三个85后上海造硬件，干出350亿香港IPO

Core Viewpoint - Hesai Technology, a leading player in the lidar industry, has successfully completed a dual listing on the Hong Kong Stock Exchange and NASDAQ, marking the largest IPO of a Chinese company returning to Hong Kong in four years, led by three founders born in the 1980s [1][3][6]. Company Overview - Hesai Technology is the first company in the lidar industry to achieve a dual primary listing on both the Hong Kong and US stock exchanges [3][12]. - The company issued 19.55 million shares at a final price of HKD 212.80 per share, raising approximately HKD 4.16 billion (around RMB 3.8 billion) [3][4]. Market Performance - On its first trading day, Hesai's stock price surged, reaching a high of HKD 244, which is over 14% above the issue price, and the market capitalization exceeded HKD 35 billion [4][6]. - The IPO was significantly oversubscribed, with a 168.65 times oversubscription rate for the public offering and a 14.09 times oversubscription rate for the international offering [6][8]. Financial Highlights - Hesai's revenue for 2022, 2023, and projected for 2024 are RMB 1.203 billion, RMB 1.877 billion, and RMB 2.077 billion respectively, with a strong growth trajectory [20][24]. - The company achieved a gross profit of RMB 520 million in the first half of this year, with a gross margin of 47.9% [25]. - Hesai has turned a profit in the first half of this year, reporting a net profit of RMB 26.54 million, compared to losses in previous years [27]. R&D and Innovation - The company invests heavily in R&D, with expenditures of RMB 5.55 billion, RMB 7.91 billion, and RMB 8.56 billion from 2022 to 2024, representing 46.2%, 42.1%, and 41.2% of revenue respectively [29]. - Approximately 50% of the funds raised from the IPO will be allocated to R&D to ensure continuous innovation in lidar technology [41][44]. Market Position and Growth Potential - Hesai holds the leading market share in the global lidar industry, particularly in the automotive sector, with significant contracts with major automotive manufacturers [20][24]. - The global lidar market is projected to grow from USD 300 million in 2020 to USD 1.6 billion in 2024, with a compound annual growth rate (CAGR) of 57.8% [44][46]. - The ADAS market is expected to see a revenue increase from USD 100 million in 2020 to USD 1 billion in 2024, with a CAGR of 104.1% [46][47].