禾赛正式登陆港交所：市值350亿港元，近4年来融资规模最大的中概股回港IPO

Core Viewpoint - Hesai Group has become the first lidar company to achieve dual primary listings in both the US and Hong Kong, marking a significant milestone in the lidar industry and reflecting strong market confidence in its commercialization capabilities and technological value [2][3]. Group 1: IPO and Market Performance - Hesai Group officially listed on the Hong Kong Stock Exchange on September 16, 2025, under the stock code "2525," raising over HKD 41.6 billion (USD 5.33 billion), making it the largest IPO in the lidar industry to date and the largest Chinese concept stock IPO in Hong Kong in nearly four years [2]. - As of 11:40 AM on the listing day, Hesai's stock price reached HKD 232.4, a 9.21% increase from the issue price, with a market capitalization exceeding HKD 35 billion [3]. Group 2: Business Achievements and Market Position - Founded in 2014, Hesai has become a global leader in lidar research and manufacturing, with its products widely used in advanced driver-assistance systems (ADAS), autonomous vehicles, and various types of intelligent robots [3][4]. - Hesai holds three global market leadership positions: the largest market share in vehicle lidar, the largest market share in ADAS lidar, and the largest market share in L4 autonomous driving lidar [4]. - In 2024, Hesai achieved a revenue of CNY 2.08 billion, with a compound annual growth rate (CAGR) of 42.3% from 2021 to 2024, and has been the only publicly listed lidar company to achieve profitability for four consecutive years [4]. Group 3: Technological Innovations and Future Outlook - Hesai's co-founder and chief scientist, Dr. Sun Kai, highlighted the company's achievement of reducing the cost of lidar from USD 100,000 to USD 200, making advanced safety and intelligent technologies accessible to the masses [6]. - The company has strategically positioned itself in the rapidly growing robotics market, with significant partnerships and collaborations across various sectors, including autonomous delivery and robotaxi services [7][8]. - Hesai has been proactive in developing proprietary lidar chips since 2017, enhancing performance, quality, and cost-effectiveness, and is the only company in the industry to have independently developed all seven key components of lidar technology [9]. Group 4: Investment and Support - In the IPO, Hesai attracted six cornerstone investors, raising a total of USD 148 million (approximately HKD 11.54 billion), with Hillhouse Capital being the largest cornerstone investor [11]. - Hillhouse Capital has been a long-term supporter of Hesai, participating in multiple funding rounds since 2021, indicating strong investor confidence in the company's growth potential [11][14]. - The founder of Lightspeed China Partners expressed optimism about Hesai's future, emphasizing the importance of early-stage investment in innovative companies and the company's leadership in the global lidar market [13].