Zhi Tong Cai Jing·2025-09-16 04:57Core 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 markets [1][12]. 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 pre-greenshoe financing amount exceeding HKD 41.6 billion (USD 5.33 billion) [7]. - The company received enthusiastic subscriptions from global investors, including top sovereign and long-term funds, showcasing the capital market's strategic consensus on the lidar sector and recognition of Hesai's commercialization capabilities and technological value [7]. - Upon opening, the stock reached HKD 244.0 per share, with a market capitalization exceeding HKD 36 billion [7]. Group 2: Company Achievements - Since its establishment in 2014, Hesai has become a leading lidar research and manufacturing company, achieving the number one global market share in vehicle-mounted lidar, ADAS lidar, and L4 autonomous driving lidar [9]. - The company has maintained a compound annual growth rate (CAGR) of 42.3% in revenue from 2021 to 2024, becoming the first and only publicly listed lidar company to achieve full-year profitability and positive operating and net cash flow [10]. - Hesai's lidar products have become standard safety features in many popular models, with over 120 mass production models from 24 OEMs planned for delivery between 2025 and 2027 [10]. Group 3: Technological Innovations - Since 2017, Hesai has focused on developing lidar-specific chips (ASIC), significantly enhancing performance, quality, and cost-effectiveness, which has provided a competitive advantage in the market [11]. - The fourth-generation self-developed chip integrates all seven key components of lidar, making Hesai the only company in the industry to independently develop all critical components and achieve mass production of both transmission and reception module chips [11]. - The successful launch on the Hong Kong Stock Exchange marks a new milestone for Hesai, emphasizing international capital market recognition of Chinese lidar technology and initiating a new chapter in the company's global strategic layout [11].