Core Viewpoint - Hesai Technology has successfully completed a dual listing on both the Hong Kong and US stock markets, becoming the first major lidar company to achieve this milestone globally [1][6]. Company Overview - On its first trading day, Hesai-W's stock price rose to 244 HKD, an increase of over 14% from the issue price of 212.80 HKD, closing at 234 HKD with a market capitalization exceeding 35 billion HKD [1]. - The IPO raised approximately 4.16 billion HKD by issuing 17 million shares, with a public offering that was oversubscribed by 168.65 times [2][3]. Market Demand and Performance - Hesai Technology is recognized as the largest lidar supplier globally from 2022 to 2024, with expectations to become the first company to ship over 100,000 lidar units in a single month by December 2024 [6]. - The company has secured mass production contracts in the Advanced Driver Assistance Systems (ADAS) market, covering 120 models from 22 major automakers [6]. Investment and Funding - Over 80% of the funds raised from the IPO will be allocated to research and development of lidar products, reinforcing the company's market leadership [6]. - Key cornerstone investors in the international offering included Hillhouse Capital, Taikang Life, and Grab, collectively subscribing to 5.42 million shares for approximately 1.15 billion HKD [4]. Industry Growth - The global lidar market is projected to grow from 300 million USD in 2020 to 1.6 billion USD by 2024, with a compound annual growth rate (CAGR) of 57.6%, and further increasing to 17.1 billion USD by 2029 with a CAGR of 61.2% [7]. - The Chinese lidar market is expected to significantly outpace other regions, with a CAGR of 79.8% from 2020 to 2024, and 60.8% from 2024 to 2029 [7]. Technological Trends - Solid-state lidar technology is becoming the mainstream direction in the industry due to its higher stability, smaller size, and lower cost, making it suitable for large-scale vehicle applications [8]. - The advancement of autonomous driving technology is driving higher requirements for lidar systems, with increasing integration in mid-range vehicles expected to enhance market penetration [8].

Core Viewpoint - Hesai Technology has successfully completed a dual listing on both the Hong Kong and US stock markets, becoming the first major lidar company to achieve this milestone [1][7]. Group 1: IPO Details - On its first trading day, Hesai-W's stock price peaked at 244 HKD, representing an increase of over 14% from the issue price of 212.80 HKD per share, and closed at 234 HKD, giving it a market capitalization exceeding 35 billion HKD [1]. - The IPO raised approximately 4.16 billion HKD by offering 17 million shares, with the public offering accounting for 10% of the total shares and receiving an oversubscription rate of 168.65 times [3][4]. - The international offering, which made up 90% of the total shares, also saw a strong demand with an oversubscription rate of 14.09 times [5]. Group 2: Market Position and Growth - Hesai Technology is recognized as the largest lidar supplier globally from 2022 to 2024, with a projected monthly shipment of over 100,000 units by December 2024 [7]. - The company has secured the highest number of mass production designations in the ADAS market, covering 120 models from 22 major automakers [7]. - The global lidar market is expected to grow from 300 million USD in 2020 to 1.6 billion USD by 2024, with a compound annual growth rate (CAGR) of 57.6%, and further increase to 17.1 billion USD by 2029, with a CAGR of 61.2% [9]. Group 3: Investment and R&D Focus - Over 80% of the funds raised from the IPO will be allocated to R&D for lidar products, reinforcing the company's leading position in the lidar market [7]. - The lidar technology is increasingly being integrated into various applications, including ADAS, autonomous vehicles, and smart transportation systems, indicating a broadening scope beyond traditional uses [9][10].

