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百余家A股公司拟赴港上市 硬科技与新消费成主力
Jin Rong Shi Bao· 2025-09-26 01:02
Group 1 - The core viewpoint of the articles highlights the increasing trend of A-share companies opting for dual listings in Hong Kong, particularly in sectors like hard technology and new consumption [1][2][3] - As of September 24, 2023, 126 A-share companies have announced plans for Hong Kong listings, with 11 successfully listed and 64 having submitted applications for H-share issuance [1][2] - The "A拆H" trend is gaining momentum, with companies like Midea Group and Dongcheng Pharmaceutical actively pursuing spin-offs for Hong Kong listings [1][2] Group 2 - The Hong Kong IPO market has been active since 2025, with a significant increase in equity financing, leading the world with a fundraising amount of 1,087 billion HKD in the first half of the year [2][3] - Major A-share companies adopting the "A+H" model have significantly contributed to the increase in Hong Kong's equity financing, with companies like CATL and Hengrui Medicine raising over 10 billion HKD each [2][3] - The demand for financing from hard technology sectors such as new energy, semiconductors, and biomedicine is driving the trend of A-share companies seeking Hong Kong listings [2][3] Group 3 - The dual-platform strategy of "A+H" listings is supported by favorable policies, market conditions, and corporate supply factors, enhancing internationalization and growth opportunities for Chinese enterprises [3][4] - The Hong Kong capital market has seen increased liquidity, with an average daily trading volume of nearly 2,500 billion HKD in the first half of 2025, significantly higher than the previous five-year average [3][4] - The positive macroeconomic environment, ongoing policy support, and improved market sentiment are expected to sustain the activity in the Hong Kong stock market [4][5] Group 4 - The outlook for the Hong Kong stock market remains optimistic, driven by the strong demand for financing from hard technology industries and the increasing interest from investors [4][5] - The introduction of supportive policies, such as the "New National Nine Articles," aims to enhance Hong Kong's position as an international financial center [5] - The anticipated easing of monetary policy by the Federal Reserve is expected to attract more overseas funds to invest in high-growth opportunities in Asia, including the Hong Kong market [5]
激光雷达第一股禾赛上市,“科企专线”潮起香江
Sou Hu Cai Jing· 2025-09-18 10:23
Group 1: Company Overview - Hesai Technology, headquartered in Shanghai, specializes in LiDAR solutions primarily for automotive ADAS, autonomous driving, and robotics [3][4] - The company is the first to list on the Hong Kong Stock Exchange via the "Specialized Technology Route" and is the first Chinese concept stock to return to Hong Kong from the US in two years [4][5] Group 2: IPO Details - Hesai's IPO was completed in just half a month, setting a new record for IPO review efficiency in Hong Kong [5] - The IPO was highly successful, with a subscription rate of 169 times, raising HKD 4.16 billion, marking the largest financing scale for a Chinese concept stock returning to Hong Kong in four years [9] - The company plans to allocate 50% of the IPO funds to R&D, 35% to enhance production capacity, 5% for business development, and 10% for working capital [9] Group 3: Market Performance and Strategy - Following its return to Hong Kong, Hesai aims to mitigate uncertainties in the US market and enhance liquidity and valuation [8] - The stock price of Hesai in the US has increased by 57% since August, reaching USD 29.80 on September 16 [8] Group 4: Financial Performance - In the first half of 2023, Hesai achieved profitability, with a significant increase in LiDAR shipments from 8.04 million units in 2022 to 22.21 million units in 2023 [12][14] - The company's revenue from LiDAR products is projected to grow significantly, with a compound annual growth rate of 57.6% from USD 300 million in 2020 to USD 1.71 billion by 2029 [12] Group 5: Product and Industry Trends - The global LiDAR market is experiencing explosive growth, with Hesai being the largest supplier by revenue from 2022 to 2024 [12][14] - The average selling price of Hesai's LiDAR products has decreased significantly, from approximately USD 10,000 to USD 200, enabling widespread adoption in vehicles [14]
