Core Insights - Hesai Technology announced that its total delivery of LiDAR units for the year 2025 exceeded 1.6 million, with approximately 1.4 million units being ADAS products [2] Group 1 - The total delivery volume of Hesai's LiDAR for 2025 is over 1.6 million units [2] - The delivery volume of ADAS products specifically reached around 1.4 million units [2]

Core Insights - Seyond has entered a strategic partnership with Aventi Sweden, securing a project order valued at nearly $2.6 million for smart transportation solutions [1] - The integration of Seyond's Smart Transportation Management Platform (SIMPL) into Aventi Sweden's infrastructure products will be deployed at key traffic intersections in Sweden [1] - The SIMPL platform utilizes high-performance image-level LiDAR technology and AI algorithms for reliable, efficient, and precise real-time traffic data collection and analysis [1] Company Developments - The partnership marks a significant step for Seyond in deepening its presence in the European smart transportation market, contributing to the global scaling and promotion of its smart transportation systems [1] - Seyond's advanced perception technology enhances Aventi Sweden's existing product offerings, providing a competitive edge and enabling upgrades [2] - The technology's cross-platform compatibility and adaptability open up extensive opportunities for future market expansion within various smart transportation ecosystems in Europe [1] Industry Trends - The European market is experiencing an accelerated adoption of LiDAR technology, with local municipalities and operators recognizing the importance of precise data acquisition for solving complex traffic issues [2] - The collaboration is seen as a breakthrough in regional cooperation, reflecting Seyond's accurate insights into global smart transportation industry trends [2] - Aventi Sweden aims to leverage Seyond's high-performance LiDAR data to enhance its capabilities in providing high-precision solutions for future traffic analysis and road safety upgrades [2]

Core Viewpoint - The global market for Advanced Driver Assistance Systems (ADAS) and Autonomous Driving (AD) sensors is projected to reach $61 billion by 2035, indicating significant growth in the automotive technology sector [1] Market Segmentation - Camera sensors are expected to remain the largest segment by sales, with a market size projected to reach $20 billion by 2035, driven by their extensive use in braking systems, lane-keeping systems, and driver monitoring systems [1] - LiDAR and imaging radar are anticipated to be among the fastest-growing segments in terms of value, with a combined market size expected to reach $28 billion by 2035, as automakers seek higher resolution perception and redundancy technologies for advanced driving functionalities [1]

Market Overview - On December 24, the Hang Seng Index rose by 44 points (0.2%) to close at 25,818 points, while the Hang Seng Tech Index increased by 10 points (0.2%) to 5,499 points, with a half-day turnover of HKD 952 billion[1] - Southbound capital recorded a net outflow of HKD 11.8 billion[1] - Semiconductor stocks strengthened, with SMIC (981 HK) raising prices on some production capacities by approximately 10%, leading to a peak intraday increase of 5%[1] - The US stock market showed minimal movement, with the Dow Jones down 20 points (0.01%) at 48,710 points, the Nasdaq down 20 points (0.1%) at 23,593 points, and the S&P 500 down 2 points at 6,929 points[1] Sector Insights - In the automotive sector, Hesai Technology (2525 HK) announced a strategic partnership with Meituan's drone division, benefiting from regulatory advancements in L2+/L3/L4, which may lead to rapid market share expansion[2] - The Hang Seng Healthcare Index slightly declined by 0.5%, with major companies experiencing minor dips; CSPC Pharmaceutical Group (1093 HK) saw its chairman purchase 6.706 million shares at an average price of HKD 8.85, totaling approximately HKD 59.35 million[2]

