Summary of Key Points Core Viewpoint The article discusses the recent activities on the Hong Kong Stock Exchange (HKEX) from September 15 to September 21, highlighting the number of companies that submitted applications, those that passed hearings, and new listings. Group 1: Companies Submitting Applications - A total of 11 companies submitted applications to the HKEX during the specified period [1] - Notable companies include: - **Meilian Steel Structure (Shanghai) Co., Ltd.**: Ranked third in China's prefabricated steel structure market with a market share of 3.5% [2] - **Hangzhou New Element Pharmaceutical Co., Ltd.**: Focused on developing therapies for metabolic, inflammatory, and cardiovascular diseases [3] - **Jiangsu Zhongrun Solar Technology Co., Ltd.**: Second in global photovoltaic cell manufacturing with a market share of 14.6% [4] - **Beijing Junzheng Integrated Circuit Co., Ltd.**: A leading provider of chips for various high-tech applications [5] - **Shanghai Aike Baifa Biopharmaceutical Technology Co., Ltd.**: Focused on therapies for respiratory and pediatric diseases [7] - **Nuwa Insight Technology Co., Ltd.**: An AI technology company in the insurance sector [8] - **Huaqin Technology Co., Ltd.**: A leading ODM platform for smart products [9] - **Saimite Information Group Co., Ltd.**: A leading provider of intelligent industrial software solutions [10] - **Guangzhou Ruoyu Chen Technology Co., Ltd.**: An e-commerce operation company [11] - **Quantitative Holdings Limited**: Focused on online market operations in the consumer sector [12] - **Hangzhou Xianweida Biotechnology Co., Ltd.**: A biopharmaceutical company nearing commercialization [13] Group 2: Companies Passing Hearings - Two companies successfully passed the listing hearings: - **Shenzhen Xipuni Precision Technology Co., Ltd.**: A designer and manufacturer of gold watch cases and bands [14] - **Xuanzhu Biotechnology Co., Ltd.**: An innovative biopharmaceutical company with multiple drug assets in development [15] Group 3: Companies Launching IPOs - Four companies initiated their IPOs: - **Jingfang Pharmaceutical-B**: Global offering of 89.24 million shares with a net fundraising of approximately HKD 1.67 billion [17] - **Different Group**: Global offering of 10.98 million shares with a price range of HKD 62.01-71.20 [18] - **Chery Automobile**: Global offering of 297 million shares with a price range of HKD 27.75-30.75 [19] - **Zijin Gold International**: Global offering of 349 million shares with a price of HKD 71.59 [20] Group 4: New Listings - Three new stocks were listed: - **Hesai Technology (HK:02525)**: Closed at HKD 234.0 per share, up 9.96% on the first day [20] - **Health 160 (HK:02656)**: Closed at HKD 28.22 per share, up 137.34% on the first day [21] - **Jingfang Pharmaceutical-B (HK:02595)**: Closed at HKD 42.10 per share, up 106.47% on the first day [22]

该行预计，2030年，L4+级自动驾驶计程车将占中国出租车或共用出行车队总规模的8%。该行认为， 在当前行业竞赛中，具有可扩展产品销售能力的头部硬体制造商，如地平线机器人-W(09660)及禾赛- W(02525)将受惠于配置升级的加速。而自动驾驶计程车制造商，如文远知行则在向新兴国际市场进 军。 摩根士丹利发布研报称，中国自动驾驶出租车的车队规模与运营区域持续扩大。同时，全球自动驾驶出 租车的竞赛已进入新阶段，成为推动中国向L4+级自动驾驶发展的强大催化剂。大摩认为，L3级自动驾 驶即将成为必争之地，而L4级及自动驾驶出租车也并非遥不可及。 ...