港股IPO节奏放缓,“A+H”上市热度不减
Sou Hu Cai Jing· 2025-09-05 05:54
Core Viewpoint - The Hong Kong IPO market has seen a slowdown in new listings and fundraising activities in August 2025, with a total of 6 new stocks raising 5.386 billion HKD, a significant decrease compared to previous months [1][5]. Group 1: IPO Market Performance - In August 2025, the IPO market in Hong Kong saw 6 new stocks listed, raising a total of 5.386 billion HKD, which is a decline from 15 stocks raising 30.035 billion HKD in June and 9 stocks raising 19.859 billion HKD in July [1]. - Tianyue Advanced and Jiaxin International Resources were the top two fundraisers, raising 2.044 billion HKD and 1.379 billion HKD respectively, while other listings raised less than 1 billion HKD [1][3]. Group 2: Notable Listings - Tianyue Advanced listed on August 20 at an issue price of 42.8 HKD per share, with a first-day increase of 6.4%, but later fluctuated to close at 44.1 HKD on September 3 [3]. - Silver Medical's stock surged over 200% on its first day, becoming the highlight of August's new listings [3]. - Aokex Electric, listed on September 2 at 17.42 HKD per share, experienced a first-day drop of 5.4%, currently holding a market value of approximately 24.9 billion HKD [3]. Group 3: Pipeline and Future Prospects - As of August 31, there are 234 companies waiting to go public on the Hong Kong Stock Exchange, with over 90% on the main board [4]. - Notable companies from the A-share market, such as Blukoo and Lixun Precision, are preparing for dual-platform financing to enhance their global competitiveness [4]. - The demand for IPOs remains strong, particularly in strategic emerging industries like semiconductors, new energy, and pharmaceuticals, indicating a robust pipeline for future listings [5].
【财经分析】中概股回港“破冰” 禾赛科技或成“科企专线”上市第一家
Xin Hua Cai Jing· 2025-09-03 12:16
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].
中概股回港上市迎来新突破,禾赛科技成功通过港交所聆讯
Sou Hu Cai Jing· 2025-09-01 22:35
Group 1: Company Overview - Hesai Technology (00308.hk) has successfully passed the hearing for its IPO on the Hong Kong Stock Exchange, planning to issue up to 51.2362 million shares [1] - The company, founded in 2014, initially focused on laser gas sensors before shifting to the autonomous driving sector, developing LiDAR technology [4] Group 2: Financial Performance - Hesai Technology's net revenue increased from 1,202.7 million in 2022 to 1,877.0 million in 2023, with an expected net revenue of 525.3 million by Q1 2025, representing a year-on-year growth of 46.3% [4] - The total delivery of LiDAR units reached 547,900 in the first half of 2025, marking a year-on-year increase of 276.2% [4] Group 3: Market Expansion - The company's LiDAR products are widely used in both the automotive and robotics sectors, with deliveries in the robotics field reaching 98,300 units in the first half of 2025, a year-on-year growth of 692.9% [5] - Hesai Technology is expected to expand its market presence in China and overseas, particularly in the context of increasing penetration of L2+/L3 autonomous driving technologies [5] Group 4: Industry Impact - The successful IPO of Hesai Technology serves as a significant reference for other Chinese concept stocks considering a return to Hong Kong, signaling a potential reopening of this channel [3][6] - The company is the first to complete its IPO through the newly launched "Science and Technology Enterprise Fast Track," which simplifies the listing process for tech companies [6][7] Group 5: Future Prospects - Hesai Technology's successful return to the Hong Kong market may encourage more Chinese innovative companies to follow suit, especially in the rapidly developing fields of autonomous driving and robotics [8] - The company aims to enhance its technological research and development, improve delivery capabilities, and expand market share to provide substantial returns to shareholders [8]
利好来了,中概股回港上市传来大消息
Zheng Quan Shi Bao· 2025-09-01 00:10
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]
刚刚,通过!利好来了!
