禾赛科技回港上市获证监会备案：破冰中概股两年沉寂 仍面临募资与定价双重考验

Core Viewpoint - Hesai Group has received approval from the China Securities Regulatory Commission (CSRC) for its application to list in Hong Kong, marking a significant move for the company amid ongoing risks in the U.S. stock market. This approval signals a potential reopening of the channel for Chinese companies to return to Hong Kong, which has been stagnant for nearly two years [1][4]. Group 1: Company Overview - Hesai Group plans to issue up to 51.2362 million shares in its Hong Kong listing, aiming to raise approximately $300 million (around 2.34 billion HKD) [1][7]. - The company’s market capitalization is estimated at around $3.4 billion, which means the fundraising target corresponds to an issuance ratio of about 8.1% [8]. Group 2: Market Context - The approval for Hesai Group's listing breaks a two-year stagnation in the return of Chinese companies to Hong Kong, with only 31 companies having returned since 2018 [4][11]. - The last successful fundraising project was in 2022, with a total of 12 projects since then, of which only five chose to raise funds, averaging 440 million HKD per project [7][11]. Group 3: Challenges and Risks - The fundraising target of $300 million is ambitious, as the average fundraising size for similar projects since 2022 has been significantly lower, with the largest being $1.06 million [7][9]. - The Hong Kong IPO market is facing increased competition for capital, with significant projects from other companies potentially diverting funds away from Hesai Group [7][9]. Group 4: Geopolitical Factors - Hesai Group's decision to list in Hong Kong is a strategic response to geopolitical risks, particularly following its inclusion on the U.S. Department of Defense's "military-related enterprise list," which has severely impacted its operations in the U.S. [12][13]. - The company has faced legal challenges and negative reports that have affected investor confidence, making the Hong Kong listing a crucial step for risk diversification and capital access [12][13]. Group 5: Implications for the Industry - If successful, Hesai Group's listing could serve as a benchmark for other Chinese companies considering a return to Hong Kong, potentially igniting a wave of similar actions [4][13]. - Several other companies, including Pony.ai and iQIYI, are reportedly exploring the possibility of listing in Hong Kong, indicating a broader trend among Chinese firms [4][6].