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 ...

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]

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 (禾赛科技) successfully listed on the Hong Kong Stock Exchange, becoming the first dual-listed lidar company in both the US and Hong Kong markets, with a strong market response on its debut [1][2][4]. Company Overview - Hesai primarily provides 3D lidar solutions, including design, development, manufacturing, and sales of advanced lidar products, applicable in commercial and passenger vehicles, robotics, and other non-automotive sectors [3]. 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 [4]. - The revenue structure shows that Advanced Driver Assistance Systems (ADAS) and robotics accounted for 62.7% and 34.1% of total revenue, respectively, both experiencing triple-digit growth due to industry demand [4]. Market Trends - The lidar market penetration in the ADAS sector is accelerating, with a projected installation of over 1.5 million units in China by 2024, a year-on-year increase of 179.7% [4]. - In the robotics sector, Hesai's lidar shipments reached 4.9 million units in Q2 2023, a staggering year-on-year growth of 743.6% [5]. Strategic Partnerships - Hesai signed a lidar order worth over $40 million with a leading US Robotaxi company, becoming its sole lidar supplier, with deliveries expected by the end of 2026 [2][4]. IPO Details - The IPO raised a total of 4.16 billion HKD, with significant oversubscription rates of 168.65 times for public offerings and 14.09 times for international placements [7]. - Approximately 50% of the funds will be allocated to R&D, 35% to production capacity, and the remainder for business development and operational costs [7]. Market Outlook - Domestic investment institutions are optimistic about Hesai's growth prospects, citing strong downstream demand and the company's leading market position [8]. - Analysts predict that the lidar market will continue to expand, driven by the increasing adoption of lidar in smart driving and robotics applications [8][9].

Core Viewpoint - Hesai Technology (禾赛科技) successfully listed on the Hong Kong Stock Exchange on September 16, 2023, becoming the first lidar company to achieve dual listing in both the US and Hong Kong markets [2][9] Company Overview - Hesai primarily provides 3D lidar solutions, including design, development, manufacturing, and sales of advanced lidar products, widely used in commercial and passenger vehicles, robotics, and other non-automotive sectors [3] Financial Performance - In Q2 2023, Hesai achieved revenue of 710 million RMB, a year-on-year increase of over 50%, and net profit of 44 million RMB, marking a return to profitability [4] Business Structure - The company's revenue is primarily derived from two core segments: Advanced Driver Assistance Systems (ADAS) accounting for 62.7% and robotics at 34.1%. Both segments experienced triple-digit growth due to the booming downstream industries [5] Market Trends - The lidar market penetration in the ADAS sector is accelerating, with a projected installation of over 1.5 million units in China by 2024, a year-on-year increase of 179.7% [5] - In Q2 2023, Hesai's ADAS lidar shipments reached 300,000 units, a year-on-year increase of 276%, with significant orders from nine major domestic automakers [5] Robotics Sector - In Q2 2023, Hesai's lidar shipments in the robotics sector reached 49,000 units, a staggering year-on-year increase of 743.6%, with total shipments for the first half of the year at 98,000 units, up 692.9% [6] - Hesai is expected to lead the Chinese robotics lidar market in the first half of 2025 [6] IPO Details - The IPO raised a total of 4.16 billion HKD (approximately 533 million USD), with 50% allocated for R&D, 35% for production capacity, and 10% for working capital [8] Market Sentiment - Following a short-sell report from Blue Orca Capital questioning Hesai's profitability, domestic institutions have expressed optimism about the company's growth potential, citing strong downstream demand and a solid market position [7][9] - Multiple domestic investment institutions have issued reports favoring Hesai's future growth, emphasizing the increasing demand for lidar in both ADAS and robotics applications [9][10]