全球资本格局重塑与地缘政治不确定性加剧背景下，中概股回港上市潮再度提速。9 月 16 日，禾赛 - W 登陆港交所，成为今年中概股回流香港首股。10 月 以来动作频频：文远知行 14 日获批境外上市备案，作为手握 7 国自动驾驶牌照的企业，其已登陆纳斯达克且市值达 32.94 亿美元；小马智行同日获批并于 17 日通过港交所聆讯，在一线城市提供无安全员收费自动驾驶服务；天境生物也于17 日宣布将实现纳斯达克与香港双重上市，助力拓展亚洲市场与投资者 基础。 ...

近期，多家中概股加快推进回港上市。 9月16日，激光雷达企业上海禾赛科技有限公司（以下简称"禾赛"）在香港上市。10月17日，生物科技 公司天境生物科技有限公司公告称将回归香港市场，实现双重主要上市；10月14日，智能驾驶领域的文 远知行和小马智行均宣布获得中国证监会的境外上市备案通知书。其中，小马智行已通过港交所上市聆 讯。 宏业金融集团跨境上市技术总监谢家棋向《证券日报》记者表示，更多优质中概股回归，在港股挂牌上 市，不仅有助于增强市场流动性、丰富投资标的，也能吸引国际资金回流。同时，企业回归香港市场还 可强化与内地投资者的联系，推动信息披露、公司治理等进一步与国际标准接轨。 自2018年港交所修订《上市规则》，允许同股不同权架构公司及未盈利生物科技企业上市以来，中概股 加速回归港股。 2019年，阿里巴巴成功回港"第二上市"，首发募资约1012亿港元，成为标志性事件。此后，京东、网 易、百度等互联网巨头陆续回港上市，推动了港股市场结构与流动性的双重升级。Wind数据显示，截 至目前，共有34只中概股通过双重主要上市或"第二上市"方式登陆港股。 今年以来，更多优质科技企业回港上市。随着禾赛、小马智行、文远 ...

自9月16日禾赛-W成功实现港美双重上市以来，以自动驾驶、生物医药为代表的新经济公司正掀起新一轮回港上市浪潮。 随后，文远知行于10月14日通过证监会关于境外发行上市的备案，拟发行不超过1.024亿股普通股并在港交所上市。文远知行是全球唯一产品拥有7国自动 驾驶牌照的科技公司，已在全球30个城市开展自动驾驶研发、测试及运营，应用场景覆盖智慧出行、智慧货运和智慧环卫，形成自动驾驶出租车、自动驾 驶小巴、自动驾驶货运车、自动驾驶环卫车、高阶智能驾驶等五大产品矩阵。文远知行于2024年10月25日在纳斯达克上市，截至10月16日收盘，市值为 32.94亿美元。 与文远知行同日获批备案的小马智行，在10月17日晚通过港交所上市聆讯，拟发行不超过1.021亿股境外上市普通股。小马智行是中国首批获得在中国四 个一线城市（北京、广州、上海、深圳）运营全自动驾驶汽车牌照的公司之一，已开始在北京、广州和深圳提供面向公众的无安全驾驶员收费机器人出租 车服务。公司运营着一支由250多辆机器人出租车组成的车队。截至目前，小马智行已在全球开放道路上行驶近4000万公里（近2480万英里）的自动驾驶 测试和运营里程。小马智行于2024年 ...

Core Viewpoint - The recent trend of Chinese companies returning to the Hong Kong stock market is led by technology-intensive new economy firms, enhancing the market ecosystem and attracting more quality listings [1][4]. Group 1: Recent Listings and Market Dynamics - Hesai-W successfully completed its dual listing in Hong Kong on September 16, marking the first Chinese concept stock to return this year [2]. - On October 14, WeRide and Pony.ai initiated their Hong Kong listing processes, with Pony.ai already passing the Hong Kong Stock Exchange's listing hearing [1][3]. - WeRide plans to issue up to 102.4 million shares and has a market capitalization of $3.294 billion as of October 16 [2]. - Pony.ai aims to issue up to 102.1 million shares and has a market capitalization of $7.253 billion as of October 16 [3]. - Tianjing Bio announced its intention to dual list in Hong Kong and Nasdaq, aiming to enhance its market position in Asia [3]. Group 2: Historical Context and Trends - Since the revision of the Hong Kong Stock Exchange's listing rules in 2018, a total of 34 Chinese concept stocks have returned to the Hong Kong market, with 22 as dual primary listings and 12 as secondary listings [4]. - The return of major companies like Alibaba in 2019, which raised approximately HKD 101.2 billion, marked a significant milestone in this trend [4]. - The period from 2020 to 2022 saw a concentrated influx of 29 Chinese concept stocks, including major players like NetEase and JD.com [4]. Group 3: Market Performance and Future Outlook - Many returning companies have significant market capitalizations, with Alibaba exceeding HKD 3 trillion, serving as a cornerstone of the Hong Kong market [5]. - The biotechnology sector shows varied stock performance due to long R&D cycles and high policy sensitivity, while the smart vehicle sector remains robust amid high industry demand [5]. - Hong Kong is actively creating a favorable environment for quality issuers, with expectations for continued influx of Chinese concept stocks [5][6]. Group 4: Regulatory and Structural Improvements - The Hong Kong government aims to assist Chinese concept stocks in returning, believing it will inject new vitality into the market and enhance its growth potential [6]. - Suggestions for reform include flexible regulatory measures for high-growth companies and establishing a dedicated service office for returning stocks to streamline the listing process [7]. - The return of these companies is seen as a strategic move to mitigate external risks and an opportunity for the Hong Kong capital market to deepen its reforms [7].

