This article only represents the author's own views.
A new company banking on the promise of self-driving cars is shifting gears to drive onto Hong Kong’s stock exchange. But despite a flurry of similar new autonomous driving listings in both the U.S. and Hong Kong this year, this one by Seyond Holdings Ltd. probably isn’t in for a joy ride and instead may get stuck in a slow-moving lane on its trip to market.
Last Friday, a special purpose acquisition company (SPAC) named TechStar Acquisition Corp. (7855.HK) said it signed an agreement to merge with Seyond, a U.S.-based maker of light detection and raging (LiDAR) sensors, key components for autonomous driving. In theory, the deal should give Seyond a shortcut to list in Hong Kong, as it will simply inherit TechStar’s spot on the city’s bourse when the merger is complete.