券商中国· 2025-08-31 23:29
Core Viewpoint - The successful hearing of Hesai Technology for its Hong Kong listing signals the potential reopening of the channel for Chinese concept stocks to return to Hong Kong after a two-year hiatus [2][11]. Company Overview - Hesai Technology, founded in 2014, is a global leader in the research and manufacturing of LiDAR technology, initially focusing on gas sensors before expanding into autonomous driving LiDAR products in 2016 [8]. - The company went public on NASDAQ in February 2023, raising $190 million, and as of August 29, 2023, its stock price was $25.77, with a year-to-date increase of 86.47%, giving it a market capitalization of approximately $3.414 billion (around 24.3 billion RMB) [8]. Financial Performance - In 2022, 2023, and 2024, Hesai Technology's net revenues were 1,202.7 million RMB, 1,877.0 million RMB, and 2,077.2 million RMB, respectively. In Q1 2025, the company reported a net revenue of 525.3 million RMB, marking a 46.3% year-on-year growth [4]. - For Q2 2023, the company achieved a revenue of 706 million RMB, a 54% increase year-on-year, and a net profit of 44 million RMB, reversing a loss of 72 million RMB in the same quarter of 2024 [8]. Product Delivery and Market Trends - In the first half of 2025, Hesai Technology's total LiDAR deliveries reached 547,900 units, a 276.2% increase year-on-year, surpassing the total deliveries for 2024 [8]. - In Q2 2023, the total LiDAR deliveries were 352,100 units, reflecting a 306.9% year-on-year growth, with ADAS product deliveries reaching 303,600 units, up 275.8% [8]. - The company’s robot LiDAR product deliveries in Q2 2023 were 48,500 units, a significant increase of 743.6%, with total deliveries in the robotics sector for the first half of the year reaching 98,300 units, up 692.9% [8]. Industry Outlook - The increasing penetration of new energy vehicles and the shift towards "smart" automotive technology are driving demand for LiDAR as a safety standard in intelligent vehicles. Reports indicate that the domestic LiDAR installation volume is expected to exceed 1.5 million units in 2024, a year-on-year increase of 179.7%, and reach 2.5 million units in 2025 [8]. - Hesai Technology is positioned to benefit from the growth of the autonomous driving sector, with L2+/L3 penetration rates increasing. The company’s robot business is anticipated to become a second growth driver, with significant potential for OEM collaborations and new model releases [9]. Market Development - The Hong Kong Stock Exchange has seen a slowdown in Chinese concept stocks returning, with only 33 companies listed since the reform in 2018. The last financing project was in November 2022, indicating a two-year lull in this market [11]. - The introduction of the "Special Technology Line" by the Hong Kong Stock Exchange aims to facilitate the listing process for tech and biotech companies, allowing them to submit applications confidentially, which may encourage more companies like Hesai Technology to pursue listings [12].
专为科技类企业准备的港股IPO攻略来了!
梧桐树下V· 2025-08-28 13:41
Core Viewpoint - The Hong Kong Stock Exchange (HKEX) has introduced a new policy called "Tech Company Special Line," which provides a confidential listing channel and lowers the threshold for specialized technology and biotechnology companies, attracting more tech firms to consider listing in Hong Kong [1][2]. Group 1: Target Audience - Applicable to specialized technology companies (e.g., AI, chips, new energy) and biotechnology companies (e.g., innovative drugs, medical devices), especially those in early stages or with non-commercialized products [3]. Group 2: Eligibility Criteria - Core thresholds include: - Industry attributes: Must belong to HKEX-defined "specialized technology" (Chapter 18C) or "biotechnology" (Chapter 18A) fields. - R&D investment: For specialized technology, R&D spending must account for ≥15% of total costs over the past three years; for biotechnology, core products must have passed Phase I clinical trials. - Commercialization stage: Companies can be unprofitable and have no revenue but must demonstrate technical feasibility and market potential (e.g., patents, letters of intent) [5]. Group 3: Application Process - Step 1: Determine eligibility using the self-assessment tool available on the HKEX website [6]. - Step 2: Submit a confidential application, including signing a Non-Disclosure Agreement (NDA) with HKEX [8]. - Step 3: Provide a "confidential version" of materials, ensuring compliance with format requirements [10]. - Step 4: The HKEX team will provide feedback within 30 days, focusing on technical feasibility and compliance [11]. Group 4: Specialized Services - One-on-one guidance from HKEX experts is available for free, covering listing rules and fundraising strategies [13]. - Qualified companies can benefit from a fast-track review process, reducing the review period to 30 days [14]. - Flexible equity design allows founders to retain control without additional proof of "innovation" [15]. Group 5: Common Pitfalls - Avoid vague technical descriptions; provide third-party certifications and endorsements [17]. - Ensure transparency in related-party transactions; disclose fair pricing evidence [20]. - Strengthen investor relations by involving independent investors and disclosing key investment terms [22]. Group 6: Post-Listing Compliance - Continuous compliance includes mandatory disclosures on commercialization progress and R&D milestones [22]. - Companies can maintain market value by issuing quarterly R&D updates and engaging with analysts [23]. - A green channel for fundraising allows specialized companies to issue new shares through a simplified process [24]. Group 7: Market Comparison - The article compares the listing requirements and processes of Hong Kong (Tech Company Special Line), A-shares (Sci-Tech Innovation Board), and U.S. stocks (NASDAQ), highlighting differences in profitability requirements, review periods, valuation levels, and disclosure pressures [25].