2025年前三季度，全球IPO市场共筹集1116亿美元，上市宗数达930宗，集资规模和上市宗数分别较去 年同期上升32%和3%。美国的纳斯达克、纽交所紧随中国的港交所位列第二、第三位，印度的国家证 券交易所和中国的上交所分列第四、第五位。 "中国香港凭借前所未有的上市申请浪潮，有望在2025年底重新夺回全球IPO（首次公开募股）市场排 名首位。"四大会计师事务所之一的毕马威10月9日发布消息称，截至9月底，香港证券市场有近300宗上 市申请，创下历史新高。 毕马威方面公布的数据显示，香港IPO市场在2025年前9个月共录得67只新股上市，集资额达1829亿港 元，同比分别跃升49%和229%。增长主要由"A＋H"上市推动。前三季度共完成11宗"A＋H"上市，占总 IPO筹资额的50%。 毕马威中国香港资本市场组主管合伙人刘大昌表示："估值和流动性的提升正在推动香港IPO市场蓬勃 发展，'A＋H'及第18C章上市尤为活跃。这趋势预计将持续下去，带动近期IPO活跃度提升。凭借创纪 录的上市申请，我们有信心2025年香港将再次登上全球证券交易所的榜首。" 毕马威中国资本市场及执业技术主管合伙人刘国贤介绍，随着美国贸 ...

Group 1 - The Hong Kong government aims to enhance financial support for technology companies from mainland China through initiatives like the "Tech Company Special Line" to facilitate their financing in Hong Kong [1] - The Hong Kong IPO market has seen a significant surge in activity, with 62 new listings raising a total of 1,441.58 billion HKD this year, surpassing the total fundraising of the past two years [1][2] - The "A+H" listing trend is accelerating, with 11 A-share companies achieving dual listings, particularly in emerging sectors such as hard technology, new consumption, and biomedicine [2] Group 2 - The top five fundraising companies in the Hong Kong IPO market this year are all A-share companies, collectively raising 916.89 billion HKD, which accounts for over 50% of the total IPO fundraising [2] - CATL's IPO raised 410.06 billion HKD, marking the largest IPO in Hong Kong in nearly four years, with an oversubscription rate of 15.2 times for international placements and 151.2 times for retail investors [2] Group 3 - The trend of A-share companies listing in Hong Kong is driven by favorable policies, global capital reallocation, and the need for financial security and competitiveness [3] - Companies listing in Hong Kong can build an "A+H" dual financing platform, enhancing their international credibility and brand image while allowing for offshore fund usage without domestic currency restrictions [3] Group 4 - Innovative listing methods are emerging, such as share swap mergers and "privatization + introduction listing," which simplify the listing process and reduce risks and costs [5] - New opportunities for "A+H" listings are being created, as seen with Zhejiang Huhangyong's announcement of a share swap merger with Zhenyang Development [3][5] Group 5 - The Hong Kong Stock Exchange has implemented reforms to facilitate IPOs for technology companies and the return of Chinese concept stocks, including the introduction of the "Tech Company Special Line" [6] - The successful listing of Hesai Technology marked the largest IPO in the global lidar industry and the largest return of a Chinese concept stock to Hong Kong in four years, raising over 41.6 billion HKD [6] Group 6 - The Hong Kong government is considering optimizing the "dual-class share" listing regulations to further facilitate the return of Chinese concept stocks [7] - Current regulations for companies with different voting rights structures are seen as stringent, with suggestions for easing requirements to attract high-growth technology companies back to Hong Kong [8]