Core Viewpoint - Hesai Technology has successfully completed a dual listing on both the Hong Kong and US stock markets, becoming the first major lidar company to achieve this milestone [1][9]. Group 1: IPO Details - On its first day of trading, Hesai-W's stock price peaked at 244 HKD, representing an increase of over 14% from the issue price of 212.80 HKD per share. The closing price was 234 HKD, with a total market capitalization exceeding 35 billion HKD [2]. - The IPO was highly sought after, with a public offering that was oversubscribed by 168 times, raising approximately 4.16 billion HKD from the issuance of 17 million shares [4][5]. - The public offering accounted for 10% of the total shares available, while the international offering made up 90%, which was also oversubscribed by 14.09 times [6][7]. Group 2: Market Position and Growth - Hesai Technology is projected to be the largest lidar supplier globally from 2022 to 2024, with expectations to ship over 100,000 units in a single month by December 2024 [9]. - The company has secured the most mass production designations in the ADAS market, covering 120 models from 22 major automakers, including partnerships with brands like Li Auto and Zeekr [9]. - The global lidar market is expected to grow from 300 million USD in 2020 to 1.6 billion USD by 2024, with a compound annual growth rate (CAGR) of 57.6%, and further increasing to 17.1 billion USD by 2029, with a CAGR of 61.2% [13]. Group 3: Investment and R&D Focus - Over 80% of the funds raised from the IPO will be allocated to research and development of lidar products, reinforcing the company's leading position in the lidar market [11]. - The lidar technology is being increasingly integrated into various applications, including ADAS, autonomous vehicles, and smart transportation systems, indicating a broadening scope of use beyond traditional sectors [13]. Group 4: Competitive Landscape - The lidar industry is facing competitive and cost pressures, with leading companies focusing on chip design to enhance integration and production efficiency [15]. - Solid-state lidar technology is emerging as a mainstream direction due to its stability, compact size, and lower costs, which are crucial for large-scale vehicle applications [16].

Core Insights - Heisai Technology (HSAI.US) has successfully listed on the Hong Kong Stock Exchange under the stock code "02525," achieving a market capitalization exceeding HKD 36 billion shortly after its debut, reflecting strong market confidence in the lidar sector and the company's growth potential [1][7]. Company Overview - Heisai's co-founder and chief scientist, Dr. Sun Kai, highlighted the company's achievement in reducing the cost of lidar from USD 100,000 to USD 200, making advanced safety and intelligent technologies accessible to the masses [3]. - The company aims to contribute significantly to the upcoming AI-driven industrial revolution, aspiring to be remembered for its impact on society [5]. Market Position and Growth - Heisai has completed a dual listing strategy with its recent IPO in Hong Kong following its NASDAQ debut in February 2023, marking it as the largest IPO of Chinese companies returning to Hong Kong since the second half of 2022 [7]. - The lidar industry is experiencing a significant technological breakthrough, with a projected 287.3% year-on-year increase in lidar deliveries for passenger vehicles in China by mid-2025 [8]. - The global market for automotive lidar is expected to grow from USD 1.6 billion in 2024 to USD 17.1 billion by 2029, with a compound annual growth rate (CAGR) of 60.2% [8]. Technological Advancements - Heisai's self-developed fourth-generation ASIC chip platform has reduced lidar BOM costs by 40%, enabling high-performance lidar to enter the "thousand-yuan machine era" [8]. - The AT512 lidar's material cost has dropped to approximately USD 300, achieving a resolution of 800 lines and a detection range of 400 meters, setting a new industry benchmark for cost-performance [8]. Financial Performance - In Q2 2025, Heisai reported a revenue of CNY 706 million, a 54% increase year-on-year, with a gross margin of 35.2%, up 12.4 percentage points from the previous year [10]. - The company achieved a net profit of CNY 44.1 million in a single quarter, marking its second consecutive quarter of profitability since its IPO [10]. Client Base and Market Penetration - Heisai has secured production contracts with over 24 major automotive manufacturers for more than 120 vehicle models, including top brands like BYD, Toyota, and several leading domestic automakers [9]. - In the robotics sector, Heisai is the preferred lidar supplier for nine of the top ten Robotaxi companies globally [9]. Strategic Initiatives - The recent IPO raised approximately HKD 4.16 billion, with 50% allocated for R&D, 35% for production capacity expansion, and the remainder for business development and operational needs [16]. - The dual listing enhances Heisai's brand influence in Asia and strengthens its collaboration with regional automotive companies, providing a robust foundation for long-term capital attraction [16][17]. Future Outlook - With the approval of L3-level vehicle production by regulatory authorities, Heisai is positioned to benefit from the anticipated 48.1% CAGR in high-level autonomous vehicle sales by 2030 [17]. - The company aims to leverage its advantages in full-stack self-research, large-scale manufacturing, and dual capital platforms to become a core supplier in the intelligent perception field [18].

