval from authorities in China for its Hong Kong stock listing through a Special Purpose Acquisition Company (SPAC).
Check out the current price of NIO here.
190 Million Common Shares
The company will be allowed to list no more than 190,240,000 shares on the Hong Kong Stock Exchange, through a merger with TechStar Acquisition Corporation, the China Securities Regulatory Commission (CSRC) said in an official announcement on Tuesday.
The agency said that Seyond would need to report on the status of the completion of the listing "within 15 business days." Seyond has been Nio's LiDAR supplier since the company launched the ET7 in 2022.
CATL, Chery's Hong Kong Debuts
The news follows successful Hong Kong debuts for battery giant Contemporary Amperex Technologies Ltd. (CATL), which raised over $4.6 billion and surged 12.5% to HK$296 from its initial price of HK$263 earlier this year in May.
Chery Automobile, China's largest vehicle exporter, also experienced a successful Hong Kong stock exchange debut, helping the company raise over $1.2 billion through the IPO and raising the price of its shares to HK$34.16.
Tesla's China Sales, Hesai Group's $40 Million Deal
Meanwhile, Tesla Inc. (NASDAQ:TSLA) recorded a 126% jump in sales during the week of October 6 to October 12 compared to the previous week in China. Tesla's sales also reached their second-highest tally, delivering 71,525 units in the region during September.
Elsewhere, Seyond's rival Hesai Group (NASDAQ: HSAI) announced it had signed a deal worth $40 million with a yet-unnamed U.S. Robotaxi company to supply the enterprise with both short- and long-range LiDAR sensors.
Nio scores well on the Momentum metric, but offers poor Growth. Nio also boasts a favorable price trend in the Short, Medium and Long Term. For more such insights, sign up for Benzinga Edge Stock Rankings today!
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- Tesla Battery Maker CATL, Rival BYD Dominate Global EV Battery Market As Sector Records Nearly 35% Growth From January To August
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