【财经分析】中概股回港“破冰” 禾赛科技或成“科企专线”上市第一家

Core Viewpoint - Hesai Technology has successfully passed the listing hearing on August 31, indicating a potential short-term launch of its IPO and the possibility of becoming the first company to list through the "Science and Technology Enterprises Special Route" [2][11]. Company Overview - Hesai Technology went public on NASDAQ in February 2023, issuing 10 million ADS at a price of $19 per share, raising $190 million, and becoming the first Chinese lidar company listed in the U.S. [3]. - The company has notable shareholders including Xiaomi, Baidu, Meituan, Hillhouse Capital, Qiming Venture Partners, and Bosch, with clients such as Li Auto, Zeekr, and Leap Motor [3]. - In 2021, Hesai withdrew its application for listing on the Shanghai Stock Exchange's Sci-Tech Innovation Board due to market conditions and other financing options [3]. Financial Performance - In Q2 2023, Hesai reported a revenue increase of 53.9% year-on-year to 706 million RMB, with a net profit of 44 million RMB, marking a turnaround from a loss of 72.1 million RMB in the same period last year [4]. - The company expects to ship approximately 80,400, 222,100, and 501,900 lidar units from 2022 to 2024, with a shipment of 195,800 units in Q1 2023, representing a year-on-year increase of 230% [4]. Market Position - As of September 2022, Hesai became the first lidar company to achieve a monthly shipment of 10,000 units, and it is projected to reach 100,000 units monthly by December 2024 [5]. - Hesai ranks second in cumulative shipments in the global ADAS market since it began mass production in July 2022 [5]. Industry Context - The reopening of the channel for Chinese concept stocks to return to Hong Kong is highlighted by the successful listing of Hesai Technology, which may encourage other companies to follow suit [10][11]. - The Hong Kong market has seen a trend of Chinese companies opting for dual primary listings or second listings, with notable examples including Alibaba, JD.com, and NIO [7][8]. Future Outlook - The successful hearing for Hesai Technology is seen as a significant signal for other Chinese companies considering a return to Hong Kong, reinforcing confidence in the market's ability to accommodate high-tech firms [11][12]. - The Hong Kong Stock Exchange has introduced the "Science and Technology Enterprises Special Route" to facilitate the listing process for tech companies, allowing for confidential submissions to reduce market volatility [12].