Core Viewpoint - Hesai Technology has officially listed on the Hong Kong Stock Exchange, becoming the first lidar company to achieve a dual primary listing in both the US and Hong Kong, marking a significant milestone in the global lidar industry [1][10]. Group 1: IPO Details - The IPO is the largest in the global lidar industry to date and the largest financing scale for a Chinese concept stock returning to Hong Kong in nearly four years, with a total financing amount exceeding HKD 41.6 billion (USD 5.33 billion) [3]. - The company received enthusiastic subscriptions from global investors, including top sovereign and long-term funds, showcasing strong market consensus on the lidar sector and recognition of Hesai's commercialization capabilities and technological value [3]. - Upon opening, Hesai's stock reached HKD 244.0 per share, with a market capitalization exceeding HKD 36 billion [3]. Group 2: Company Achievements - Founded in 2014, Hesai Technology is a leading developer and manufacturer of lidar, with products widely used in advanced driver-assistance systems (ADAS), autonomous vehicles, and various intelligent robotic applications [7]. - The company holds three global market share leaderships: in the overall lidar market, ADAS lidar market, and L4 autonomous driving lidar market, and is the only company to have achieved multiple global firsts for four consecutive years [7]. - In 2024, the company achieved 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 [7]. Group 3: Product and Market Position - Hesai's lidar has become a standard safety feature in ADAS, with over 120 models from 24 major manufacturers set for mass production between 2025 and 2027, including leading global and domestic automotive brands [8]. - In the robotics sector, Hesai is the preferred lidar supplier for nine of the top ten Robotaxi companies globally, with significant partnerships in the autonomous driving space [8]. - Since 2017, the company has focused on developing lidar-specific chips (ASIC), significantly enhancing performance, quality, and cost-effectiveness, establishing a strong competitive advantage in the market [9]. Group 4: Future Outlook - 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 [9]. - Looking ahead, the company aims to leverage chip innovation and global expansion to position its lidar technology as a standard for safe intelligent mobility and to empower robotics, leading the future of global intelligence [9].

Group 1 - Geely Galaxy M9 officially launched with a limited price range of 173,800 to 238,800 yuan, featuring six models [1][3][10] - The vehicle dimensions are 5205mm in length, 1999mm in width, and 1800mm in height, with a wheelbase of 3030mm, designed as a large SUV with a 2+2+2 seating layout [4][6] - The interior includes a 30-inch 6K central control screen, a 32-inch AR-HUD, and a 12.66-inch full LCD instrument panel, among other advanced features [6][8] Group 2 - Hesai Technology completed its secondary listing on the Hong Kong Stock Exchange, marking the largest IPO in the global lidar industry [10][14] - The company is recognized as a leading player in the lidar sector, and its dual listing strategy aims to ensure continuous financing amid changing global trade dynamics [14] Group 3 - Toyota unveiled the e-Palette autonomous electric vehicle, with a target to achieve Level 4 autonomy by the fiscal year 2027, priced at approximately 2.9 million yen (around 1.41 million yuan) [15][16] - The e-Palette features dimensions of 4950mm in length, 2080mm in width, and 2650mm in height, with a maximum speed of 80 km/h and a range of about 250 km [18][19]

