Core Insights - Hesai Technology, a Chinese lidar manufacturer, successfully listed on the Hong Kong Stock Exchange on September 16, 2025, marking a significant milestone after a decade of navigating various challenges in the capital market [1][2] - The company's market capitalization reached approximately 38 billion USD (about 275 billion RMB) in the US and 34.5 billion HKD (about 31.5 billion RMB) in Hong Kong, showcasing its growth trajectory since its inception [2][3] - Hesai's journey reflects a complex narrative involving technological innovation, capital challenges, and personal dynamics among its founders, highlighting the interplay between technology and human factors in entrepreneurship [3][4] Company Development - Founded in 2014 after initial discussions in Silicon Valley, Hesai focused on laser gas detection technology before pivoting to automotive lidar solutions in 2016, launching its first mass-produced lidar product, Pandar32 [4][6] - The company quickly gained traction in the autonomous driving sector, securing early orders from major players like NIO and Baidu, and expanded its market presence in North America [6][8] - Despite early successes, Hesai faced significant challenges, including a public scandal involving a co-founder and a major patent lawsuit from competitor Velodyne, which impacted its IPO plans and financial performance [8][12] Financial Performance - Hesai's financial trajectory has been marked by fluctuations, including a net loss of 150 million RMB in 2019 due to legal settlements, and a significant drop in gross margin from 70.3% in 2019 to 35.2% in 2023 amid industry price wars [15][16] - The company reported a revenue of 540 million RMB in Q3 2024, a year-on-year increase of 21.1%, and achieved a significant milestone by becoming the first lidar company to report annual profitability [16][17] - However, concerns arose in early 2024 when a short-seller report accused Hesai of financial misconduct, leading to a temporary decline in stock price, which the company has since contested [16][17] Market Positioning - Hesai's strategic shift to the Hong Kong market is seen as a response to the geopolitical sensitivities affecting its US operations, allowing it to attract long-term investments from local and international funds [19][20] - The company's dual listing strategy aims to reshape its narrative in the capital markets, focusing on its technological advancements and partnerships with key players in the automotive sector [20][21] - The ongoing trend of Chinese companies returning to Hong Kong for listings reflects a broader strategy to mitigate risks associated with US market volatility and to leverage local capital for growth [21][22]

Market Overview - The Hong Kong stock market opened slightly higher on September 16, with the Hang Seng Index at 26,536 points, up 0.34%, and the Hang Seng Tech Index at 6,070 points, up 0.45% [1] Focus Companies - **Yaojie Ankang-B (02617.HK)**: The stock saw a maximum increase of over 60% in early trading, reaching a new high of 679.5 HKD. There was a net inflow of 143 million HKD from southbound funds yesterday. However, some analysts suggest that the stock may be overvalued and highly concentrated, advising ordinary investors to refrain from participation [3] - **Longpan Technology (02465.HK)**: Announced a procurement cooperation agreement with CATL for the sale of 157,500 tons of lithium iron phosphate cathode materials from Q2 2026 to 2031, with a total sales value exceeding 6 billion HKD. The stock opened over 14% higher [5] - **Ningde Times (03750.HK)**: Opened 2.8% higher at 478 HKD, reaching a new high since its listing [5] - **Yunfeng Financial (00376.HK)**: Announced a placement of 19.1 million new shares at 6.1 HKD per share, raising approximately 1.17 billion HKD. The stock fell over 10% in early trading [7] - **Hesai (02525.HK)**: Listed on the Hong Kong Stock Exchange today, opening with a rise of over 7% and later increasing to a 10% gain [9] Sector Performance - The technology sector showed mixed results, with Bilibili-W (09626.HK) up over 2% and JD Group-SW (09618.HK) down over 0.5%. Gold stocks generally rose, with Shandong Gold (01787.HK) increasing over 3%. The automotive sector was active, with Li Auto-W (02015.HK) up over 3%, and lithium battery stocks continued their upward trend, with Ningde Times rising over 2% [8] Market Outlook - According to China Merchants Securities, the Hong Kong market is primarily driven by liquidity, with expectations for a new round of increases due to improved liquidity conditions. Factors such as the Federal Reserve's interest rate cuts, easing of tight liquidity in the Hong Kong market, continuous inflow of southbound funds, and resolution of mid-term profit concerns are contributing to this outlook [8]

格隆汇9月15日丨禾赛-W(02525.HK)公告，公司全球发售1955万股股份，每股发售股份212.80港元，所 得款项净额40.05亿港元。香港公开发售股份数目占全球发售股份数目10%，获认购168.65倍；国际发售 股份数目占全球发售股份90%，获认购14.09倍。假设全球发售于香港时间2025年9月16日(星期二)上午 八时正或前成为无条件，B类普通股预计将于香港时间2025年9月16日(星期二)上午九时正开始在联交所 买卖。B类普通股将以每手20股B类普通股为买卖单位，B类普通股的股份代号将为2525。 ...

每经AI快讯，9月16日，截至发稿，利弗莫尔证券显示，禾赛-W(02525.HK)涨7.71%。消息方面，公开 发售阶段获168.65倍认购，国际配售阶段禾赛科技获14.09倍认购。 ...

