禾赛科技2023年2月在纳斯达克交易所上市，以每股ADS发行价19美元发售1000万股ADS，融资1.9亿美元，成为美国 上市的"中国激光雷达第一股"，其股东包括小米、百度、美团、高瓴资本、启明创投、德国博世等，客户涵盖理想、 极氪、零跑等多家车企。 据悉，此前禾赛科技曾于2021年初向上交所科创板提交上市申请，但考虑过其他融资选择、市场状况及其他市场的投 资者基础后，同年3月已撤回科创板上市申请。 激光雷达制造商禾赛科技8月31日通过联交所上市聆讯，意味着可在短期内启动上市程序，或有望成为首家通过"科企 专线"渠道递表上市的企业。 分析认为，禾赛科技通过聆讯为其他中概股回港提供了示范效应，中概股回港上市进入了一个以"硬科技"和"双重主 要上市"为特征的新阶段。 禾赛科技回港之路 8月19日禾赛科技获中国证监会批出境外上市备案通知书，并计划发行不超过5123.62万股境外上市普通股。 根据初步招股资料，禾赛科技专注于设计、开发、制造及销售激光雷达产品，旗下产品广泛应用于配备高级驾驶辅助 系统（ADAS)的乘用车或商用车、提供客运及货运移动服务的自动驾驶车队、机械人及其他非汽车行业。 禾赛科技并非"带血上市"， ...

事实上，禾赛科技此次回港上市，也得益于其业绩提供的强劲支持。根据最新财报显示，禾赛科技在 2025年第二季度实现营收7.06亿元，同比增长54%，净利润达4400万元，实现扭亏为盈。 8月31日晚间，全球激光雷达龙头上海禾赛科技有限公司（以下简称"禾赛科技"）通过港交所聆讯，有 望成为年内首家"美股+H股"双重上市的公司。中国证监会此前发布的备案文件显示，禾赛科技拟发行 不超过5123.62万股境外上市普通股并在香港联合交易所上市。 对此，禾赛科技相关负责人对《证券日报》记者表示，公司选择回港上市，核心是提高公司股票交易的 稳定性与安全性，为股东创造最大价值和保障他们的利益，这是公司首要战略考量。 业绩支撑禾赛回港上市 禾赛科技成立于2014年，并于2023年2月份以"中国激光雷达第一股"身份登陆纳斯达克。据了解，禾赛 科技是一家全球化的激光雷达研发与制造企业，其最早专注于研发激光气体传感器，2016年开始探索无 人驾驶激光雷达产品。目前，公司产品广泛应用于支持高级辅助驾驶系统（ADAS）的乘用车和商用 车，以及自动驾驶汽车。 在交付表现上，第二季度，禾赛科技的激光雷达总交付量达35.21万台，同比增长306 ...

近日，港交所于8月31日发布消息，全球激光雷达领域的领先企业禾赛科技（00308.hk）成功通过港交所聆讯，计划在香港上市。禾赛科技将发行不超过 5123.62万股境外上市普通股，并在香港联合交易所挂牌上市，成为近期备受瞩目的中概股回港案例。 根据相关文件，禾赛科技的IPO项目将为未来计划回港的中概股提供重要的参考示范。此前，由于种种原因，中概股回港的步伐有所放缓，但禾赛科技通 过港交所聆讯无疑释放了这一通道重新开启的关键信号。 禾赛科技上市在即，迎来业绩大幅增长 此外，禾赛科技的上市将是第一家通过"科企专线"完成IPO的企业。香港交易所于今年推出的"科企专线"便于科技企业和生物科技公司通过保密形式递交 上市申请，从而降低披露风险并提升上市效率。 科企专线：支持科技企业快速上市 香港证监会与香港交易所联合推出的"科企专线"专为科技企业和生物科技公司提供简化的上市流程。通过这一通道，禾赛科技等公司可以避免过早披露敏 感的运营策略、技术或产品细节，从而降低潜在的市场风险。此举有助于提高香港市场的吸引力，推动更多创新型企业选择回港上市。 禾赛科技成立于2014年，最初专注于激光气体传感器的研发，随后转向自动驾驶领域 ...

Group 1 - Hesai Technology has passed the hearing for listing on the Hong Kong Stock Exchange, planning to issue up to 51.2362 million shares [1][2] - The company reported net revenues of 1,202.7 million yuan, 1,877.0 million yuan, and 2,077.2 million yuan for 2022, 2023, and 2024 respectively, with a 46.3% year-on-year growth in Q1 2025 [2] - As of August 29, 2023, Hesai's stock price on NASDAQ was $25.77 per share, with a total market capitalization of approximately $3.414 billion (about 24.3 billion yuan) [2] Group 2 - In Q2 2023, Hesai achieved a revenue growth of 54% to 706 million yuan, with a net profit of 44 million yuan, marking a turnaround from a loss of 72 million yuan in the same period of 2024 [3] - The total delivery of Hesai's LiDAR units reached 547,900 in the first half of 2025, a year-on-year increase of 276.2%, surpassing the total for 2024 [3] - The company’s ADAS product deliveries in Q2 2023 were 303,600 units, up 275.8% year-on-year, while robot LiDAR product deliveries reached 48,500 units, a significant increase of 743.6% [3] Group 3 - The return of Chinese concept stocks to Hong Kong has been slow, with the last financing project occurring in November 2022, indicating a dormant period of over two years [5] - Hesai Technology's listing could signal the reopening of the channel for other Chinese companies planning to return to Hong Kong [5] - The introduction of the "Special Technology Line" by the Hong Kong Stock Exchange aims to facilitate the listing process for technology and biotech companies, allowing them to submit applications confidentially [6][7]