Core Viewpoint - Hesai Technology has successfully listed on the Hong Kong Stock Exchange, becoming the first laser radar company to achieve dual listing in both the US and Hong Kong markets, with significant initial trading activity and a strong market response [1][5]. Company Overview - Hesai Technology primarily provides 3D LiDAR solutions, including design, development, manufacturing, and sales of advanced LiDAR products, which are widely used in commercial and passenger vehicles, robotics, and other non-automotive sectors [7]. - The company reported a revenue of 710 million RMB in Q2 2023, representing a year-on-year increase of over 50%, and achieved a net profit of 44 million RMB, marking a turnaround from previous losses [7]. Business Structure - The revenue breakdown shows that Advanced Driver Assistance Systems (ADAS) account for 62.7% and robotics for 34.1% of total revenue, both experiencing triple-digit growth due to industry demand [9]. - In the ADAS sector, the market penetration of LiDAR is rapidly increasing, with a projected installation of over 1.5 million units in China by 2024, a year-on-year increase of 179.7% [10]. Market Performance - Hesai's ADAS LiDAR shipments reached 300,000 units in Q2 2023, a year-on-year increase of 276%, with significant orders from nine major domestic automakers [10]. - The robotics segment saw an even more substantial growth, with LiDAR shipments increasing by 743.6% year-on-year, totaling 49,000 units in Q2 2023 [10]. Recent Developments - Prior to its listing, Hesai announced a partnership with a leading US Robotaxi company, securing a LiDAR order worth over $40 million, to be delivered by the end of 2026 [3]. - The IPO raised a total of 4.16 billion HKD (approximately 533 million USD), making it the largest IPO in the global LiDAR industry to date [15]. Market Sentiment - Following a short-seller report questioning its profitability, domestic institutions have expressed optimism about Hesai's growth potential, citing strong downstream demand and the company's leading market position [13][15]. - Analysts from various securities firms have reiterated positive outlooks on Hesai's future revenue growth, driven by increasing demand for LiDAR in both ADAS and robotics applications [16].

Core Viewpoint - Hesai Technology has successfully listed on the Hong Kong Stock Exchange, becoming the first laser radar company to achieve dual listing in both the US and Hong Kong, indicating strong market confidence and growth potential in the laser radar sector [5][12]. Company Overview - Hesai primarily provides 3D LiDAR solutions, including design, development, manufacturing, and sales of advanced LiDAR products, which are widely used in commercial and passenger vehicles, robotics, and other non-automotive industries [7]. Financial Performance - In Q2 2023, Hesai achieved revenue of 7.1 billion RMB, a year-on-year increase of over 50%, and net profit of 0.44 billion RMB, marking a return to profitability [7]. - The company's total LiDAR delivery volume reached approximately 548,000 units in the first half of the year, a year-on-year increase of 276.2% [11]. Business Segments - The two core business segments, Advanced Driver Assistance Systems (ADAS) and robotics, accounted for 62.7% and 34.1% of Hesai's revenue, respectively, both experiencing triple-digit growth due to booming downstream industries [10]. - In the ADAS sector, Hesai's LiDAR shipment volume reached 300,000 units in Q2 2023, a year-on-year increase of 276% [10]. - In the robotics sector, Hesai's LiDAR shipment volume reached 49,000 units in Q2 2023, a year-on-year increase of 743.6% [11]. Market Position - According to a report by the Automotive Research Institute, Hesai is projected to have a market share of 33.0% in the domestic LiDAR installation market, ranking first among competitors [10]. - The company has secured contracts with nine major domestic automakers for 20 vehicle models, with mass production scheduled for 2025-2026 [10]. Recent Developments - Just before the IPO, Hesai announced a partnership with a leading US Robotaxi company, signing a laser radar order worth over $40 million, with delivery planned by the end of 2026 [3]. - The IPO raised a total of 4.16 billion HKD, with approximately 50% allocated for R&D investment and 35% for production capacity investment [14]. Market Sentiment - Following a short-selling report from Blue Orca Capital questioning Hesai's profitability, domestic institutions have expressed optimism about the company's growth prospects, citing strong downstream demand and a solid market position [12][14]. - Multiple domestic investment institutions have issued reports favoring Hesai's future growth, highlighting the increasing demand for LiDAR in both ADAS and robotics applications [15].

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]

