Core Viewpoint - Hesai Technology successfully listed on the Hong Kong Stock Exchange, raising approximately HKD 4.16 billion through the issuance of 19,550,000 shares at an issue price of HKD 212.80 per share, marking a significant milestone as the first lidar company dual-listed in Hong Kong and the U.S. [1][3] Group 1 - The listing received strong market attention, with the Hong Kong public offering being oversubscribed by nearly 170 times and the international placement being oversubscribed by over 14 times [1] - Hesai Technology is recognized as a global leader in lidar research and manufacturing, focusing on advanced lidar products for applications in advanced driver-assistance systems (ADAS), autonomous vehicles, and various robotic applications [5][6] - According to revenue, Hesai Technology has been the largest lidar supplier globally for the years 2022, 2023, and 2024 [5] Group 2 - DBS Group played a crucial role in the successful listing by leveraging its extensive sales capabilities and integrating resources across its cross-border financial services [3][5] - The successful dual listing reflects the competitiveness and attractiveness of Chinese hard-tech companies in the global market [5]

Core Viewpoint - The report from CMB International initiates coverage on Hesai Technology (02525) with a "Buy" rating and sets a target price of HKD 269.66, while also raising revenue forecasts for 2026-2027 by approximately 2% and net profit forecasts by 6%-7% [1] Group 1: Company Performance - Hesai's technology laser radar shipments increased by 276.2% year-on-year, reaching 550,000 units in the first half of this year [1] - Deliveries for Advanced Driver Assistance Systems (ADAS) rose by 237.5% year-on-year to 450,000 units [1] - Deliveries in the robotics sector surged by 629.9% year-on-year, totaling 98,000 units [1] Group 2: Industry Outlook - The implementation of the "Automobile Industry Stabilization Growth Work Plan (2025-2026)" by eight departments, including the Ministry of Industry and Information Technology and the Ministry of Public Security, is expected to accelerate the penetration of laser radar and increase the number of units per vehicle for L3 autonomous driving regulations [1] - This regulatory development is anticipated to act as a catalyst for automotive autonomous driving-related components over the next year [1]

Group 1 - The core viewpoint of the report is that the company HeSai-W (02525) is rated "Buy" with a target price of HKD 269.66, reflecting a positive outlook on its future performance [1] - The revenue forecast for the group for 2026-2027 has been raised by approximately 2%, while net profit forecasts have been increased by 6%-7% [1] - HeSai has recently established partnerships with multiple enterprises, indicating a strategic move to enhance its market position [1] Group 2 - In the first half of the year, the company's technology laser radar shipments increased by 276.2% year-on-year, reaching 550,000 units [1] - The delivery volume for Advanced Driver Assistance Systems (ADAS) rose by 237.5% year-on-year to 450,000 units, showcasing significant growth in this segment [1] - Deliveries in the robotics sector surged by 629.9% year-on-year, totaling 98,000 units, highlighting the expanding applications of the company's technology [1] Group 3 - The report anticipates that the implementation of L3 autonomous driving regulations, as outlined in the "Automobile Industry Stabilization Growth Work Plan (2025-2026)" by eight departments, will accelerate the penetration of laser radar technology and increase the number of units per vehicle [1] - This regulatory development is expected to act as a catalyst for automotive-related components in the coming year [1]

Group 1: HeSai Technology - HeSai Technology officially listed on the Hong Kong Stock Exchange on September 16, marking the largest IPO in the global LiDAR industry with approximately HKD 4.16 billion raised for R&D and capacity expansion [1] - In the first half of the year, HeSai Technology delivered a total of 547,900 LiDAR units, surpassing the total for the entire year of 2024 [1] Group 2: Lantu Automotive - Lantu Automotive's registered capital has increased to CNY 3.68 billion following a corporate name change and type conversion to a non-listed joint-stock company [2] - This significant capital increase is expected to provide stronger financial support for Lantu's future production and R&D efforts, enhancing market recognition of its growth potential [2] Group 3: Changan Automobile - Changan Automobile signed a strategic cooperation agreement with China Reform Holdings on September 12, aiming to deepen collaboration in investment and financing, and promote innovation in technology and industry [3] - This partnership is anticipated to enhance Changan's competitiveness in the market and stimulate growth in related industry sectors [3] Group 4: Passenger Car Inventory - As of the end of August, the national passenger car inventory stood at 3.16 million units, a decrease of 130,000 units from the previous month, indicating a positive trend in inventory reduction [4] - The overall inventory decline is primarily attributed to channel inventory, with dealer pressure alleviating, and the current inventory supports an estimated 42 days of future sales [4]

| 2025年9月17日星期三 | NO.1 禾赛科技登陆港交所 9月16日，禾赛科技（HSAI.US；02525.HK）正式在香港交易所主板上市，实现港股美股双重上市，成 为全球激光雷达行业规模最大的IPO（首次公开募股）。禾赛科技表示，募资约41.6亿港元，将用于研 发、产能扩张等。上半年，禾赛科技激光雷达总交付量达54.79万台，已超过2024年全年。 点评：禾赛科技实现港股美股双重上市，标志其在全球激光雷达行业的领先地位，也反映出市场对智能 驾驶技术的强烈关注。禾赛科技的募资计划主要用于研发和产能扩张，预示其未来产品的竞争力或将进 一步增强，有利于促进相关板块的活跃度。 NO.2 岚图汽车注册资本增至36.8亿元 人民财讯9月16日消息，近日，原岚图汽车科技有限公司完成工商变更，企业名称变更为岚图汽车科技 股份有限公司，企业类型转为"其他股份有限公司（非上市）"，注册资本大幅提升至36.8亿元。该公司 成立于2021年，由东风集团股份（00489.HK）控股。 点评：岚图汽车的注册资本增至36.8亿元，并完成企业名称及类型的工商变更，标志着其在企业结构上 的重要升级。这一举措可能为岚图在未来的生产与研 ...