中概股回港上市传来大消息。 据港交所8月31日晚间发布，全球激光雷达龙头禾赛科技通过港交所聆讯，拟在港上市。据中国证监会此前发布的文件，禾赛 科技拟发行不超过5123.62万股境外上市普通股并在香港联合交易所上市。 有分析指出，中概股回港通道已沉寂超过两年，禾赛科技通过港交所聆讯释放出通道重启的关键信号，或将为有计划回港上 市的中概股提供重要参照。 禾赛科技通过港交所聆讯 8月31日晚间，据港交所文件，禾赛科技通过港交所聆讯，拟 在 港上市。数据显示，2022年、2023年、2024年，禾赛科技的 净收入分别为1202.7百万元、1877.0百万元、2077.2百万元，2025年一季度，公司实现净收入525.3百万元，同比增长46.3%。 | 最新发布 of the property | 申请人 | | --- | --- | | 日期 | | | 31/08/2025 | 禾赛科技- W | | | 31/08/2025 整体协调人公告-委任 [四 | | | 31/08/2025 聆讯后资料集（第一次呈交） 全文档案 四川多档案 | 据中国证监会8月26日发布的文件，Hesai Group（禾赛科技）境外 ...

Core Viewpoint - Hesai Group has received approval from the China Securities Regulatory Commission (CSRC) for its application to list in Hong Kong, marking a significant move for the company amid ongoing risks in the U.S. stock market. This approval signals a potential reopening of the channel for Chinese companies to return to Hong Kong, which has been stagnant for nearly two years [1][4]. Group 1: Company Overview - Hesai Group plans to issue up to 51.2362 million shares in its Hong Kong listing, aiming to raise approximately $300 million (around 2.34 billion HKD) [1][7]. - The company’s market capitalization is estimated at around $3.4 billion, which means the fundraising target corresponds to an issuance ratio of about 8.1% [8]. Group 2: Market Context - The approval for Hesai Group's listing breaks a two-year stagnation in the return of Chinese companies to Hong Kong, with only 31 companies having returned since 2018 [4][11]. - The last successful fundraising project was in 2022, with a total of 12 projects since then, of which only five chose to raise funds, averaging 440 million HKD per project [7][11]. Group 3: Challenges and Risks - The fundraising target of $300 million is ambitious, as the average fundraising size for similar projects since 2022 has been significantly lower, with the largest being $1.06 million [7][9]. - The Hong Kong IPO market is facing increased competition for capital, with significant projects from other companies potentially diverting funds away from Hesai Group [7][9]. Group 4: Geopolitical Factors - Hesai Group's decision to list in Hong Kong is a strategic response to geopolitical risks, particularly following its inclusion on the U.S. Department of Defense's "military-related enterprise list," which has severely impacted its operations in the U.S. [12][13]. - The company has faced legal challenges and negative reports that have affected investor confidence, making the Hong Kong listing a crucial step for risk diversification and capital access [12][13]. Group 5: Implications for the Industry - If successful, Hesai Group's listing could serve as a benchmark for other Chinese companies considering a return to Hong Kong, potentially igniting a wave of similar actions [4][13]. - Several other companies, including Pony.ai and iQIYI, are reportedly exploring the possibility of listing in Hong Kong, indicating a broader trend among Chinese firms [4][6].

Group 1 - iQIYI is likely seeking to pursue a secondary listing in Hong Kong this year, aiming to raise $300 million [2] - The Hong Kong IPO market has seen a resurgence, with total fundraising reaching HKD 106.7 billion, surpassing the total for the entire year of 2024 [2] - 27 Chinese concept stocks, including iQIYI, meet the criteria for a secondary listing in Hong Kong [2] Group 2 - iQIYI's total revenue for fiscal year 2024 was CNY 29.23 billion, a decrease of 8% year-on-year, with net profit dropping to CNY 760 million from CNY 1.93 billion [3] - In Q1 2025, iQIYI reported total revenue of CNY 7.19 billion, down 9% year-on-year, and net profit of CNY 182.1 million, compared to CNY 655.3 million in the same period last year [3] - iQIYI's CFO stated that the company is continuously optimizing its balance sheet, with net interest expenses decreasing over the past six quarters, indicating improvements in capital structure and financial flexibility [3]

Group 1 - iQIYI is likely seeking to raise $300 million through a secondary listing in Hong Kong this year, with discussions already underway with international investment banks [2] - The Hong Kong IPO market has seen a resurgence, with total fundraising reaching HKD 106.7 billion, surpassing the total for the entire year of 2024 [2] - 27 Chinese concept stocks, including iQIYI, meet the criteria for a secondary listing in Hong Kong, as noted by a strategist from Goldman Sachs [2] Group 2 - iQIYI's total revenue for fiscal year 2024 was CNY 29.23 billion, a decline of 8% year-over-year, with net profit dropping to CNY 760 million from CNY 1.93 billion [3] - In Q1 2025, iQIYI reported total revenue of CNY 7.19 billion, down 9% year-over-year, and net profit of CNY 182.1 million, compared to CNY 655.3 million in the same period last year [3] - iQIYI's CEO mentioned that the company's Q1 performance showed signs of improvement, with total revenue and operating profit increasing by 9% and 20% quarter-over-quarter, respectively [3]

Core Viewpoint - The Hong Kong IPO market is showing signs of recovery as more Chinese companies consider returning to the Hong Kong stock exchange amid rising geopolitical tensions between China and the United States [1] Group 1 - The CEO of Hong Kong Exchanges and Clearing, Charles Li, expressed that the exchange aims to attract high-quality companies for listing [1] - The exchange is willing to provide flexible solutions to help companies overcome specific challenges they may face [1]