Core Viewpoint - The Chinese concept stock market is undergoing significant changes in 2025, characterized by a wave of privatizations and delistings from U.S. exchanges, while a number of small and medium-sized enterprises continue to seek global financing opportunities, particularly through listings in the U.S. and Hong Kong [3][4]. Group 1: Privatization and Delisting - Geely Automobile completed the privatization of Zeekr, which became a wholly-owned subsidiary and delisted from the NYSE. The privatization was marked by a rapid process, with 70.8% of Zeekr shareholders opting for shares and 29.2% for cash, totaling $701 million [6]. - Dada Group, part of the JD ecosystem, was privatized by JD Group at a valuation of $520 million, allowing for more strategic flexibility and deeper collaboration with JD in the instant retail market [7]. - Financial One Account pioneered dual delisting by completing its exit from both the NYSE and Hong Kong Stock Exchange, with a privatization deal valued at approximately HKD 1.69 billion, driven by long-term low stock prices and liquidity issues [7]. Group 2: Trends in U.S. Listings - In 2025, 63 Chinese companies went public in the U.S., raising approximately $1.12 billion, indicating a trend of increasing numbers but decreasing fundraising amounts, with an average fundraising of less than $20 million [9]. - The largest IPOs included Bawang Tea and Ascentage Pharma, raising $411 million and $126 million respectively, highlighting a shift towards smaller enterprises in the U.S. market [9][10]. - The outlook for 2026 is cautious, as new listing requirements from Nasdaq may lead to a decline in the number of Chinese companies able to meet these standards [10]. Group 3: Return to Hong Kong - The trend of Chinese companies returning to Hong Kong is gaining momentum, with companies like Pony.ai and Hesai achieving dual primary listings, which is becoming the mainstream return model [12]. - Hesai's IPO in Hong Kong was the largest in the global lidar industry to date, raising over HKD 4.16 billion (approximately $533 million) [12]. - Other companies, such as Tianjing Biopharma, are also planning to pursue dual listings in Hong Kong, indicating a broader trend of returning to Asian markets [12]. Group 4: Strategic Implications - Some analysts suggest that privatization followed by IPOs in Hong Kong or A-shares may allow companies to escape U.S. regulatory pressures and achieve better valuations in local markets [13].

Core Viewpoint - The Chinese concept stock market is undergoing significant changes in 2025, characterized by a wave of privatizations and delistings from U.S. exchanges, while a number of small and medium enterprises continue to seek global financing opportunities, reflecting a complex interplay of withdrawal and entry in the global capital market landscape [1]. Group 1: Privatization and Delisting - Geely Automobile has completed the privatization of Zeekr, which is now a wholly-owned subsidiary, and has delisted from the NYSE, with 70.8% of Zeekr shareholders opting for shares and 29.2% for cash, totaling $701 million [2]. - Dada Group, part of the JD ecosystem, was privatized at a valuation of $520 million, with the acquisition price set at $2.0 per ADS, allowing for strategic adjustments and deeper collaboration with JD in the instant retail market [3]. - Fintech company OneConnect has pioneered dual delisting, having been listed on both the NYSE and HKEX, and has now completed its delisting from both exchanges, privatized for approximately HKD 1.69 billion due to long-term low stock prices and liquidity issues [3]. Group 2: Trends in U.S. Listings - In 2025, 63 Chinese companies went public in the U.S., raising approximately $1.12 billion, marking a 41% decrease in total financing compared to 2024, despite a 7% increase in the number of new listings [4]. - The largest IPOs this year were from consumer company Bawang Chaji, raising $411 million, and pharmaceutical company Ascentage Pharma, raising $126 million, indicating a shift towards smaller enterprises in the U.S. market [4][5]. - Ascentage Pharma, which focuses on developing new small molecule drugs, became the first Chinese biotech company to list in 2025, with its stock price rising by 61.62% post-IPO [5]. Group 3: Return to Hong Kong - The trend of Chinese companies returning to Hong Kong is evident, with companies like Pony.ai and Hesai achieving dual primary listings, reflecting a shift towards this model as a means to better integrate into the Hong Kong market [6]. - Hesai's IPO in September 2025 was the largest in the global lidar industry to date, raising over HKD 4.16 billion (approximately $533 million) [6]. - Other companies, such as Tianjing Biopharma, are also planning to pursue dual listings in Hong Kong, indicating a broader trend of returning to Asian markets [6]. Group 4: Future Outlook - Some analysts suggest that certain Chinese companies may pursue privatization and then re-list in Hong Kong or A-shares to escape U.S. regulatory pressures, potentially leading to better valuations and diversified financing channels [7].