禾赛获赴港上市备案通知书:或成第一家通过「科企专线」新规在港IPO的企业
IPO早知道· 2025-08-27 01:13
Core Viewpoint - Hesai Group is expected to become the first company to complete an IPO in Hong Kong through the "Specialized Technology Company Route," with the potential for listing as early as this year [2]. Group 1: IPO and Regulatory Developments - The China Securities Regulatory Commission approved the overseas listing application for Hesai Group on August 19, indicating a significant step towards its IPO [2]. - The "Specialized Technology Company Route" was launched by the Hong Kong Stock Exchange to facilitate the listing of specialized technology and biotech companies, allowing them to submit applications confidentially [2][3]. Group 2: Financial Performance - In Q2, Hesai achieved revenue of 710 million RMB, representing a year-on-year growth of over 50%, with net profit exceeding 40 million RMB, surpassing GAAP profitability targets [3]. - The total delivery of Hesai's LiDAR units reached 352,095 in Q2, marking a year-on-year increase of 306.9% [3]. - For the first half of the year, total LiDAR deliveries amounted to 547,913 units, reflecting a year-on-year growth of 276.2%, exceeding the total expected for 2024 [3][4]. Group 3: Market Position and Partnerships - "Hesai Inside" has become a recognized brand in the domestic ADAS sector, with recent contracts secured for 20 models from nine leading automotive companies, scheduled for delivery between 2025 and 2026 [3]. - Hesai has entered the C-sample stage with top European automotive manufacturers, with mass production plans set for 2026 [4]. - The company has also secured a new contract with a joint venture of Toyota, one of the largest automotive manufacturers globally, for mass production in 2026 [4]. Group 4: Industry Standards and Innovations - In April, Hesai led the drafting of the national standard for vehicle-mounted LiDAR, GB/T 45500-2025, which has been officially released and implemented, establishing performance and reliability benchmarks for the industry [4].
港交所上半年业绩亮眼:IPO全球夺冠,外资参与度大增!
Sou Hu Cai Jing· 2025-08-21 05:10
Core Insights - Hong Kong Exchanges and Clearing Limited (HKEX) reported significant growth in its performance for the first half of 2025, reclaiming its position as the world's leading exchange in terms of new stock market financing [1][7] - The increase in trading volumes across the cash market, derivatives market, and Stock Connect with mainland China reached new highs, reflecting strong market confidence [1][7] Financial Performance - Total revenue and other income for HKEX reached HKD 14.076 billion, marking a 33% increase compared to HKD 10.621 billion in the first half of 2024 [2] - Major business revenue grew by 34%, driven by record trading volumes in the cash and stock options markets [2] - Net investment income was HKD 1.044 billion, a 16% increase year-on-year, attributed to foreign exchange gains and improved management of company funds [3] New Listings and Market Activity - HKEX saw 44 new listings in the first half of 2025, raising HKD 1,094 billion, which is over eight times the amount raised in the same period of 2024, setting a record since 2021 [3] - The refinancing scale exceeded HKD 2,400 billion, also a record since 2021, with approximately 230 companies currently in the IPO queue [3] Foreign Participation and Market Initiatives - The participation of foreign investors in the secondary market has increased, with retail investors accounting for about 10% and northbound capital averaging 23% of daily trading volume [6] - HKEX has introduced initiatives such as the "Tech Company Fast Track" to support high-tech and biotech companies in listing, enhancing the diversity of listed companies [6] - Future measures planned by HKEX include shortening settlement cycles, expanding paperless listing mechanisms, and optimizing IPO pricing regulations to enhance market competitiveness [6][7]