Group 1: Digital Transformation and Industry Upgrades - The Ministry of Industry and Information Technology of China issued guidelines for the digital transformation of key industries, including 14 industry scenario maps for 2025, such as new energy vehicles and lithium batteries [2] - Henan Province's action plan aims to enhance the new energy vehicle industry through AI algorithms, focusing on high-performance batteries and intelligent manufacturing [3] - Suzhou's action plan targets the establishment of over 3,000 AI companies by the end of 2026, with an annual growth rate of over 20% in the smart economy sector [4] Group 2: Automotive Industry Inventory and Trends - As of the end of August 2025, the national passenger car inventory in China was 3.16 million units, a decrease of 130,000 units from the previous month, with a notable reduction in dealer inventory [5] Group 3: International Automotive Developments - The U.S. government announced a reduction in import tariffs on Japanese cars to 15% effective September 16 [6] - Ford plans to lay off 1,000 employees at its Cologne plant in Germany by early 2026 [7] - Hyundai's labor union reached a wage agreement, increasing the basic monthly salary by 100,000 KRW (approximately 513.2 CNY) [8] Group 4: Corporate News and Strategic Moves - Changan Automobile signed a strategic cooperation agreement with China Guoxin to deepen collaboration in investment and technology innovation [12] - Dongfeng Honda announced leadership changes within its management team [13] - Chery Automobile plans to open its subscription for IPO on September 17, targeting a valuation of 140 billion HKD [14] - Huawei and GAC Toyota's collaboration will upgrade to a full-stack solution, with plans to launch three new models within two years [15] - A new pilot factory for solid-state batteries by SK On is established, aiming for commercialization by 2029, one year ahead of the original target [11] - A third-generation semi-solid battery by Funeng Technology is planned for mass production in 2026 [16] - Hesai Technology successfully listed on the Hong Kong Stock Exchange, achieving a market capitalization exceeding 36 billion HKD [17]

Core Viewpoint - Hesai Technology (HSAI.US; 2525.HK) has officially listed on the Hong Kong Stock Exchange, becoming the first lidar company to achieve a dual primary listing in both the US and Hong Kong [1][3]. Group 1: IPO Details - The IPO of Hesai Technology is the largest in the global lidar industry to date and the largest financing scale for a Chinese concept stock returning to Hong Kong in nearly four years, with a total financing amount exceeding HKD 41.6 billion (USD 5.33 billion) before the greenshoe option [3]. - On the opening day, Hesai Technology's stock reached HKD 244.0 per share, resulting in a market capitalization exceeding HKD 36 billion [3]. Group 2: Company Performance - Founded in 2014, Hesai Technology's products are widely used in advanced driver-assistance systems (ADAS) for passenger and commercial vehicles, autonomous vehicles, and various types of intelligent robots [5]. - The company achieved a revenue of RMB 2.08 billion in 2024, with annual delivery volumes doubling for four consecutive years, making it the first and only publicly listed lidar company to achieve profitability for the entire year [5]. - From 2021 to 2024, the compound annual growth rate (CAGR) of the company's revenue reached 42.3%, indicating rapid revenue growth [5]. Group 3: Market Position - In the ADAS sector, Hesai Technology's lidar has become a safety standard for assisted driving, contributing to the launch of several popular vehicle models [5]. - The company has secured mass production contracts from over 24 OEMs for more than 120 vehicle models, with plans for delivery between 2025 and 2027 [5]. - In the robotics sector, Hesai Technology is the preferred lidar supplier for leading Robotaxi companies, with nine out of the top ten global companies choosing Hesai Technology as their main lidar supplier, including industry leaders like Baidu, Didi, Xiaoma Zhixing, and WeRide [5].

9 月 16 日，全球激光雷达领先企业禾赛科技（HSAI.US; 2525.HK）正式于香港交易所主板挂牌上市，成为首家实现 "美 股 + 港股" 双重主要上市的激光雷达企业。 据悉，本次 IPO 是迄今为止全球激光雷达行业规模最大 IPO，也是近四年来融资规模最大的中概股回港 IPO，绿鞋前融 资总额超过 41.6 亿港元（5.33 亿美元）。 禾赛科技港股 IPO 发行价为每股 212.8 港元，发售 1700 万股，净募资 40 亿港元。上市开盘价为 229.2 港元，较发行价 上涨近 8%。期间一度报于每股 244.0 港元，市值超 360 亿港元。 李一帆与向少卿、孙恺相识于硅谷顶尖的华人工程师圈子。2013 年三人一拍即合，决定打造一家 "billion dollar company"。据悉，因是在硅谷最大城市圣何塞成立，公司便命名为 "禾赛科技"。 起初，禾赛科技创始团队希望留在硅谷发展，但在第二年，三人便决定回国创业。2016 年，禾赛科技正式探索激光雷达 市场。三位学霸出手，禾赛科技快速在雷达赛道崛起，在同年便发布了第一款 32 线激光雷达，次年又推出新款 40 线激 光雷达 Pandar4 ...

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 ...