Core Insights - The Chinese concept stock market is undergoing significant changes in 2025, with notable events such as the privatization of Zeekr and Dada, as well as the dual delisting of Financial One Account, indicating a rapid withdrawal of Chinese companies from the US market while over 60 small enterprises seek global financing opportunities [1][2][3]. Group 1: Privatization and Delisting - Geely Automobile has completed the privatization of Zeekr, which is now a wholly-owned subsidiary, and has delisted from the NYSE, with 70.8% of Zeekr shareholders opting for shares and 29.2% for cash, totaling $701 million [2]. - Dada Group's privatization by JD Group at a valuation of $520 million allows for strategic adjustments and deeper collaboration with JD in the instant retail market [3]. - Financial One Account has pioneered dual delisting, completing its exit from both the NYSE and HKEX, with a privatization deal valued at approximately HK$1.69 billion, driven by long-term stock price decline and liquidity issues [3]. Group 2: Trends in US Listings - In 2025, 63 Chinese companies went public in the US, raising approximately $1.12 billion, marking a 41% decrease in fundraising compared to 2024, with an average fundraising amount of less than $20 million [4]. - The largest fundraising events were from Bawang Tea and Ascentage Pharma, raising $411 million and $126 million respectively, highlighting a shift towards smaller enterprises in the US market [4][5]. Group 3: Return to Hong Kong - The trend of Chinese companies returning to Hong Kong is evident, with companies like Pony.ai and Hesai achieving dual primary listings, indicating a preference for this model to better integrate into the Hong Kong market [6]. - Hesai's IPO raised over HK$4.16 billion (approximately $533 million), marking it as the largest IPO in the global lidar industry to date [6]. - Other companies, such as Tianjing Bio, are also planning to return to Hong Kong for dual listings, reflecting a broader trend of Chinese firms seeking to escape US regulatory pressures [6]. Group 4: Future Outlook - Analysts suggest that some Chinese concept stocks may pursue privatization and then re-list in Hong Kong or A-shares, allowing them to escape US regulatory pressures and achieve more favorable valuations in Chinese markets [7].

Core Viewpoint - The legal battle between Suoteng Juchuang and Lingming Photon over intellectual property rights in the lidar industry has intensified, focusing on the SPAD-SoC chip technology, which is considered the "digital heart" of lidar systems [1][3][22]. Group 1: Legal Dispute Overview - Suoteng Juchuang filed a lawsuit against Lingming Photon for alleged unfair competition and infringement of its self-developed SPAD chip technology [4][5]. - Lingming Photon countered by claiming that Suoteng Juchuang's E1 series products infringe on its invention patents and has initiated its own legal action [7][9]. - The dispute has escalated with both companies making strong statements and filing multiple lawsuits against each other, indicating a fierce legal confrontation [10][12]. Group 2: Background of the Companies - Suoteng Juchuang and Lingming Photon were once close partners, with Suoteng providing significant support to Lingming during its early days [14][15]. - Their collaboration aimed to develop SPAD-SoC technology, but it ended in early 2023 due to unsatisfactory trial performance of their joint development [16][19]. - Following the termination of their partnership, both companies quickly announced their respective technological advancements, raising suspicions about the sharing of proprietary information [21]. Group 3: Industry Context - The lidar industry is experiencing rapid growth, with the market size in China projected to reach approximately 431.8 billion yuan by 2026 [22]. - The competition has shifted towards chip technology, with companies recognizing the necessity of mastering core technologies to maintain a competitive edge [23][25]. - SPAD technology, particularly in the SPAD-SoC domain, is critical for lidar applications, and the successful mass production of such chips is seen as a significant achievement in the industry [24].

Market Performance - The A-share market indices continued to rise, with the Shanghai Composite Index recording an 8-day increase, while the Shenzhen Component Index and the ChiNext Index saw a 6-day increase [1] - As of the market close, the Shanghai Composite Index rose by 0.1% to 3563 points, the Shenzhen Component Index increased by 0.54%, and the ChiNext Index gained 0.14% [1] - The total market turnover reached 2.18 trillion yuan, an increase of 237.2 billion yuan compared to the previous trading day, with over 3400 stocks declining [1] Sector Performance - The Hainan sector surged, benefiting from zero tariffs on imports in the first week of Hainan's customs closure, with over 400 million yuan worth of goods enjoying these benefits; stocks like Hainan Mining and Hainan Airlines hit the daily limit [1] - The lithium mining sector also saw gains, with Yongxing Materials hitting the daily limit [1] - Precious metals and non-ferrous metals sectors rose due to continued increases in international gold, silver, and copper prices, with companies like Xiaocheng Technology rising over 10% and Jiangxi Copper hitting the daily limit [1] - Other sectors that performed well included commercial aerospace, minor metals, titanium dioxide, and fluorochemical industries [1] - Conversely, the paper-making sector experienced a pullback, with Jiangtian Technology dropping over 12%; the lidar sector declined, with multiple stocks falling over 5%; and the photolithography (gel) sector weakened, led by Shuangle Co. [1] Fund Flow and Performance - The top sectors by net capital inflow included forestry, precious metals, chemical fiber industry, engineering machinery, and trade, with respective 5-day increases of 3.70%, 3.50%, 2.71%, 3.02%, and 2.18% [2]

Group 1 - The lidar sector experienced a decline of 1.64% [1] - Dongtian Micro fell by 5.24% [1] - Tengjing Technology decreased by 5.13% [1] - Haon Automotive Electric dropped by 4.92% [1] - Wanlong Optoelectronics, Shijia Photonics, and Saiwei Electronics all fell by over 3% [1]