智通财经APP获悉，禾赛-W(02525)首挂上市，公告显示，每股定价212.80港元，共发行1955万股股 份，每手20股，所得款项净额约40.05亿港元。截至发稿，涨7.71%，报229.2港元，成交额2.14亿港元。 近年来，在自动驾驶技术、机器人等相关产业需求持续增长的背景下，激光雷达行业快速发展。根据灼 识咨询的数据显示，全球激光雷达行业的收入由2020年的3亿美元增加至2024年的16亿美元，年复合增 长率为57.8%，并预计2029年将增加至173亿美元，年复合增长率为61.7%。特别是，中国的激光雷达行 业的市场规模及增长率已经大幅超越其他地区。灼识咨询数据显示，按收入计，公司于2022年、2023年 及2024年均为全球第一大激光雷达供货商。截至2024年12月，公司成为全球首家单月出货量突破10万台 的激光雷达公司。 公开资料显示，禾赛科技是于2014年成立，主要研发及生产激光雷达传感器，被广泛应用于支持高级辅 助驾驶系统(ADAS)的乘用车和商用车，以及自动驾驶汽车和配送机器人、移动机器人等各类机器人应 用。禾赛科技2023年2月登陆美股，以每股ADS发行价19美元发售1000万股ADS ...

Major Events - Different Group (06090) is set to launch its IPO from September 15 to September 18, with an expected listing date of September 23 [1] - Hesai Technology-W (02525) has received 168.65 times subscription for its public offering in Hong Kong, with a share price of HKD 212.80 [1] - Basilea Pharmaceutica-B (02616) will showcase CS2015 (OX40L/TSLP bispecific antibody) at ACAA 2025 [1] - CSPC Pharmaceutical Group (01093) has received clinical trial approval in China for ALMB-0166 to treat Parkinson's disease [1] - Kingdee International (00268) plans to acquire a 62.764% stake in Yunzhijia for HKD 68.25 million [1] - Lion Group Holdings (02562) intends to acquire a company leading in AI, blockchain, decentralized finance, and stablecoin innovation [1] - COSCO Shipping Holdings (01919) plans to invest CNY 370 million to establish a joint venture [1] - Shoujia Technology (00103) aims to set up a joint venture for a super new materials company [1] - CITIC Limited (00267) has its "data-driven high-end mining equipment intelligent factory" recognized as a 2025 excellent-level intelligent factory by the Ministry of Industry and Information Technology [1] - Eden Software (01147) has its self-developed "Easy AI multimodal content generation" algorithm approved for algorithm filing in Shenzhen [1] Operating Performance - Hong Kong Dragon Land (06968) reported a contract sales amount of approximately CNY 3.602 billion for the first eight months, a year-on-year decrease of 0.16% [1] - China Southern Airlines (01055) saw an 8-month passenger turnover increase of 5.97% year-on-year [1] - China Eastern Airlines (00670) reported an 8-month passenger turnover increase of 8.72% year-on-year [1] - Air China (00753) recorded a 2.3% year-on-year increase in passenger capacity input and a 3.2% increase in passenger turnover for August [1] - Hong Kong Technology Exploration (01137) reported an August total merchandise transaction value of HKD 678 million in its e-commerce business, a year-on-year decline of 4.5% [1]

禾赛-W(02525)发布公告，公司全球发售约1955万股股份，香港公开发售占10%，国际发售占90%。每 股发售价212.80港元，净筹约40.05亿港元。预计将于香港时间2025年9月16日(星期二)上午九时正开始 在联交所买卖。B类普通股将以每手20股B类普通股为买卖单位，B类普通股的股份代号将为2525。 其中，香港公开发售获168.65倍认购，国际发售获14.09倍认购。 ...

其中，香港公开发售获168.65倍认购，国际发售获14.09倍认购。 智通财经APP讯，禾赛-W(02525)发布公告，公司全球发售约1955万股股份，香港公开发售占10%，国 际发售占90%。每股发售价212.80港元，净筹约40.05亿港元。预计将于香港时间2025年9月16日(星期二) 上午九时正开始在联交所买卖。B类普通股将以每手20股B类普通股为买卖单位，B类普通股的股份代号 将为2525。 ...

格隆汇9月15日丨禾赛-W(02525.HK)公告，公司全球发售1955万股股份，每股发售股份212.80港元，所 得款项净额40.05亿港元。香港公开发售股份数目占全球发售股份数目10%，获认购168.65倍；国际发售 股份数目占全球发售股份90%，获认购14.09倍。假设全球发售于香港时间2025年9月16日(星期二)上午 八时正或前成为无条件，B类普通股预计将于香港时间2025年9月16日(星期二)上午九时正开始在联交所 买卖。B类普通股将以每手20股B类普通股为买卖单位，B类普通股的股份代号将为2525。 ...

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 （「香港結算」）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 示概不就因本公告全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 除非本公告另有界定，否則本公告所用詞彙應與Hesai Group（「本公司」）日期為2025年9月8日 （星期一）的招股章程（「招股章程」）所界定者具有相同涵義。 本公告僅供參考，並不構成對任何人士進行收購、購買或認購本公司任何證券的要約或誘使作 出要約的邀請。本公告並非招股章程。潛在投資者在決定是否投資於發售股份前，應細閱招股 章程內有關下文所述全球發售的詳細資料。有關發售股份的任何投資決定應僅依賴招股章程所 提供的資料而作出。 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 ...