Core Viewpoint - Hesai Technology's stock has significantly declined since its IPO, reaching a record low, indicating potential challenges in market performance and investor confidence [1]. Group 1: Stock Performance - Hesai Technology's stock closed at HKD 130.90, down 6.43%, with an intraday low of HKD 130.00, marking the lowest price since its listing [1]. - The stock has fallen 38.49% since its IPO, which took place on September 16, 2025 [1]. Group 2: IPO Details - The final IPO price for Hesai Technology was HKD 212.80, with a maximum public offering price of HKD 228.00, raising a total of HKD 4,160.24 million [3]. - After deducting estimated listing expenses of HKD 154.99 million, the net proceeds amounted to HKD 4,005.25 million [3]. Group 3: Use of Proceeds - Approximately 50% of the net proceeds is planned for research and development investments [3]. - About 35% (approximately HKD 1,297.1 million) is allocated for production capacity investments to ensure the delivery of high-performance products [3]. - Around 5% is designated for business development to accelerate expansion, and 10% is for working capital and general corporate purposes [3]. Group 4: Cornerstone Investors - Major cornerstone investors include HHLRA, Taikang Life, WT Asset Management, Grab Inc., Hongda Group, and Commando Global Fund [3][4]. - HHLRA is the largest cornerstone investor, contributing USD 50 million, followed by Taikang Life with USD 28 million and WT Asset Management with USD 30 million [4].
港股破发股禾赛科技跌6.43% 上市累计跌38%高瓴浮亏