Core Viewpoint - Hesai Technology (02525.HK) officially listed on the Hong Kong Stock Exchange on September 16, marking the largest IPO in the global LiDAR industry and the largest financing scale for a Chinese concept stock returning to Hong Kong in nearly four years [1][3]. Company Overview - Founded in 2014, Hesai Technology is a global LiDAR research and manufacturing company, with products widely used in advanced driver-assistance systems (ADAS), autonomous vehicles, and various intelligent robotic applications [4]. - The company successfully listed on NASDAQ in February 2023, becoming the first in the global LiDAR industry to achieve dual primary listings in the US and Hong Kong [3]. Financial Performance - Revenue projections for Hesai Technology from 2022 to 2024 are 1.203 billion, 1.877 billion, and 2.077 billion yuan, respectively, with net losses of 301 million, 476 million, and 102 million yuan [4]. - In the first half of 2025, the company reported revenue of 1.232 billion yuan, with a net profit of 26.54 million yuan, marking a significant turnaround [4]. - The second quarter of 2025 saw a revenue increase of 53.9% year-on-year, reaching 706 million yuan, with a net profit of 44.1 million yuan [4]. Market Growth - The global automotive LiDAR market is expected to grow significantly, with a projected market size of 861 million USD in 2024, a 60% increase year-on-year [5]. - In China, the installation of LiDAR is expected to exceed 1.5 million units in 2024, a year-on-year increase of 179.7% [5]. Production and Innovation - Hesai Technology's total LiDAR delivery volume reached 547,913 units in the first half of 2025, a year-on-year increase of 276.2% [5]. - The company plans to achieve an annual production capacity of over 2 million units by 2025, with expected deliveries of 1.2 to 1.5 million units [5]. - The fourth-generation self-developed chip platform is set to be mass-produced within the year, optimizing LiDAR functionality and performance [6][8]. Strategic Partnerships - Hesai Technology has secured production contracts with over 24 global OEMs, including BYD, Xiaomi, and Geely, with plans for deliveries from 2025 to 2027 [6]. - The company has deepened partnerships with leading Robotaxi firms, signing contracts worth over 40 million USD [10]. Competitive Landscape - Hesai Technology holds a 33.0% market share in the domestic LiDAR market, leading but closely followed by Huawei at 30.2% and Suoteng at 27.4% [11]. - The company faces challenges related to customer concentration, with the top five customers accounting for 68.3% of total revenue in Q1 2025 [12].

Core Viewpoint - Hesai Technology (HSAI.US; 02525.HK) has successfully completed its dual listing on the Hong Kong Stock Exchange, marking the largest IPO in the global lidar industry to date and the largest financing scale for a Chinese concept stock in Hong Kong in the past four years [2][4]. Company Overview - Founded in October 2014, Hesai Technology specializes in the research and manufacturing of lidar technology, with applications in advanced driver-assistance systems (ADAS), autonomous vehicles, and various intelligent robotic applications [4]. - The company has achieved a significant reduction in lidar costs, from $100,000 to $200, making advanced safety and intelligent technology accessible to a broader audience [4]. Financial Performance - In Q2 of this year, Hesai Technology reported revenue of 706 million yuan, a year-on-year increase of 54%, and a net profit of 44 million yuan, marking a return to profitability [5]. - The total lidar delivery volume for the first half of 2025 reached 547,900 units, a year-on-year increase of 276.2%, surpassing the total for the entire year of 2024 [5]. - In Q2, the total lidar delivery volume was 352,100 units, with ADAS product deliveries at 303,600 units (up 275.8%) and robotic lidar product deliveries at 48,500 units (up 743.6%) [5]. Market Position - According to a report from the Automotive Research Institute, Hesai Technology ranks among the top four lidar suppliers in terms of installation volume, with a market share of 33.0% [4]. Fundraising and Future Plans - The company raised approximately 4.16 billion HKD from its Hong Kong listing, with 50% of the funds allocated for R&D of the fourth-generation ASIC chips and next-generation lidar products, 35% for expanding an automated production line with an annual capacity of 2 million units, and the remainder for market expansion and operational needs [5].

