China’s Hesai Group lists shares on HK exchange

Core Insights - Hesai Group, a Chinese producer of LiDAR systems, debuted on the Hong Kong Stock Exchange on September 16, 2025, with a share price increase of 7% on the first trading day [1] - The company raised approximately HKD 4.2 billion (US$ 533 million) from the new share offering, which will be utilized for future growth initiatives [2] - In the first half of 2025, Hesai delivered 547,900 LiDAR systems, marking a 276% increase year-over-year, driven by demand from Chinese automakers [2] Company Developments - Hesai has secured over 120 series production programs from 24 automakers, with deliveries planned for 2025-2027 [3] - Key customers include major automotive brands such as a top European OEM, Li Auto, Changan, Geely, Great Wall Motor, Chery, Zeekr, Leapmotor, SAIC Audi, SAIC-GM, and a Toyota joint-venture [3] - The company has developed its fourth-generation digital single-photon platform, which integrates seven key components, enhancing performance while reducing costs [3] Technological Advancements - The co-founder and chief scientist of Hesai, Dr. Kai Sun, highlighted the significant reduction in LiDAR costs from USD 100,000 to USD 200, making advanced safety technologies accessible for mass vehicle production [4] - The company is committed to delivering core technologies that align with the emerging AI-driven Fourth Industrial Revolution [4]