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315亿,史上“最狗血”公司来港股IPO了
HESAI-WHESAI-W(HK:02525) 3 6 Ke·2025-09-16 03:18

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]