三个学霸85后上海造硬件，干出350亿香港IPO

Core Viewpoint - Hesai Technology, the first Chinese lidar company to go public, achieved 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][6]. Company Overview - Hesai Technology's IPO raised approximately HKD 4.16 billion (around CNY 3.8 billion) by issuing 19.55 million shares at a final price of HKD 212.80 per share [3][4]. - The company’s market capitalization exceeded HKD 35 billion (approximately CNY 32 billion) on its first trading day, with a peak price of HKD 244, representing a more than 14% increase from the issue price [1][4]. Investment and Market Reception - Prior to the IPO, Hesai secured commitments from six cornerstone investors, led by Hillhouse Capital, totaling over HKD 1.1 billion [3][6]. - The IPO was met with strong demand, achieving an oversubscription rate of 168.65 times for the public offering and 14.09 times for the international offering [6]. Business Model and Product Lines - Hesai specializes in lidar solutions, primarily targeting three sectors: Advanced Driver Assistance Systems (ADAS), Level 4 (L4) autonomous driving, and robotics [8][10]. - The company has established partnerships with 24 automakers, securing over 120 model production contracts for its ADAS lidar products [11]. Financial Performance - Hesai's revenue for 2022 was CNY 1.203 billion, with projections of CNY 1.877 billion for 2023 and CNY 2.077 billion for 2024 [19]. - The company reported a gross profit of CNY 520 million in the first half of 2023, with a gross margin of 47.9% [23]. R&D and Future Plans - Approximately 50% of the net proceeds from the IPO will be allocated to R&D to ensure continuous innovation in lidar technology [41]. - The global lidar market is projected to grow significantly, with a compound annual growth rate (CAGR) of 57.8% from 2020 to 2029, indicating substantial growth potential for Hesai [41][43].