禾赛正式登陆港交所主板，早盘一度涨超14%

Core Viewpoint - Hesai Technology has successfully completed its IPO on the Hong Kong Stock Exchange, marking the largest IPO 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, raising over HKD 41.6 billion (USD 5.33 billion) [1][2] Group 1: IPO and Market Performance - The IPO was driven by the company's strategy to enhance stock trading stability and security, aiming to maximize shareholder value [1] - On its first trading day, Hesai's stock price surged over 14%, closing at HKD 237.2 per share, with a total market capitalization of HKD 363.41 billion [1][2] Group 2: Investor Interest and Funding Utilization - The IPO attracted significant interest from global investors, including top sovereign and long-term funds, with total subscription amounts reaching approximately USD 1.1537 billion, accounting for 29.8% of the global offering [2] - The raised funds will be allocated for R&D investment, production capacity expansion, business development, and general corporate purposes [2] Group 3: Business Growth and Partnerships - Hesai's co-founder highlighted the company's achievement in reducing the cost of LiDAR from USD 100,000 to USD 200, making advanced safety and intelligent technology accessible to the masses [3] - The company recently signed a laser radar order worth over USD 40 million with a leading U.S. Robotaxi company, planning to deliver products by the end of 2026 [4] Group 4: Market Trends and Performance Metrics - The LiDAR market is experiencing rapid growth, with domestic installation expected to exceed 1.5 million units in 2024, a year-on-year increase of 179.7% [5] - In the first half of the year, Hesai delivered 547,913 units of LiDAR, a year-on-year increase of 276.2%, surpassing the total expected for 2024 [5] Group 5: Strategic Adjustments - In response to the competitive landscape between China and the U.S., Hesai is adjusting its business structure, with a growing focus on domestic sales, which are expected to outpace U.S. sales [6]