Core Viewpoint - Hesai Technology has successfully completed a dual listing on both the Hong Kong and US stock markets, becoming the first major lidar company to achieve this milestone [1][7]. Group 1: IPO Details - On its first trading day, Hesai-W's stock price peaked at 244 HKD, representing an increase of over 14% from the issue price of 212.80 HKD per share, and closed at 234 HKD, giving it a market capitalization exceeding 35 billion HKD [1]. - The IPO raised approximately 4.16 billion HKD by offering 17 million shares, with the public offering accounting for 10% of the total shares and receiving an oversubscription rate of 168.65 times [3][4]. - The international offering, which made up 90% of the total shares, also saw a strong demand with an oversubscription rate of 14.09 times [5]. Group 2: Market Position and Growth - Hesai Technology is recognized as the largest lidar supplier globally from 2022 to 2024, with a projected monthly shipment of over 100,000 units by December 2024 [7]. - The company has secured the highest number of mass production designations in the ADAS market, covering 120 models from 22 major automakers [7]. - The global lidar market is expected to grow from 300 million USD in 2020 to 1.6 billion USD by 2024, with a compound annual growth rate (CAGR) of 57.6%, and further increase to 17.1 billion USD by 2029, with a CAGR of 61.2% [9]. Group 3: Investment and R&D Focus - Over 80% of the funds raised from the IPO will be allocated to R&D for lidar products, reinforcing the company's leading position in the lidar market [7]. - The lidar technology is increasingly being integrated into various applications, including ADAS, autonomous vehicles, and smart transportation systems, indicating a broadening scope beyond traditional uses [9][10].
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