Maples Group Advises on Largest Hong Kong de-SPAC Transaction

Maples and Calder, the Maples Group’s law firm, is delighted to have advised TechStar Acquisition Corporation (“TechStar”), a Cayman Islands special purpose acquisition company (“SPAC”) listed on The Stock Exchange of Hong Kong Limited (the “HKEx”), and Seyond Holdings Ltd. (“Seyond”) on their de-SPAC transaction, which completed on 10 December 2025. This is the third Hong Kong de-SPAC since the launch of the SPAC listing regime in Hong Kong in 2022 and marks the largest Hong Kong de-SPAC transaction to date, with an equity value of HK$11.7 billion.

Established in 2016, Seyond is a global leader in highfidelity LiDAR (Light Detection and Ranging) solutions, powering a safer, smarter and more mobile world across the automotive, intelligent transportation, robotics and infrastructure industries. It is the first company to achieve mass production of automotive-grade high-performance LiDAR. Seyond ranked first globally in sales revenue of passenger car LiDAR solutions in 2022 and 2023 .

A team of lawyers based in the firm’s Hong Kong office acted as Cayman Islands counsel to TechStar. The team was led by Partner and Head of Asia Corporate, Matt Roberts, with assistance from Legal Manager, Charmaine Chow. The Maples Group’s Fund Services team also supported this transaction, led by Eastern Fong, Regional Head of Fund Services – Asia and Senior Vice President, Christy Poon.

Commenting on the transaction, Matt Roberts said, “We are pleased to have supported TechStar on the successful completion of the third Hong Kong de-SPAC transaction, which also marks the largest completed transaction to date. Having previously advised TechStar on its Hong Kong SPAC listing, it’s rewarding to see this next milestone achieved. Our Asia Corporate Team has had the privilege of acting on all three completed Hong Kong de-SPAC transactions to date, including the first between Hong Kong Acquisition Corporation and Synagistics Pte. Ltd, and the second between ZG Group and Aquila Acquisition Corporation. We look forward to continuing to assist our clients as Hong Kong’s SPAC market develops and matures.”

Baker & McKenzie and Han Kun Law Offices LLP acted as Hong Kong and US counsel to TechStar. Davis Polk & Wardwell acted as Hong Kong and US counsel, while Fangda Partners acted as PRC counsel to Seyond. Allen Overy Shearman Sterling LLP acted as Hong Kong counsel to the joint sponsors, while Jingtian & Gongcheng acted as PRC counsel to the joint sponsors.