Hesai(US:HSAI) Yang Shi Wang·2025-09-17 02:37Core Viewpoint - Hesai Technology (HSAI.US; 2525.HK) 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 [1][3]. Group 1: IPO Details - The IPO of Hesai Technology 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 financing amount exceeding HKD 41.6 billion (USD 5.33 billion) before the greenshoe option [3]. - On the opening day, Hesai Technology's stock reached HKD 244.0 per share, resulting in a market capitalization exceeding HKD 36 billion [3]. Group 2: Company Performance - Founded in 2014, Hesai Technology's products are widely used in advanced driver-assistance systems (ADAS) for passenger and commercial vehicles, autonomous vehicles, and various types of intelligent robots [5]. - The company achieved a revenue of RMB 2.08 billion in 2024, with annual delivery volumes doubling for four consecutive years, making it the first and only publicly listed lidar company to achieve profitability for the entire year [5]. - From 2021 to 2024, the compound annual growth rate (CAGR) of the company's revenue reached 42.3%, indicating rapid revenue growth [5]. Group 3: Market Position - In the ADAS sector, Hesai Technology's lidar has become a safety standard for assisted driving, contributing to the launch of several popular vehicle models [5]. - The company has secured mass production contracts from over 24 OEMs for more than 120 vehicle models, with plans for delivery between 2025 and 2027 [5]. - In the robotics sector, Hesai Technology is the preferred lidar supplier for leading Robotaxi companies, with nine out of the top ten global companies choosing Hesai Technology as their main lidar supplier, including industry leaders like Baidu, Didi, Xiaoma Zhixing, and WeRide [5].