Core Viewpoint - Hesai Technology (HSAI.US; 02525.HK) has successfully listed on the Hong Kong Stock Exchange, marking the largest IPO in the global lidar industry to date and the largest financing scale for a Chinese concept stock returning to Hong Kong in the past four years [1][3]. Group 1: IPO Details - The stock price of Hesai Technology surged over 14% after opening, closing at 234 HKD, with a total market capitalization of 35.851 billion HKD [1]. - The IPO attracted global investors, including top sovereign and long-term funds, multi-strategy funds, and well-known industry investors, with cornerstone investment agreements totaling approximately 1.1537 billion USD [3]. Group 2: Company Background and Product Offering - Founded in October 2014, Hesai Technology specializes in the research and manufacturing of lidar technology, with applications in advanced driver-assistance systems (ADAS), autonomous vehicles, and various intelligent robotic applications [3]. - The company has significantly reduced the cost of lidar from 100,000 USD to 200 USD, enabling widespread adoption in millions of vehicles [3]. Group 3: Financial Performance - In Q2 of this year, Hesai Technology achieved a revenue of 706 million CNY, representing a year-on-year growth of 54%, and a net profit of 44 million CNY, marking a return to profitability [4]. - The total lidar delivery volume reached 547,900 units in the first half of 2025, a year-on-year increase of 276.2%, surpassing the total for the entire year of 2024 [4]. - The delivery volume of ADAS products was 303,600 units, up 275.8% year-on-year, while lidar products for robotics saw a significant increase of 743.6%, indicating a potential second growth curve for the company [4]. Group 4: Future Plans and Investment Allocation - The company plans to raise approximately 4.16 billion HKD from the IPO, with about 50% allocated for R&D of the fourth-generation ASIC chips and next-generation lidar products, 35% for expanding an automated production line with an annual capacity of 2 million units, and the remainder for market expansion and operational needs [4].

Core Viewpoint - The technology sector, particularly in the context of the global capital markets, is experiencing significant interest, driven by the AI boom and expectations of interest rate cuts by the Federal Reserve. Hesai Technology, a leading global lidar company, has successfully listed on the Hong Kong Stock Exchange, attracting substantial investment interest and demonstrating strong financial performance [1][2][3]. Company Overview - Hesai Technology, established in 2014, is recognized as the first Chinese lidar company to go public in the US and has now returned to Hong Kong, showcasing its enhanced capabilities [3]. - The company achieved a revenue of 710 million yuan in Q2 2023, marking a year-on-year increase of 53.9%, and has reported five consecutive quarters of revenue growth [3][4]. - Hesai's net profit for Q2 2023 reached 44.1 million yuan, a significant improvement from a loss of 72.1 million yuan in the same period last year [3]. Market Position and Growth - Hesai's lidar delivery volume surged by 306.9% year-on-year to 352,100 units in Q2 2025, with a total of 547,900 units delivered in the first half of the year, surpassing the total for 2024 [4][7]. - The company holds a 33% market share in the global automotive lidar market for 2024, maintaining its position as the industry leader for four consecutive years [4]. - In the L4 autonomous driving lidar market, Hesai commands a 61% global market share, also leading this segment for four years [7]. Strategic Developments - Hesai has strategically invested in the robotics lidar sector, achieving significant milestones, including being the top seller of robotics lidar globally, with over 2,000 clients across various countries [7][11]. - The company has established partnerships with major automotive manufacturers and Robotaxi companies, further solidifying its market presence [9]. Financial Outlook - The recent IPO in Hong Kong has provided Hesai with new capital, enhancing its growth prospects as it leverages Hong Kong's position as a financial hub connecting mainland China and international markets [8]. - Analysts predict that the global automotive lidar market could reach 50 billion yuan by 2030, driven by increasing demand for intelligent driving solutions [9][10]. Future Growth Potential - Hesai is well-positioned to capitalize on the growing demand for lidar in both automotive and robotics sectors, with projections indicating a significant increase in market size for robotics lidar, potentially reaching a hundred billion yuan by 2030 [11][12]. - The company is actively expanding its product offerings and partnerships, aiming to maintain its leadership in the rapidly evolving lidar market [13].

