上海超级IPO，刚刚敲钟

Core Viewpoint - The successful return of Hesai Technology to the Hong Kong stock market signals a potential resurgence of Chinese concept stocks returning to Hong Kong, which may encourage more companies to follow suit [5][18]. Group 1: Company Overview - Hesai Technology, a leading lidar company, successfully listed on the Hong Kong stock market on September 16, 2023, after 31 months of being listed in the U.S. [3][4]. - The company raised over HKD 4.1 billion, making it one of the largest fundraising projects for Chinese concept stocks returning to Hong Kong in recent years [4]. - With a market capitalization exceeding HKD 36 billion at the opening, Hesai Technology's stock price rose over 12% from its issue price of HKD 212.8 [3][4]. Group 2: Founders and Development - Founded in October 2014 by three scholars, Li Yifan, Sun Kai, and Xiang Shaoqing, Hesai Technology initially focused on gas detection equipment before pivoting to lidar technology [7][8]. - The company developed China's first 32-line hybrid solid-state lidar in October 2016 and later the first 40-line hybrid solid-state lidar, gaining significant recognition in the industry [8][9]. - By September 2022, Hesai Technology had delivered 100,000 lidar products, becoming the first company to achieve a monthly shipment of 10,000 units [9]. Group 3: Financial Performance - In 2024, Hesai Technology sold 501,900 lidar units, with revenue increasing from over CNY 1.2 billion in 2022 to over CNY 2 billion in 2024 [10]. - The company's revenue reached CNY 706 million in Q2 2025, with a net profit of CNY 44 million, marking a turnaround from previous losses [10]. - A significant order worth over USD 40 million was signed with a leading U.S. Robotaxi company, further solidifying Hesai's market position [10]. Group 4: Investment and Financing - Hesai Technology has completed at least nine rounds of financing, attracting numerous investors including Hillhouse Capital, Baidu, and Bosch Group [12][13]. - The company raised USD 173 million in its C round of financing in January 2020, setting a record for lidar industry financing [13][14]. - By November 2021, Hesai announced over USD 370 million in D round financing, with its valuation soaring to USD 2 billion [14]. Group 5: Market Trends and Future Outlook - The return of Hesai Technology to Hong Kong indicates a reopening of the channel for Chinese concept stocks, potentially leading to a new wave of listings [5][18]. - The Chinese Securities Regulatory Commission has expressed support for quality Chinese concept stocks returning to domestic and Hong Kong markets, with regulatory bodies preparing to facilitate this trend [18].