Core Insights - Morgan Stanley reports that the fleet size and operational areas of autonomous taxis in China are continuously expanding, marking a new phase in the global autonomous taxi competition, which serves as a strong catalyst for China's development towards L4+ level autonomous driving [1] - The firm anticipates that by 2030, L4+ level autonomous taxis will account for 8% of the total fleet size of taxis or shared mobility in China [1] - The competition in the industry is intensifying, with leading hardware manufacturers like Horizon Robotics (09660) and Hesai Technology (02525) expected to benefit from accelerated configuration upgrades due to their scalable product sales capabilities [1] - Autonomous taxi manufacturers, such as WeRide, are advancing into emerging international markets [1]

Group 1: IPO Market Activity - The Hong Kong IPO market has seen a surge in diverse companies, including leaders in digital healthcare and lidar technology, with significant activity from sectors like prefabricated steel structures and photovoltaic cells [2][3] - Health160, China's largest digital healthcare service platform, saw its stock price soar by 137.34% on its debut, covering over 260 cities and connecting 44,600 medical institutions [6] - Hesai Technology, a leader in the lidar sector, achieved a dual listing on both US and Hong Kong exchanges, with a market capitalization exceeding HKD 36 billion on its first day [7][8] Group 2: Companies Approved for IPO - Yuan Chuang Technology has received approval for its mainboard IPO, focusing on the research, production, and sales of rubber tracks for agricultural and engineering machinery, with projected revenues of CNY 1.261 billion in 2022 [4] - New Guangyi, a high-tech enterprise specializing in high-performance functional materials, also received approval for its IPO, with revenues expected to grow from CNY 455 million in 2022 to CNY 657 million in 2024 [5] Group 3: New Listings - Jinfang Pharmaceutical made its debut on the Hong Kong Stock Exchange, with an opening surge of 115.79%, focusing on innovative therapies for tumors and autoimmune diseases [9] - Meilian Steel Structure, a prefabricated steel structure service provider, has refiled for an IPO, reporting a revenue increase of 180% year-on-year for the first half of 2025 [10][11] Group 4: Upcoming IPOs - Zijin Gold International plans to raise approximately USD 3.2 billion through its IPO, potentially becoming the largest IPO since May, coinciding with record-high gold prices [17][18] - Huakin Technology, a leading smart product platform, has submitted its IPO application, reporting a revenue increase of 113.06% year-on-year for the first half of 2025 [12]

Core Viewpoint - HeSai-W (02525.HK) announced the issuance and allocation of 2.9325 million Class B ordinary shares on September 19, 2025, following the full exercise of the over-allotment option [1] Group 1 - The company has exercised its over-allotment option, resulting in the issuance of additional shares [1]

Core Viewpoint - Hesai Technology (02525) announced the issuance and allocation of 2.9325 million Class B ordinary shares on September 19, 2025, following the full exercise of the over-allotment option [1] Group 1 - The company has exercised its over-allotment option, resulting in the issuance of additional shares [1] - The total number of shares issued is 2.9325 million [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 禾賽科技（於開曼群島註冊成立以不同投票權控制的有限責任公司） 呈交日期： 2025年9月19日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 不同投票權架構公司普通股 | 股份類別 | B | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) 02525 | 說明 | B類普通股 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | ...

Industry Overview - The demand for LiDAR technology in the robotics sector has surged, leading to a significant increase in orders for LiDAR companies this year [1] - The domestic sales revenue for LiDAR in China has nearly doubled compared to last year [1] - By 2025, the Chinese LiDAR market is projected to reach a scale of 24.07 billion yuan, increasing to 43.18 billion yuan by 2026 [1] - The shift in automotive manufacturers' focus from "high-level autonomous driving" to "safety assurance" has positioned LiDAR as a key promotional product for car brands [1] - The robotics market is providing new growth opportunities for the LiDAR industry, leading to a "golden period" of simultaneous growth in volume and price [1] Company Highlights - Hesai Technology (禾赛-W, 02525) is the largest global supplier of LiDAR, recently signing a contract worth over 40 million USD with a leading US Robotaxi company, with delivery planned by the end of 2026 [2] - RoboSense (速腾聚创, 02498) announced that its LiDAR products will be integrated with the NVIDIA DRIVE AGX platform, indicating strong long-term market potential and competitive advantage in the automotive sector [2] - Analysts are optimistic about RoboSense's growth potential driven by its comprehensive technology layout and ongoing customer expansion [2]