中国经济网北京9月16日讯 禾赛科技（02525.HK）今日在港交所上市。截至今日收盘，禾赛科技报 234.00港元，涨幅9.96%。 最终发售价及配发结果公告显示，禾赛科技全球发售项下的发售股份数目为19,550,000股发售股份 （经计及发售量调整权获悉数行使及视乎超额配股权行使与否而定），香港发售股份数目为1,955,000股 发售股份（经计及发售量调整权获悉数行使），国际发售股份数目为17,595,000股发售股份（经计及发 售量调整权获悉数行使及视乎超额配股权行使与否而定）。 | 發售股份及股本 | | | --- | --- | | 發售股份數目(發售量調整權獲悉數行使後) | 19,550,000 | | 公開發售的發售股份最終數目(發售量調整權獲悉數行使 1,955,000 | | | 後) | | | 國際發售的發售股份最終數目(發售量調整權獲悉數行使 17,595,000 | | | 後) | | | 於上市時已發售的股份數目(超額配股權獲行使前) | 153,209,711 | 禾赛科技的联席保荐人、保荐人兼整体协调人、整体协调人、联席全球协调人、联席账簿管理人及 联席牵头经办人为中国国 ...

Core Viewpoint - Hesai Technology has officially listed on the Hong Kong Stock Exchange on September 16, 2023, becoming the first lidar company to achieve a dual primary listing in both the US and Hong Kong markets [1][12]. Group 1: IPO Details - The IPO is the largest in the global lidar industry to date and the largest financing scale for a Chinese company returning to Hong Kong in nearly four years, with a total financing amount exceeding HKD 41.6 billion (USD 5.33 billion) [7]. - The company received enthusiastic subscriptions from global investors, including top sovereign and long-term funds, showcasing the capital market's strategic consensus on the lidar sector and recognition of Hesai's commercialization capabilities and technological value [7]. - Upon opening, the stock reached HKD 244.0 per share, giving the company a market capitalization exceeding HKD 36 billion [7]. Group 2: Company Achievements - Over the past decade, Hesai has reduced the cost of lidar from USD 100,000 to USD 200, making advanced safety and intelligent technology accessible to the public, with plans to deliver lidar for over 1 million vehicles [9]. - The company has achieved the number one global market share in three categories: vehicle-mounted lidar, ADAS lidar, and L4 autonomous driving lidar, maintaining its leadership in the global market for four consecutive years [9]. - In 2024, the company is projected to achieve revenue of CNY 2.08 billion, with annual delivery volumes doubling for four consecutive years, making it the first and only publicly listed lidar company to achieve full-year profitability and positive operating and net cash flow [10]. Group 3: Market Position and Future Plans - Hesai's lidar has become a standard safety feature for many popular models in the ADAS sector, with over 120 models from 24 major manufacturers set for mass production between 2025 and 2027 [10]. - The company has established itself as the preferred lidar supplier for nine of the top ten Robotaxi companies globally, with significant clients including Motional, Baidu, and Didi [10]. - Since 2017, Hesai has focused on developing lidar-specific chips (ASIC), significantly enhancing performance, quality, and cost-effectiveness, creating a strong technological barrier [11]. - The listing on the Hong Kong Stock Exchange marks a new milestone for Hesai, reflecting international capital market recognition of Chinese lidar technology and initiating a new chapter in the company's global strategic layout [11].