Innovusion, a domestic LiDAR manufacturer, has successfully navigated through the HKEX (Hong Kong Exchanges and Clearing Limited) hearing process. The company is set to go public via a De-SPAC (De-Special Purpose Acquisition Company) merger with SPAC entity Techstar. The official listing is slated for December 10, with the stock code '2665'. Innovusion's journey to the public markets has been far from smooth. After missing out on the opportunity to prepare for a Nasdaq listing in 2023, it shifted its focus to the HKEX.

Established in 2016, Innovusion specializes in automotive-grade LiDAR. By 2024, its delivery volume had reached approximately 230,000 units, securing the fourth position globally in this segment. However, the company is currently facing a patent infringement lawsuit filed by Hesai Technology.

In terms of its technical approach, Innovusion initially embraced the '1550nm wavelength + 2D scanning' method. Later on, it pivoted to a 'dual-technology route'. From 2022 through the first five months of 2025, while Innovusion has managed to generate revenue, it has not yet achieved profitability. A significant portion of its expenditures has been channeled into research and development (R&D).

The company heavily relies on external financing and has garnered support from several renowned institutions. It has reached an agreed valuation of 11.7 billion Hong Kong dollars. NIO, a prominent player in the automotive industry, has played a pivotal role in Innovusion's growth trajectory by adopting its LiDAR products.

The proceeds from this Initial Public Offering (IPO) will be earmarked for R&D initiatives, production line upgrades, global expansion efforts, and general corporate purposes. Once listed, all three major domestic LiDAR manufacturers will converge on the Hong Kong stock market, marking a significant milestone in the industry's development.