超额配发股份将由公司按每股发售股份212.80港元(即国际发售价，不包括1%经纪佣金、0.0027%证监会 交易徵费、0.00565%联交所交易费及0.00015%会财局交易徵费)发行及配发。超额配发股份将用于补足 国际发售的超额分配。 格隆汇9月16日丨禾赛-W(02525.HK)公告，公司宣布保荐人兼整体协调人(为彼等本身及代表国际包销 商)已于2025年9月16日(星期二)悉数行使招股章程所述的超额配股权，涉及合共2,932,500股发售股份， 占全球发售可供认购发售股份总数(于计及发售量调整权获悉数行使后，但于任何超额配股权获行使前) 的15%。 ...

Core Viewpoint - Hesai Technology (02525) announced that the underwriters and overall coordinators have fully exercised the over-allotment option as of September 16, 2025, involving a total of 2.9325 million shares, which accounts for 15% of the total shares available for subscription in the global offering [1] Group 1 - The over-allotment shares will be issued at a price of HKD 212.80 per share [1] - The over-allotment shares are intended to cover the excess allocation in the international offering [1] - The Hong Kong Stock Exchange has approved the listing and trading of the over-allotment shares, which are expected to commence on September 19, 2025, at 9:00 AM [1]

联交所已批准超额配发股份上市及买卖。超额配发股份预期于2025年9月19日上午九时正开始于联交所 主板上市及买卖。 超额配发股份将由公司按每股发售股份212.80港元发行及配发。超额配发股份将用于补足国际发售的超 额分配。 智通财经APP讯，禾赛-W(02525)发布公告，保荐人兼整体协调人(为彼等本身及代表国际包销商)已于 2025年9月16日悉数行使招股章程所述的超额配股权，涉及合共293.25万股发售股份，占全球发售可供 认购发售股份总数(于计及发售量调整权获悉数行使后，但于任何超额配股权获行使前)的15%。 ...

香港交易及結算所有限公司、香港聯合交易所有限公司（「聯交所」）及香港中央結算有限公司對 本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不會就本公告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 本公告不會直接或間接於或向美國（包括美國的領土及屬地、美國任何州以及哥倫比亞特區）發 佈、刊發或派發。本公告並不構成亦不屬於在美國境內或於任何其他司法權區購買或認購證券 的任何要約或遊說的一部分。除非已根據經修訂的1933年美國《證券法》（「美國證券法」）進行 登記或獲豁免遵守登記規定，否則證券不得在美國發售或出售。凡在美國公開發售我們的任何 證券，均須以刊發可從我們獲得的招股章程的方式進行。該招股章程將載有有關我們及我們管 理層以及財務報表的詳盡資料。我們正根據我們於2025年9月5日向美國證券交易委員會遞交的 經修訂F-3表格的登記聲明在美國進行本公告所述證券的公開發售。 本公告僅作說明用途，並不構成收購、購買或認購證券的邀請或要約。本公告並非招股章程。 有意投資者於決定是否投資發售股份前應閱覽Hesai Group（「本公司」）刊發日期為2025年9月8 日的招股 ...

Group 1 - Heisai (02525.HK)(HSAI.US) successfully listed on the Hong Kong stock market on September 16, 2023, after rapid approval from the China Securities Regulatory Commission and the Hong Kong Stock Exchange [1] - The company's stock price surged by 9.02% on its first trading day, reaching a market capitalization of HKD 35.54 billion, significantly higher than its competitor, Suxing Juchuang (02498.HK), which has a market cap of HKD 20.63 billion [1] - Heisai's global offering included approximately 19.55 million shares, with the Hong Kong public offering receiving 168.65 times subscription and the international offering receiving 14.09 times subscription, raising net proceeds of HKD 4.005 billion [1] Group 2 - Heisai is the largest lidar manufacturer globally based on revenue over the past three years, with products widely used in advanced intelligent driving vehicles, mobile service robots, and autonomous vehicle fleets [2] - The demand for lidar in the Chinese autonomous driving and robotics sectors is increasing, leading to a significant rise in orders for Heisai, including a recent exclusive lidar supply agreement worth over USD 40 million with a leading Robotaxi company [2] - In Q2 2023, Heisai reported revenue of RMB 706 million, a year-on-year increase of 53.9%, and achieved a net profit of RMB 44.09 million, reversing a loss of RMB 72.06 million in the same period last year [2] - The company plans to significantly increase its annual production capacity to 2 million units by 2025 and is set to launch new production lines to meet the rapidly growing market demand [2]