TECHSTARACQ-Z2025中期报告

78554855 2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .19. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .26. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .27. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .30 11125 PO Box 309, Ugland HouseGrand CaymanKY1-1104Cayman Islands ZHANG Min ZHANG Min Maples Fund Services (Cayman) LimitedPO Box 1093, Boundary Hall, Cricket SquareGrand Cayman, KY1-1102Cayman Islands ZHANG Min 1617 20256 26ZHANG Min20256 26 1111151501-15071513-1516 1 97914 7855 1151506B 4855 www.techstaracq.com A202212231,001.0 59.5B 20241220(1)Seyond Holdings Ltd.Merger Sub(2)PIPEPIPEPIPE(3)(4)(5) 202521220258112025825 20241220(i)PIPE(ii)TechStar ATechStarTechStar ATechStar(iii)(iv)(v)(vi)20255TechStar 2025920259 (i)20241220(ii)2025212(iii)2025826 (i)(ii)(iii)(iv)(v)(vi) 59.5B 47.8B46.6-11.8202563020241231 202563020256301,125.1 20256301,179.3159.1A1,001.02025630 20221,001.0 B •B B 10.020256305.0 20256302025630 20241220Merger SubPIPEPIPEPIPE 2025630 2025630 2025630 2025630XV(a)XV78(b)352(c) L 8TECHSTAR ACQUISITION CORPORATION •2025(1)2025630125,100,000100,100,000A25,000,000B(2)(8)(9)(10)(3)(11)(4)(12) 2025630XVXV78352 2025630XV23336 L (1)2025630125,100,000100,100,000A25,000,000B (2)A17,000,000A202563013.59%(3)Fortune Opportunity FundFortuneOpportunity Fund(4)40.14% (5)Cinda Sinorock Global Portfolio Limited Partnership ICinda Sino-Rock Investment LimitedInnotek Resources Limited55.01%44.99%Cinda Sino-Rock InvestmentLimitedInnotek Resources LimitedSinoRock Superior Growth LimitedCindaSinorock Global Portfolio Limited Partnership I (6)Redpine Elite Limited (7)CNCB AM TS6019980998CNCB AM TSB202563064.75%65.79%026727.52%25.60% (8)ZCL TechStar19452025630JQ Brothers Ltd.45.26%JQ Brothers Ltd.ZCL TechStarB (9)Zero2IPOAcquisition54.93%Zero2IPO AcquisitionB (10)Rivulet ValleyRivulet ValleyB (11)INNO SPACINNO SPACB (12)Waterwood AcquisitionWaterwood AcquisitionB 2025630XV23336 1,001.0B A(i)(ii)A(a)(b)2436(c)(iii)AA(iv)A A B 40.0B2,500.0B 20241231B20.013.56.40.1 20256305.04.80.2 C1 C.2.1 C.2.1C.2.1 C3A ZHANG Min 202563013.51B(1) •2025620256262025626•2025620256262025626 TechStar Acquisition Corporation 2025822 20256 30 630202520244––12(47,774)(48,880)(11,762)–5(59,535)(48,878)6––(59,535)(48,878)8(2.381)(1.955) 20256 30 A 20256 30 10100,100,000A 20256 30 1. TechStar Acquisition Corporation202241120241220SeyondHoldings Ltd.2025212 PO Box 309, Ugland House, Grand Cayman, KY1-1104, CaymanIslands 2025630100,100,000AA50,050,00020221223202563025,000,000BB40,000,000 202563035%15%15%10%20%5%B BBA 30 12 1,001,000,000 (i)AA (ii)18B.59A (iii)(1)18B.32(2)(A)24(B)36AA (iv)A AA10.00A 80%100%80%80%50% 36 (i) (ii)AAAA10.00 (iii)(ii) 2418B.32 B (i)2436(ii)18B.32 2. (a) 2025630343420241231 2024123120251231 202511202511 (b) 12(b) 216236 ••• (c) 202563054,208,00059,535,0004,078,00020251222AA10.00AB 3. 4. 20256302024630 5. 14 6. 7. 20256302024630 8. 59,535,000202463048,878,00025,000,000202463025,000,000 A 9. A1,001,000,00012025122320241231 a.35,035,000b.1 11. (i)(ii)36(iii)(iv) 12. 100,100,000AA202563020241231100,100,000A50,050,000 (a)A A 2025630202412311,001,0001,001,000 A (b) 11.50A20.0020.00 303020A20.00300.01 202563014,265,000202412312,503,000202563011,762,00020246302025630 202412312025112,50311,762 2025630 2025630 13. 2024 123120251120256300.0001A0.0001B 202412312025 1120256300.0001B 14. 25,000,000B40,000,0003,00040,000,000B B 2025630B41,286,0005,324,000202463041,514,0005,353,000 B (a)B B B 20221223202412312025630 25,000,000 B10.0A10.0BA (b) 202563011.502024123111.500.48202412310.98 1.8059 202312202412511.5020.0020.0022.05%22.57%3.36%3.40%0% 15. 14B 16.