Group 1 - Hesai Technology, a global leader in LiDAR, officially listed on the Hong Kong Stock Exchange on September 16, with a strong debut performance, reaching a peak increase of 15% to HKD 244 [2][3] - The IPO price was set at HKD 212.80, raising a total of HKD 41.60 billion (approximately USD 5.35 billion), with significant cornerstone investors like Hillhouse Capital and Grab Holdings participating [3] - This listing marks Hesai as the first LiDAR company to achieve a dual primary listing in both the US and Hong Kong, and it is the largest IPO of a Chinese concept stock returning to Hong Kong in the past four years [3] Group 2 - The strong performance of Hesai is aligned with the increasing adoption of LiDAR technology by automotive manufacturers to enhance Advanced Driver Assistance Systems (ADAS) [3] - The company plans to use the funds raised to reduce the manufacturing costs of its LiDAR systems, aiming to lower the price from USD 50,000 to USD 200, which could significantly boost the technology's adoption in mainstream passenger vehicles [5] - As of March 31, 2025, Hesai has secured the highest number of mass production designations in the ADAS market, covering 120 models from 22 global OEMs, including well-known brands like Li Auto, Zeekr, and Leap Motor [5] Group 3 - Founded in 2014, Hesai maintains a leading position in multiple niche markets, being the largest revenue-generating LiDAR supplier globally in 2022, 2023, and 2024 according to Frost & Sullivan [5] - The strong market demand is reflected in the company's performance, with its American Depositary Receipts (ADR) doubling in price this year and a 54% year-over-year revenue growth in the second quarter, surpassing the previous quarter's growth rate [5]

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].

Core Viewpoint - Hesai Technology has successfully passed the listing hearing on August 31, indicating a potential short-term launch of its IPO and the possibility of becoming the first company to list through the "Science and Technology Enterprises Special Route" [2][11]. Company Overview - Hesai Technology went public on NASDAQ in February 2023, issuing 10 million ADS at a price of $19 per share, raising $190 million, and becoming the first Chinese lidar company listed in the U.S. [3]. - The company has notable shareholders including Xiaomi, Baidu, Meituan, Hillhouse Capital, Qiming Venture Partners, and Bosch, with clients such as Li Auto, Zeekr, and Leap Motor [3]. - In 2021, Hesai withdrew its application for listing on the Shanghai Stock Exchange's Sci-Tech Innovation Board due to market conditions and other financing options [3]. Financial Performance - In Q2 2023, Hesai reported a revenue increase of 53.9% year-on-year to 706 million RMB, with a net profit of 44 million RMB, marking a turnaround from a loss of 72.1 million RMB in the same period last year [4]. - The company expects to ship approximately 80,400, 222,100, and 501,900 lidar units from 2022 to 2024, with a shipment of 195,800 units in Q1 2023, representing a year-on-year increase of 230% [4]. Market Position - As of September 2022, Hesai became the first lidar company to achieve a monthly shipment of 10,000 units, and it is projected to reach 100,000 units monthly by December 2024 [5]. - Hesai ranks second in cumulative shipments in the global ADAS market since it began mass production in July 2022 [5]. Industry Context - The reopening of the channel for Chinese concept stocks to return to Hong Kong is highlighted by the successful listing of Hesai Technology, which may encourage other companies to follow suit [10][11]. - The Hong Kong market has seen a trend of Chinese companies opting for dual primary listings or second listings, with notable examples including Alibaba, JD.com, and NIO [7][8]. Future Outlook - The successful hearing for Hesai Technology is seen as a significant signal for other Chinese companies considering a return to Hong Kong, reinforcing confidence in the market's ability to accommodate high-tech firms [11][12]. - The Hong Kong Stock Exchange has introduced the "Science and Technology Enterprises Special Route" to facilitate the listing process for tech companies, allowing for confidential submissions to reduce market volatility [12].

Core Viewpoint - Heisai Technology is set to become the first company to achieve a dual listing on both the US and Hong Kong stock exchanges in 2023, aiming to enhance stock trading stability and shareholder value [1] Group 1: Company Performance - Heisai Technology, established in 2014, went public on NASDAQ in February 2023 as the "first Chinese lidar stock" [2] - The company reported a revenue of 706 million yuan in Q2 2025, marking a 54% year-on-year increase, and a net profit of 44 million yuan, indicating a return to profitability [2] - Total lidar deliveries reached 352,100 units in Q2, a significant increase of 306.9% year-on-year, with ADAS product deliveries at 303,600 units, up 275.8% [2] - For the first half of 2025, total lidar deliveries were 547,900 units, reflecting a 276.2% year-on-year growth, surpassing the total deliveries for the entire year of 2024 [2] Group 2: Market Opportunities - In the robotics sector, Heisai delivered 98,262 units in the first half of the year, a staggering increase of 692.9% year-on-year [3] - The company aims to leverage its listing to capture market opportunities and accelerate growth, believing it will achieve a more reasonable valuation and better showcase its value globally [3] Group 3: Industry Trends - The recent listing of Heisai Technology signals a potential acceleration in the return of Chinese concept stocks to Hong Kong, which had slowed down significantly over the past two years [4] - Since the reform of the Hong Kong Stock Exchange listing system in 2018, 33 Chinese concept stocks have listed in Hong Kong, but the pace has recently diminished [4] - The successful hearing for Heisai Technology indicates a reopening of the channel for other companies considering a return to Hong Kong, with several firms reportedly exploring this option [4][5]