Group 1: Company Overview - Hesai Technology, headquartered in Shanghai, specializes in LiDAR solutions primarily for automotive ADAS, autonomous driving, and robotics [3][4] - The company is the first to list on the Hong Kong Stock Exchange via the "Specialized Technology Route" and is the first Chinese concept stock to return to Hong Kong from the US in two years [4][5] Group 2: IPO Details - Hesai's IPO was completed in just half a month, setting a new record for IPO review efficiency in Hong Kong [5] - The IPO was highly successful, with a subscription rate of 169 times, raising HKD 4.16 billion, marking the largest financing scale for a Chinese concept stock returning to Hong Kong in four years [9] - The company plans to allocate 50% of the IPO funds to R&D, 35% to enhance production capacity, 5% for business development, and 10% for working capital [9] Group 3: Market Performance and Strategy - Following its return to Hong Kong, Hesai aims to mitigate uncertainties in the US market and enhance liquidity and valuation [8] - The stock price of Hesai in the US has increased by 57% since August, reaching USD 29.80 on September 16 [8] Group 4: Financial Performance - In the first half of 2023, Hesai achieved profitability, with a significant increase in LiDAR shipments from 8.04 million units in 2022 to 22.21 million units in 2023 [12][14] - The company's revenue from LiDAR products is projected to grow significantly, with a compound annual growth rate of 57.6% from USD 300 million in 2020 to USD 1.71 billion by 2029 [12] Group 5: Product and Industry Trends - The global LiDAR market is experiencing explosive growth, with Hesai being the largest supplier by revenue from 2022 to 2024 [12][14] - The average selling price of Hesai's LiDAR products has decreased significantly, from approximately USD 10,000 to USD 200, enabling widespread adoption in vehicles [14]

Investment Rating - The report assigns a "Buy" rating to Hesai Group (2525 HK) with a target price of HKD 269.66, indicating a potential upside of 15.2% from the closing price of HKD 234.00 [1][4][9]. Core Insights - The report highlights the continuous landing of Robotaxi business orders, with Hesai Group recently signing a laser radar order worth over USD 40 million (approximately RMB 285 million) with a leading US Robotaxi company, positioning itself as the sole supplier [2][4]. - The company has secured multiple orders related to Robotaxi models, including exclusive laser radar orders for Motional's IONIQ 5 Robotaxi and plans for mass production of the HR1 model by 2026, with deployment of over 50,000 units by 2027 [4]. - The report notes a significant increase in laser radar shipments, with a year-on-year growth of 276.2% in the first half of 2025, and a market share of 33% in the front-mounted production sector, leading the industry [4]. Financial Summary - Revenue projections for Hesai Group are as follows: RMB 1,877 million in 2023, RMB 2,077 million in 2024, RMB 3,236 million in 2025, RMB 4,434 million in 2026, and RMB 5,775 million in 2027, reflecting a compound annual growth rate (CAGR) of 55.8% from 2024 to 2025 [3][11]. - The net profit is expected to turn positive in 2025, with projections of RMB 253 million, RMB 441 million in 2026, and RMB 624 million in 2027, indicating a strong recovery from previous losses [3][11]. - The report also provides a detailed DCF valuation, estimating the equity value at RMB 33,394 million, translating to a per-share value of USD 34.66 or HKD 269.66 [6]. Market and Regulatory Environment - The report emphasizes the potential catalyst of L3 autonomous driving regulations, which are expected to accelerate the penetration of laser radar technology in vehicles, enhancing the demand for Hesai's products [4]. - Recent government initiatives to promote smart connected vehicles and the approval of L3 level models are seen as supportive of the industry's growth trajectory [4].